Notes to the Financial Statements (continued)

for the year ended 30 September 2022 in New Zealand Dollars

9. Income received in advance

The Society receives monies in advance of an event or product being available. This is recorded as a liability until performance of that event has taken place or delivery of that product has been completed.

10. Taxation

The Society’s 2022 non-taxable membership income represented 13.1% (2021: 11.3%) of total operating revenue. A calculation using this percentage determines non-deductible expenditure. Total net taxable income in 2022 was $153,920 (2021: $1,447,504). The gain on sale of Chancery chambers is not considered assessable income.