✨ Financial Statements Continuation
3 JULY NEW ZEALAND GAZETTE 1585
Donations and Special Projects
| 1997 $ | 1996 $ | |
|---|---|---|
| Canterbury | 12,368,029 | 9,619,433 |
| Nelson | 2,233,868 | 2,116,520 |
| Marlborough | 1,206,674 | 1,067,626 |
| Total donations approved per annual report | 15,808,571 | 12,803,579 |
| Cancelled donations from prior years | (161,150) | |
| Net donations allocated | 15,647,421 | 12,803,579 |
Future donation commitments | $8,158,855 | $4,393,122 |
Funds carried forward as accumulated income are available for the payment of donations in future years. Budgeted donations unspent in the current year are 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 either capital or future income sources.
4. Trust Funds
| 1997 $ | 1996 $ | |
|---|---|---|
| Core real capital base reserve | ||
| Balance brought forward | 61,968,961 | 72,774,519 |
| Transfer from revaluation reserve | 290,248,013 | — |
| Transfer from capital base reserve | 872,935 | — |
| Transfer from (to) accumulated income reserve | 14,362,648 | (2,998,269) |
| Donations paid from capital | (9,452,557) | (7,807,289) |
| $358,000,000 | $61,968,961 |
| Accumulated income reserve | | |
| Balance brought forward | 13,228,061 | 1,749,449 |
| Transfer from future donations reserve | 5,176,546 | — |
| Transfer from (to) core real capital base reserve | (14,362,648) | 2,998,269 |
| Net surplus for year | 22,292,397 | 8,480,343 |
| Prior years donations transferred to long term commitments | 51,667 | |
| | $26,386,023 | $13,228,061 |
| Future donations reserve | | |
| Balance brought forward | 5,176,546 | 4,248,614 |
| Transfer from net surplus | — | 927,932 |
| Transfer to accumulated income reserve | (5,176,546) | — |
| | — | $5,176,546 |
The future donation reserve was 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 was to allow the trust to continue its charitable activities at least in the short term.
| 1997 $ | 1996 $ | |
|---|---|---|
| Capital base reserve | ||
| Balance brought forward | 872,935 | 372,935 |
| Retention as per statement of financial performance | 8,740,535 | 500,000 |
| Transfer to core real capital base reserve | (872,935) | — |
| $8,740,535 | $872,935 |
The capital base reserve is an allowance for the erosion of the value of the core real capital base reserve, due to inflation. For 1997 this was calculated based on inflation at 2.50 percent on a core real capital base reserve of $324,000,000 for 3 months and $358,000,000 for the remaining 9 months.
| Revaluation reserve | | |
| Balance brought forward | 244,490,769 | 174,890,769 |
| Revaluation of shares | 45,757,244 | 69,600,000 |
| Revaluation of securities | — | (14,740) |
| Transfer to core real capital base reserve | (290,248,013)| — |
| | — | — |
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NZ Gazette 1997, No 66
✨ LLM interpretation of page content
💰
Notes to the Financial Statements for the Year Ended 31 March 1997
(continued from previous page)
💰 Finance & RevenueDonations, Trust Funds, Financial Reserves, Accounting