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N OTES T O T HE FI NA N C I A L STAT EM EN T S |

For the Year Ended 31 March 2018

Deferred tax assets and liabilities are recognised where the carrying amount of an asset or liability in the parent's statement of financial position differs from its tax base, except for differences arising on: - The initial recognition of goodwill - The initial recognition of an asset or liability in a transaction which is not a business combination and at the time of the transaction affects neither accounting or taxable profit, and - Investments in subsidiaries and jointly controlled entities where the Group is able to control the timing of the reversal of the difference and it is probable that the difference will not reverse in the foreseeable future. Recognition of deferred tax assets is restricted to those instances where it is probable that taxable profit will be available against which the difference can be utilised. The amount of the asset or liability is determined using tax rates that have been enacted or substantively enacted by the reporting date and are expected to apply when the deferred tax liabilities/ (assets) are settled/ (recovered). Deferred tax is not brought to account In respect of the subsidiaries as all subsidiaries are registered charities and not liable for taxation or in respect of the equity accounted associate as there is no difference between the carrying amount and tax base.

(r) Goods and Services Tax TUT is registered for GST and amounts in these financial statements are stated exclusive of GST with the exception of Receivables and Payables which are inclusive of GST. The activities of TUT on behalf of its members mean that some form of apportionment is required for the deduction of GST inputs. The basis of apportionment has been agreed with the IRD. The apportionment effect is disclosed separately in the Statement of Compresive Revenue and Expenses.

(s) Statement of Cash Flows Operating activities include amounts received from investment income and other income sources and payments to employees and suppliers to manage the day-to-day running of TUT. Investing activities are those related to the purchase and disposal of investments and property, plant and equipment. Financing activities comprise loans and borrowings and distributions to members of TUT.

BDO WELLINGTON

TWENTY SEVENTEEN - TWENTY EIGHTEEN | HE KORONA WHAKATAENA

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Profile for Te Uru Taumatua

Ke Korona Whakataeana 2017-2018  

Ke Korona Whakataeana 2017-2018