New Zealand Gazette – 2008 – No. 133

Page 3525

✨ Financial Statements and Trustee Remuneration



28 AUGUST 2008 NEW ZEALAND GAZETTE, No. 133 3525

(b) 136 136 163 163
Deferred tax liabilities – – 136 136 – – 163 163
Total non-current liabilities – – 136 136 – – 163 163
Trade and other payables 104 – 104 93 – 93
Donations payable 4,139 – 4,243 5,430 – 5,337
Total current liabilities 4,243 – 4,243 5,430 – 5,430
Total liabilities 4,243 136 4,379 5,430 163 5,593
Total equity and liabilities 193,417 452 193,869 197,654 544 198,198

Reconciliation of profit for year ended 31 March 2007

Group

Note Previous GAAP Effect of transition to NZ IFRS 1 Apr 06 NZ IFRS
Revenue 12,110 – 12,110
Investment fees (539) – (539)
Other income (a) 11,571 60 11,571
Other expenses (774) 33 (741)
Surplus before taxation 10,797 93 10,890
Income tax expense (b) – (28) (28)
Surplus for the year 10,797 65 10,862

Explanation of material adjustments to the cash flow statement for 2007

There were no differences between the cash flow statement presented under NZ IFRS and the cash flow statement presented under previous GAAP.

Explanation of transition to NZ IFRS on the Parent’s financial statements

There were no differences between the Parent’s financial statements presented under previous GAAP and the financial statements presented under NZ IFRS.

Notes to the reconciliation of equity and profit

The impact on deferred tax of the adjustments described below is set out in Note (13).

(a) Under previous GAAP, land and buildings owned by Fillmor House Limited were classified as property, plant and equipment. Under NZ IFRS, this is classified as investment property and is therefore required to be re-valued annually to its fair value.

The effect is to decrease property, plant and equipment by $1,068,000 at 1 April 2006, by $1,036,000 at 31 March 2007 and to increase investment property by $1,520,000 at 1 April 2006, by $1,580,000 at 31 March 2007.

(b) The above changes increase/(decrease) the deferred tax liability as follows:

Group Parent
1 April 2006 31 March 2007 1 April 2006 31 March 2007
Investment property 135 163 – –
Increase in deferred tax liability 135 163 – –

(c) The effect of the above adjustment on retained earnings is as follows:

Group Parent
1 April 2006 31 March 2007 1 April 2006 31 March 2007
Investment property 452 544 – –
Deferred tax (136) (163) – –
Total adjustment to equity 316 381 – –

Statutory Information

I. Trustees remuneration

Rates of trustee remuneration are set by the Minister of Finance. Remuneration includes the honoraria and meeting fees:

In New Zealand Dollars (000s)

Name Board meetings held Board meetings attended Other official meetings attended Honoraria and meeting fees paid ($)
Hillary Allison 21 20 10 13,932
Duncan Butcher 21 19 1 10,070
John Farry 4 4 1 3,990
Russell Hendry 21 20 23 16,070
Sally Hope 21 16 11 12,415
Stuart Walker 21 13 11 9,790
Barbara Payton 21 19 11 11,260
Raewynne Pedofski 21 21 18 14,684
Mark Ryan 21 14 3 7,550
David Shepherd 4 4 1 1,842


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Online Sources for this page:

Gazette.govt.nz — PDF NZ Gazette 2008, No 133




✨ LLM interpretation of page content

💰 Transition to NZ IFRS (continued from previous page)

💰 Finance & Revenue
Financial Statements, NZ IFRS, GAAP, Transition

💰 Trustees Remuneration

💰 Finance & Revenue
Trustees, Remuneration, Honoraria, Meeting Fees
10 names identified
  • Hillary Allison, Trustee remuneration
  • Duncan Butcher, Trustee remuneration
  • John Farry, Trustee remuneration
  • Russell Hendry, Trustee remuneration
  • Sally Hope, Trustee remuneration
  • Stuart Walker, Trustee remuneration
  • Barbara Payton, Trustee remuneration
  • Raewynne Pedofski, Trustee remuneration
  • Mark Ryan, Trustee remuneration
  • David Shepherd, Trustee remuneration

  • Minister of Finance