23 JULY
NEW ZEALAND GAZETTE
2213

Central administration and support costs .......................... $ 430,353 543,734
Consultants fees ............................................ 19,178 249,300
Depreciation and loss on sale ............................... 106,929 28,301
Professional fees ......................................... 129,957 185,938
Property costs ............................................ 31,328 38,516
Trustees fees ............................................. 90,121 89,945
Change on value of Government securities investment (Note 1) 7,276 –
Total expenses ............................................ 1,361,813 1,509,762
Less retentions
Transfer to capital base reserve ........................ 9,168,516 8,740,535
Net surplus before taxation ............................... 44,125,235 37,227,796
Available for distribution ................................. (Note 3) 34,956,719 28,487,261
Donations to tax appoved entites ........................ 11,606,227 6,194,864
Net surplus transferred to trust funds ..................... $23,350,492 $22,292,397
Transferred to:
Accumulated income reserve ............................ (Note 4) 23,350,492 22,292,397
$23,350,492 $22,292,397

The Community Trust Consolidated Statement of Movements in Trust Funds for the Year Ended the 31st day of March 1998

Total trust funds at beginning of year ............................. (Note 3) 393,126,558 325,737,272
Less donations paid from capital .................................. (5,655,356) (9,490,218)
Plus donations cancelled/refunded from prior years .................. 24,919 37,661
Add net surplus for the year ...................................... 23,350,492 22,292,397
Prior years donations transferred to long term commitments .......... 0 51,666
Increase in capital base reserve .................................. 9,168,516 8,740,535
Revaluation of investments ...................................... 0 45,757,245
Total trust funds at end of year .................................. $420,015,129 $393,126,558
Represented by:
Core real capital base reserve ............................... (Note 4) 358,000,000 358,000,000
Accumulated income reserve ................................. (Note 4) 44,106,078 26,386,023
Capital base reserve ..................................... (Note 4) 17,909,051 8,740,535
$420,015,129 $393,126,558

The Community Trust Consolidated Statement of Financial Position as at the 31st day of March 1998

Trust funds ................................................... $ 420,015,129 393,126,558
Represented by:
Current assets
WestpacTrust ........................................ (58,148) 13,514,076
Accounts receivable .................................. 1,024 –
Bank deposits ........................................ 5,720,149 350,037,627
Donations paid in advance .............................. 70,000 708
Accrued interest ..................................... 119,449 2,085,340
Prepayments .......................................... 18,161 15,419
Taxation refund due .................................. (Note 12) 1,454,600 4,733,115
Goods and services tax ............................... – 38,080
Current portion of investments ....................... – 194,947
7,325,235 370,619,312
Investments
Government securities ................................ 303,804 450,040
Local authorities securities ......................... – 51,040
Managed funds ........................................ 411,915,906 –
Community loans ...................................... 251,753 397,142
Armstrong Jones (NZ) Limited ........................... – 23,378,506