23 JULY NEW ZEALAND GAZETTE 2217

| 1998 $ 1997 $ |
|-----------------------------------------------|----------------|---------------|
| Marlborough 486,802 227,177 |
| Total donations paid from capital $1,756,630 $3,396,335 |
| Special projects paid from capital |
| Canterbury 3,709,228 4,983,738 |
| Nelson 35,904 589,365 |
| Marlborough 153,594 520,780 |
| Total special projects paid from capital $3,898,726 $6,093,883 |
| Donations paid from capital |
| Cancelled/refunded (24,919) (37,661) |
| $5,630,437 $9,452,557 |
| Future donation commitments $5,573,061 $3,402,171 |

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:

| 1998 $ 1997 $ |
|-----------------------------------------------|----------------|---------------|
| Core real capital base reserve |
| Balance brought forward 358,000,000 61,968,961 |
| Capital gain on sale of shares 290,248,013 |
| Reserve funds transferred from Canterbury Community Trust Charities Limited 872,935 |
| Transfer from accumulated income reserve 5,630,437 14,362,648 |
| Donations paid from capital (5,630,437) (9,452,557) |
| $358,000,000 $358,000,000 |

| Accumulated Income Reserve |
| Balance brought forward 26,386,023 13,228,061 |
| Transfer from future donations reserve 5,176,546 |
| Transfer to core real capital base reserve (5,630,437) (14,362,648) |
| Net surplus for year 23,350,492 22,292,397 |
| Prior years donations transferred to long term commitments - 51,667 |
| $44,106,078 $26,386,023 |

| Future donations reserve balance brought forward |
| - 5,176,546 |
| Transfer to accumulated income reserve (5,176,546) |

| Capital base reserve |
| Balance brought forward 8,740,535 872,935 |
| Retention as per statement of financial performance 9,168,516 8,740,535 |
| Transfer of reserves to Trust Bank Canterbury Community Trust Inc. - (872,935) |
| $17,909,051 $8,740,535 |

The capital base reserve is an allowance for the erosion of the value of the core real capital base reserve, due to inflation. For 1998 this was calculated based on inflation at 2.50 percent on a core real capital base reserve of $366,740,535 (being original reserve of $358,000,000 and the 1997 retention of $8,740,535) for 12 months.

| Revaluation Reserve |
| Balance brought forward - 244,490,769 |
| Investment revaluation reserve - (290,248,013) |
| Revaluation of shares 45,757,244 |

Between the cost of Government and local authorities securities and the market value as at balance date are shown in the statement of financial performance.