New Zealand Gazette – 2009 – No. 132

Page 3100

✨ Financial Statements Notes



NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2009 (Continued)

  1. Taxation

The Trust is exempt from tax with effect from 1 April 2004 in accordance with Section CB 4 (1)(m) of the Income Tax Act 1994.

  1. Goods and Services Tax

These Financial Statements are stated on a GST exclusive basis, except for debtors and creditors which are stated on a GST inclusive basis.

  1. Capital Commitments

There were no capital commitments as at 31 March 2009. (2008: Nil).

  1. Contingent Liabilities

There are no Contingent Liabilities at 31 March 2009 (2008: $Nil).

Contingent Assets

The Trust granted a donation to Project Waimate to assist with the purchase of a building. The donation was provided on the basis that should the property for which the grant was used be sold the donation should be paid back to the Trust. The Trust has a 2nd registered mortgage over the property.

  1. Advances

There are no advances outstanding at Balance Date.

  1. Reserves

(i) Capital Fund

The initial Capital Fund (being the realised value of Trust Bank shares) was $32,087,146.

(ii) Inflation Reserve

It is intended to increase the inflation reserve each year by applying the Consumer Price Index to the sum of the Initial Capital Fund and opening Inflation Reserve. The nominal Inflation Reserve required under this policy at 31 March 2009 is $10,708,986.

(iii) General Reserve

The Trustees intend to compile a minimum General Reserve equivalent to 5% of the Initial Capital Fund and Inflation Reserve. The General Reserve is intended to enable the Trustees to continue with distributions should the Trust incur a deficit in a particular income year.

  1. Financial Instruments

Fair Values

Investments are stated at estimated market value at balance date. Interest accrued, Sundry Debtors, Sundry Creditors, Term Loans and donations approved, not yet paid, are stated at the amounts expected to be received or paid.

Accordingly, the Trustees consider that the fair value of each class of financial assets and financial liabilities is the same as the carrying value in the Statement of Financial Position.



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Online Sources for this page:

Gazette.govt.nz — PDF NZ Gazette 2009, No 132




✨ LLM interpretation of page content

💰 Notes to the Financial Statements for the Year Ended 31 March 2009 (continued from previous page)

💰 Finance & Revenue
Taxation, GST, Capital Commitments, Contingent Liabilities, Contingent Assets, Advances, Reserves, Financial Instruments, Fair Values