New Zealand Gazette – 2006 – No. 126

Page 3722

✨ Financial Statements and Trust Information



3722

NEW ZEALAND GAZETTE, No. 126

2 NOVEMBER 2006

5. Trustees’ Fees

Meeting fees and honorariums were paid to trustees as follows:

Meetings Attended Parent 2006 Parent 2005
A. A. Broad 73 38,945 27,196
D. Williams 56 22,600 18,643
F. G. Cardno (retired June 2005) 4 2,408 17,755
G. M. Neave 49 20,230 17,980
T. J. Hicks (appointed June 2005) 32 14,893 –
K. S. Henderson 31 14,935 15,705
M. Hawes 28 13,500 15,495
N. J. Wyeth 50 21,600 19,555
P. B. Redpath 38 18,070 19,985
S. G. Palmer 50 20,605 20,800
T. W. Harpur 37 17,000 34,122
204,786 207,236

Trustee fees and honorariums are set by the Minister of Finance.

6. Grants Approved

2006 Group 2005 Group 2006 Parent 2005 Parent
Grants approved this year 7,565,035 7,535,654 7,656,035 7,535,654
Less prior year’s grants cancelled (95,113) (397,653) (95,113) (397,653)
Net grants approved 7,469,922 7,138,001 7,469,922 7,138,001

7. Taxation and Tax Free Distributions

With effect from 1 April 2004, community trusts, including the Community Trust of Southland, became exempt from income tax pursuant to section CB4 (1) (m) of the Income Tax Act 1994.

Amounts available for tax free distribution in the future

2006 Group 2005 Group
(Charitable Trust and Charitable Company)
Total at 31 March 2005 158,211,531 162,497,754
Net surplus – charitable company 2,917,111 2,333,919
Less: Grants from charitable company (2,801,302) (2,232,998)
Less: Grants paid during the year to non tax exempt grantees (631,317) (4,387,144)
Total at 31 March 2006 157,696,023 158,211,531

Amounts available for tax free distribution in the future

2006 2005
(Charitable Trust only)
Total at 31 March 2005 9,592,465 –
Net surplus before distribution 33,358,813 10,110,324
Less: Donations as beneficiary income (4,037,303) (517,859)
Total at 31 March 2006 38,913,975 9,592,465
Total trust funds at 31 March 2006 196,609,998 167,803,996

The charitable company Southland Community Trust Charities Limited (SCTCL) was not liquidated prior to 31 March 2006, and therefore the funds of SCTCL do not (and never will) form part of the trust’s reserves that may be distributed tax free under section HH3 (5) and (5A) of the Income Tax Act 2004.

However, on a consolidated basis, funds of SCTCL have been included in “amounts available for tax free distribution” as these can only be distributed to charities under SCTCL’s constitution. Unlike the trust, SCTCL’s funds do not technically carry the tax free nature, however, as there is the restriction in SCTCL’s constitution, no tax should ever be payable on these funds and therefore they have been disclosed with the trust’s tax free amounts.

8. Reserves

2006 Group 2005 Group 2006 Parent 2005 Parent
(i) Capital Maintenance Reserve
Opening balance 1,284,664 3,095,438 1,284,664 3,095,438
Transfer from grants maintenance reserve 6,168,591 – 31,209,826 –
Transfer from statement of financial performance 6,168,561 4,914,318 6,168,561 4,914,318
Transfer to trust capital reserve (631,317) (6,725,092) (631,317) (6,725,092)
12,990,499 1,284,664 38,031,734 1,284,664
(ii) Grants Maintenance Reserve
Opening balance 8,059,332 938,459 10,058,421 3,188,611
Transfer to capital maintenance reserve (6,168,591) – (31,209,826) –


Next Page →



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

💰 Trustees’ Fees

💰 Finance & Revenue
Trustee Fees, Meeting Fees, Honorariums, Financial Compensation
11 names identified
  • A. A. Broad, Trustee
  • D. Williams, Trustee
  • F. G. Cardno, Trustee (retired June 2005)
  • G. M. Neave, Trustee
  • T. J. Hicks, Trustee (appointed June 2005)
  • K. S. Henderson, Trustee
  • M. Hawes, Trustee
  • N. J. Wyeth, Trustee
  • P. B. Redpath, Trustee
  • S. G. Palmer, Trustee
  • T. W. Harpur, Trustee

  • Minister of Finance

💰 Grants Approved

💰 Finance & Revenue
Grants, Financial Approval, Budget Allocation

💰 Taxation and Tax Free Distributions

💰 Finance & Revenue
Taxation, Tax Free Distributions, Income Tax Act, Charitable Trust, Charitable Company

💰 Reserves

💰 Finance & Revenue
Reserves, Capital Maintenance, Grants Maintenance, Financial Performance