New Zealand Gazette – 2006 – No. 126

Page 3721

✨ Financial Statements



2 NOVEMBER 2006

NEW ZEALAND GAZETTE, No. 126

3721

2004, community trusts, including the Community Trust of Southland, became exempt from income tax pursuant to CB4 (1) (m) of the Income Tax Act 1994.
Invest South Limited Group follows the income taxes payable method for accounting for income tax.

T. Statement of Cash Flows
Operating cash flows includes interest and dividends paid or credited to investment funds under management and any upward or downward revaluation of funds during the period. Cash movements in funds invested are recognised in investing activities.

U. Changes in Accounting Policies
Uniform accounting policies have been applied throughout the trust and group and on a consistent basis with those of the previous period.

Notes to the Financial Statements for the Year Ended 31 March 2006

  1. Operating Revenue
Note 2006 Group 2005 Group 2006 Parent 2005 Parent
Bad debts recovered 48,249 – – –
Change in value of investments 28,711,436 6,390,085 28,711,436 6,390,085
Depreciation recovered 68,488 – – –
Dividends and distributions 6,435,932 4,899,181 6,412,069 4,895,478
Interest received 3,019,334 3,153,423 2,422,909 2,726,959
Lease income 4,083 24,500 – –
Other revenue 41,473 94,617 – –
Share of associates earnings 8,807 31,364 – –
Total 38,337,802 14,593,170 37,546,414 14,012,522
  1. Expenditure
Note 2006 Group 2005 Group 2006 Parent 2005 Parent
Audit fees 3 26,973 21,201 23,473
Communications 19,302 18,971 19,302
Depreciation 73,677 92,795 71,655
Directors’ fees 70,000 70,000 –
Loss/(gain) on disposal of property, plant and equipment 158 10,872 –
Fund manager fees 892,103 798,601 892,103
General expenses 281,710 304,464 78,954
Insurance 14,212 16,792 14,212
Interest 91 23 –
Occupancy costs 23,817 21,976 23,817
Office expenses 22,218 33,181 22,218
Professional fees 4 177,838 260,423 148,435
Promotion, reporting and compliance expenses 68,865 66,205 68,865
Rent – 3,600 –
Salaries and staff costs 262,252 249,472 262,252
Trustees’ fees 5 204,876 207,236 204,876
Vehicle expenses 20,645 21,116 20,645
Total 2,158,737 2,196,928 1,850,807
  1. Auditors’ Remuneration

During the year the following amounts were paid to auditors:

2006 Group 2006 Group 2006 Parent 2006 Parent
To Ward Wilson, the group auditors, for audit work 19,385 17,601 15,885 10,688
To Ward Wilson, the group auditors, for grants audits 3,791 3,600 3,791 3,600
To other auditors, for grants audits 3,797 – 3,797 –
Total 26,973 21,201 23,473 14,288
  1. Professional Fees
2006 Group 2005 Group 2006 Parent 2005 Parent
Financial/taxation advisory 114,930 151,193 114,930 151,193
Legal 33,562 15,401 4,159 7,069
Schools’ review mediation – 43,243 – 43,243
Strategic review 18,828 31,708 18,828 31,708
Other 10,518 18,878 10,518 18,878
Total 177,838 260,423 148,435 252,091


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Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2006, No 126


Gazette.govt.nz — PDF NZ Gazette 2006, No 126




✨ LLM interpretation of page content

💰 Statement of Significant Accounting Policies for the Year Ended 31 March 2006 (continued from previous page)

💰 Finance & Revenue
Accounting Policies, Financial Statements, Asset Recognition, Liability Recognition, Revenue Recognition, Expense Recognition, Depreciation, Valuation, Investments, Grants, Taxation