New Zealand Gazette – 2008 – No. 69

Page 1927

✨ Financial Statements and Reports



3 APRIL 2008

NEW ZEALAND GAZETTE, No. 69

1927

3. Auditors’ Remuneration

During the year the following amounts were paid to auditors:

2007 Group 2006 Group 2007 Parent 2006 Parent
To Ward Wilson, the former group auditors, for audit work 26,138 19,385 21,638 15,885
To Ward Wilson, the former group auditors, for grants audits 6,383 3,791 6,383 3,791
To other auditors, for grants audits 4,026 3,797 4,026 3,797
Total 36,547 26,973 32,047 23,473

Audit fees are recognised on a cash basis – Deloitte were appointed auditors with effect from 1 April 2006.

4. Professional Fees

2007 Group 2006 Group 2007 Parent 2006 Parent
Financial/taxation advisory 92,202 114,930 92,202 114,930
Legal 50,251 33,562 5,494 4,159
Strategic review – 18,828 – 18,828
Total 142,453 167,320 97,696 137,917

5. Trustees’ Fees

Meeting fees and honorariums were paid to trustees as follows:

Trustee Meetings Attended Parent 2007 Parent 2006
A. A. Broad 62 38,290 38,945
P. B. Redpath 44 26,401 18,070
T. W. Harpur 44 16,125 17,000
F. G. Cardno (retired June 2005) 0 – 2,408
S. G. Palmer (retired June 2006) 8 3,758 20,605
N. J. Wyeth 45 18,870 21,600
D. Williams 42 20,700 22,600
M. Hawes 28 14,737 13,500
K. S. Henderson 38 17,070 14,935
G. M. Neave 36 16,555 20,230
J. T. Hicks (appointed June 2005) 29 14,270 14,983
P. Lindsay (appointed June 2006) 29 14,657 –
201,433 204,876

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

6. Grants Approved

2007 Group 2006 Group 2007 Parent 2006 Parent
Grants approved this year 8,180,856 7,565,035 8,180,856 7,565,035
Less: Prior year’s grants cancelled (414,774) (95,113) (414,774) (95,113)
Net grants approved 7,766,082 7,469,922 7,766,082 7,469,922

7. Taxation and Tax Free Distributions

The Taxation (GST, Trans-Tasman Imputation and Miscellaneous Provisions) Act 2003 amended the Income Tax Act 1994 to exempt the trust from income tax from 1 April 2004 and the trust is not required to prepare an income tax return beyond 31 March 2004. The trust can continue to make distributions to community organisations without an income tax liability.

8. Reserves

(i) Capital Maintenance Reserve

2007 Group 2006 Group 2007 Parent 2006 Parent
Opening balance 12,990,499 1,284,664 38,031,734 1,284,664
Transfer from grants maintenance reserve – 6,168,591 – 31,209,826
Transfer from statement of financial performance 4,827,366 6,168,561 4,827,366 6,168,561
Transfer to trust capital reserve – (631,317) – (631,317)
Closing balance 17,817,865 12,990,499 42,859,100 38,031,734

(ii) Grants Maintenance Reserve

2007 Group 2006 Group 2007 Parent 2006 Parent
Opening balance 25,159,499 8,059,332 1,633,895 10,058,421
Transfer to capital maintenance reserve (10,455,921) (6,168,591) – (31,209,826)
Transfer from statement of financial performance – 23,268,758 (10,779,650) 22,785,300
Closing balance 14,703,578 25,159,499 (9,145,755) 1,633,895

Total reserves | 32,521,443 | 38,149,998 | 33,713,345 | 39,665,629 |



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Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2008, No 69


Gazette.govt.nz — PDF NZ Gazette 2008, No 69




✨ LLM interpretation of page content

💰 Financial Performance Statement of The Community Trust of Southland (continued from previous page)

💰 Finance & Revenue
Financial Performance, Community Trust, Southland, Investment, Cash Flows, Accounting Policies
12 names identified
  • A. A. Broad, Trustee
  • P. B. Redpath, Trustee
  • T. W. Harpur, Trustee
  • F. G. Cardno, Trustee (retired June 2005)
  • S. G. Palmer, Trustee (retired June 2006)
  • N. J. Wyeth, Trustee
  • D. Williams, Trustee
  • M. Hawes, Trustee
  • K. S. Henderson, Trustee
  • G. M. Neave, Trustee
  • J. T. Hicks, Trustee (appointed June 2005)
  • P. Lindsay, Trustee (appointed June 2006)