New Zealand Gazette – 2007 – No. 87

Page 2277

✨ Financial Statements



2 AUGUST 2007 NEW ZEALAND GAZETTE, No. 87 2277

(e) Goods and Services Tax
Revenues, expenses and assets are recognised net of the amount of goods and services tax (GST), except for receivables and
payables which are recognised inclusive of GST.

(f) Taxation
From 1 April 2004, section CB 4(1)(m) of the Income Tax Act (1994) exempts the trust from income tax.

(g) Currency Translation
Monetary assets denominated in foreign currency are converted to New Zealand dollars at the exchange rates reported
at balance date and any unrealised profit or loss resulting from the conversion is reflected in the statement of financial
performance. All hedge instruments are also revalued to market value at year end and unrealised profits and losses are reflected
in the statement of financial performance.

(h) Cash Flows
For the purpose of the statement of cash flows, cash includes cash on hand and deposits held at call with banks, net of bank
overdrafts, which are used as part of day-to-day cash management.

(i) Financial Instruments
Financial instruments recognised in the statement of financial position include cash balances, receivables, payables and
investments. Revenues and expenses relating to all financial instruments are recognised in the statement of financial
performance. Except for items accounted for by a separate accounting policy, all financial instruments are shown at their fair
value.

(j) Investments
Investments are stated at market value. Adjustments to market value of investments are included in the statement of financial
performance.

(k) Changes in Accounting Policies
There have been no changes in accounting policies since the previous annual financial statements. All other policies have been
applied on bases consistent with those used in the prior year.

  1. Incorporation
    The Trust Bank Waikato Community Trust was incorporated on 5 August 1988 with trust capital of $21,316,622. The name
    of the trust was changed to The Waikato Community Trust Incorporated in December 1997.
2007
$'000
  1. Revenue
    Comprises:
2007 2006
Interest 10,049 11,325
Dividends 2,348 2,405
Sundry income 29 40
Realised gains/(losses) 3,259 2,914
Unrealised gains/(losses) 5,711 13,845
21,396 30,529
  1. Expenses
    Comprises:
2007 2006
Audit fees 13 13
Accountancy/secretarial fees 35 48
Consultants – other 25 54
Employee remuneration 331 271
Funds management services 603 647
Investment advisory services 159 105
Statutory reporting 5 9
Trustees fees 209 213
Depreciation – office equipment 37 22
– motor vehicles 18 16
– buildings 33 35
Other expenses 390 526
1,858 1,959
  1. Capital
2007 2006
Balance at beginning of the year 214,015 198,642
Transfer from income 5,350 15,373
Balance at the end of the year 219,365 214,015


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Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2007, No 87


Gazette.govt.nz — PDF NZ Gazette 2007, No 87




✨ LLM interpretation of page content

🏢 Notes to and Forming Part of the Consolidated Financial Statements for the Year Ended 31 March 2007 (continued from previous page)

🏢 State Enterprises & Insurance
Accounting policies, Financial statements, Trust funds, Investment fluctuation reserve, Donation reserve