✨ Trust Fund Financial Statements
NEW ZEALAND GAZETTE
13 JULY
4. Trust Funds
| 1995 $ | 1994 $ | |
|---|---|---|
| Capital fund— | ||
| Balance brought forward | 72,698,521 | 56,280,668 |
| Transfer from income and expenditure | — | (256,378) |
| Transfer from revaluation reserve | — | 16,674,231 |
| $72,698,521 | $72,698,521 | |
| Accumulated income— | ||
| Balance brought forward | 3,862,349 | 2,860,441 |
| Transfer from income and expenditure | 1,757,879 | 1,001,908 |
| Less transfer to future donations reserve | (3,862,349) | — |
| $1,757,879 | $3,862,349 | |
| Future donations reserve— | ||
| Balance brought forward | — | — |
| Future donation reserve transfer—current year | 386,265 | — |
| Transfer from accumulated income | 3,862,349 | — |
| $4,248,614 | — |
The future donation reserve has been created for the purpose of providing cover for 1 year's donations in the unlikely event of diminished or lack of dividend income in the future. This allows the trust to continue its charitable activities at least in the short term.
| Capital base reserve— | ||
| Balance brought forward | — | — |
| Capital base reserve transfer | 372,935 | — |
| $372,935 | — |
The capital base reserve is an allowance for the erosion of the value of the effective investment base of Canterbury Community Trust Charities Limited. For 1995 this was calculated based on inflation at 1.50 percent on a capital base of $24,862,349.
| Revaluation reserve— | ||
| Balance brought forward | 224,175,622 | 81,676 |
| Revaluation of securities | (92,752) | 3,177 |
| Revaluation of shares | (49,200,000) | 240,765,000 |
| Transfer to capital fund | — | (16,674,231) |
| Transfer of debit balance | 7,899 | — |
| $174,890,769 | $224,175,622 |
The revaluation reserve measures the difference between the cost of Government and local authorities securities and Trust Bank New Zealand Limited shares and the market value as at 31 March 1995. The transfer of debit balance is in respect of Government and local authorities securities and is taken to the income and expenditure statement.
5. Reconciliation of Net Surplus to Net Operating Cash Flow
| 1995 $ | 1994 $ | |
|---|---|---|
| Net surplus | 1,757,879 | 745,530 |
| Adjustments for non cash items in net surplus— | ||
| Armstrong Jones Investment income | (819,559) | — |
| Depreciation | 13,570 | 5,467 |
| Loss on realisation of local authorities securities | 10,142 | — |
| Write off of debit balance in revaluation reserve | 7,899 | — |
| (787,948) | 5,467 | |
| Adjustments for changes in working capital— | ||
| Decrease/(increase) in accrued interest | (45,756) | 16,687 |
| Increase/(decrease) in accrued charges | 24,000 | — |
| Increase/(decrease) in accounts payable | (10,542) | 32,901 |
| Increase/(decrease) in donations payable | (376,697) | 617,227 |
| (408,995) | 666,815 | |
| Add back | ||
| Loss on sale | 4,519 | — |
| Future donation reserve transfer | 386,265 | — |
| Capital base reserve transfer | 372,935 | — |
| Deduct gain on sale | (2,886) | — |
| Cash flow from operations | $1,321,769 | $1,417,812 |
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VUW Te Waharoa —
NZ Gazette 1995, No 69
NZLII — 🌐 NZ Gazette 1995, No 69
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Trust Bank Canterbury Community Trust Financial Statements and Report
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💰 Finance & RevenueTrust Bank Canterbury Community Trust, Financial Statements, Donations, Community Benefits, Audit Report, Investments, Dividend Income, Taxation, GST, Accounting Policies, Consolidation