✨ Financial Statements
25 AUGUST 2005 NEW ZEALAND GAZETTE, No. 141 3453
For all classes of financial assets held by the trust, the maximum credit risk exposure to the trust is the carrying value
as disclosed in the financial statements at balance date.
Due to the diversification of the investment portfolio and the policies and procedures in place, there are no significant
concentrations of credit risk.
Fair Values
All financial instruments are carried at market value.
7. Taxation
| 2005 | 2004 | |
|---|---|---|
| $000 | $000 | |
| Net surplus/(deficit) before donations | 10,594 | 20,757 |
| Less: Charitable business exemptions and donations | (10,594) | (5,881) |
| Plus: Unrealised equity (gains) losses | – | (5,957) |
| Non-deductible expenditure | – | 357 |
| Overseas withholding tax credits | – | 8 |
| Imputation credits received | – | 142 |
| (10,594) | (11,331) | |
| Total taxable income | – | 9,426 |
| Less: Distribution of income to beneficiaries | – | (9,160) |
| Total trustees taxable income | – | 266 |
| Less: Losses brought forward | – | (377) |
| (Loss) for tax purposes | – | (111) |
| Excess imputation credits | – | 142 |
| Losses brought forward | – | 377 |
| Plus: Conversion of excess imputation credits to losses | – | 431 |
| Current year loss | – | 111 |
| Less: Losses claimed this year | – | (377) |
| Total losses to be carried forward | – | 542 |
With effect from 1 April 2004, community trusts, including the Community Trust of Otago, became exempt from income tax
pursuant to section CB4 (1) (m) of the Income Tax Act 1994.
8. Reconciliation of Reported Surplus to Net Cashflow From Operating Activities
| 2005 | 2004 | |
|---|---|---|
| $000 | $000 | |
| Surplus/(deficit) for the period | 10,594 | 20,757 |
| Add: | ||
| Non-cash items: | ||
| Depreciation | 50 | 55 |
| Managed fund (revaluation)/devaluation | (11,708) | (21,850) |
| (11,658) | (21,795) | |
| Movements in working capital items: | ||
| Increase/(decrease) in creditors | (60) | 34 |
| (Increase)/decrease in debtors | 14 | 95 |
| Increase/(decrease) in stock | – | 9 |
| (46) | 138 | |
| Net cashflow (outflow) from operating activities | (1,110) | (900) |
9. Contingent Liabilities
Contingent liabilities at 31 March 2005 (Nil). (2004: Nil).
10. Advance to Dunedin Community House Trust (Inc.)
A 10-year term, interest free advance was made to the Dunedin Community House Trust (Inc.) in December 1999. Trustees
had agreed that the commencement date for principal repayments could be extended from December 2003 to December 2004.
A repayment of $2,500 was received during the year.
11. Trustees Fees
Rates of trustees’ remuneration are set by the Minister of Finance. Remuneration includes the honoraria together with meeting
fees.
| Board Meetings | Other Official Meetings | Honorarium and Meeting Fees Paid | |
|---|---|---|---|
| No. Held | No. Attended | Meetings Attended | |
| Hilary Allison | 11 | 11 | 20 |
| Duncan Butcher | 11 | 8 | 14 |
| John Farry | 11 | 8 | 20 |
| Russell Hendry | 11 | 11 | 20 |
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2005, No 141
Gazette.govt.nz —
NZ Gazette 2005, No 141
✨ LLM interpretation of page content
💰
Community Trust of Otago Financial Statements
(continued from previous page)
💰 Finance & Revenue27 June 2005
Financial Statements, Revenue, Expenditure, Trust Funds, Capital Maintenance Reserve, Uncommitted Surplus, Donations, Trustee Fees, Professional Fees, Audit Fees, Accounting, Legal Advisers, Tax Advice, Investment Advisers, Managed Funds, Fixed Assets, Financial Instruments, Currency Risk, Interest Rate Risk, Credit Risk
- Hilary Allison, Trustee, Board Meetings and Fees
- Duncan Butcher, Trustee, Board Meetings and Fees
- John Farry, Trustee, Board Meetings and Fees
- Russell Hendry, Trustee, Board Meetings and Fees