✨ Trust Financial Statements
18 JULY
NEW ZEALAND GAZETTE
Brief History
During 1994 the trust transferred 119 998 000 Trust Bank New Zealand Limited shares to Community Trust Nominees Limited (CTN) which holds the shares as bare trustee. Altogether CTN holds 337 654 000 Trust Bank New Zealand Limited shares as bare trustee for various community trusts through their investments in Community Trusts Investments Limited (CTIL). CTN has a share capital of $100 consisting of 100 $1 shares, and is wholly owned by CTIL. CTIL has a share capital of 100 000 1 cent shares of which the trust owns 35 539. At balance date the share capital of CTN and CTIL were unpaid.
The investment property situated at 262 Oxford Terrace, Christchurch is shown in the statement of financial position at cost. As the investment property is in the early stages of development an independent valuation has not yet been performed. Therefore a net current value as required by SSAP-17 is not available.
Particulars of the most recent Government valuation is as follows:
| Date | Property | Land Value | Improvements | Capital Value |
|---|---|---|---|---|
| 01/09/95 | 262 Oxford Terrace | 400,000 | — | 400,000 |
| $400,000 | — | $400,000 |
3. Donations
The names of organisations to whom distributions of income have been made by the trust under section 21 of the Trustee Banks Restructuring Act 1988 during the financial year and the amounts distributed are shown in the annual report.
Donations and Special Projects
| 1996 | 1995 | |
|---|---|---|
| Canterbury | 9,718,302 | 5,594,588 |
| Nelson | 2,116,520 | 783,757 |
| Marlborough | 1,067,626 | 321,549 |
| Less donations refunded | (31,303) | (38,601) |
| $12,871,145 | $6,661,293 |
Future donation commitments ... $4,393,122
Funds carried forward as accumulated income are available for the payment of donations in the 1996/1997 year.
The Trust Bank Canterbury Community Trust distribution policy allows disposable income, being net trading surplus less an allowance for contingencies, to be distributed by way of donation. Donation funds unspent in the current year are provided for and carried forward to be distributed in the following year.
Future donation commitments represent donations approved in the current or previous years which are to be distributed from future disposable income.
4. Trust Funds
| 1996 | 1995 | |
|---|---|---|
| Capital fund | ||
| $72,698,521 | $72,698,521 | |
| Accumulated income | ||
| Balance brought forward | 1,757,879 | 3,862,349 |
| Transfer from statement of financial performance | 605,488 | 1,757,879 |
| Less transfer to future donations reserve | — | (3,862,349) |
| $2,363,367 | $1,757,879 |
| Future donations reserve | | |
| Balance brought forward | 4,248,614 | — |
| Future donation reserve transfer—current year | 927,932 | 386,265 |
| Transfer from accumulated income | — | 3,862,349 |
| | $5,176,546 | $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 | 372,935 | — |
| Capital base reserve transfer | 500,000 | 372,935 |
| | $872,935 | $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 1996 this was calculated based on inflation at 2.00% on a capital base of $25,000,000.
| 1996 | 1995 | |
|---|---|---|
| Revaluation reserve | ||
| Balance brought forward | 174,890,769 | 224,175,622 |
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VUW Te Waharoa —
NZ Gazette 1996, No 73
NZLII —
NZ Gazette 1996, No 73
✨ LLM interpretation of page content
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Trust Bank Canterbury Community Trust Inc. Financial Statements for the Year Ended 31 March 1996
(continued from previous page)
💰 Finance & Revenue28 May 1996
Financial Statements, Trust Bank, Canterbury, Community Trust, Balance Sheet, Cash Flow, Accounting Policies