✨ Financial Statements
2452 NEW ZEALAND GAZETTE No. 101
Changes in Accounting Policies:
There have been no changes in accounting policies. All policies have been applied on bases consistent with those used last year.
2. Revenue and Expenses
| 1999 | 1998 | |
|---|---|---|
| $000 | $000 | |
| Revenue: | ||
| Rents received | 146 | 2 |
| Interest received | 267 | 11,933 |
| Investment income | 40,294 | 34,734 |
| $40,707 | $46,669 |
| Investment fees: | | |
| Fund managers fees | 1,453 | 950 |
| Custodial fees | 274 | 52 |
| Advisory fees | 170 | 180 |
| | $1,897| $1,182|
| Expenses: | | |
| Advertising, public relations, distribution and travelling costs | 280 | 374 |
| Computer and system review costs | 36 | 157 |
| Depreciation and loss on sale | 166 | 107 |
| Professional fees | 170 | 164 |
| Property costs | 67 | 31 |
| Salaries and staff recruiting fees| 262 | 432 |
| Trustees fees | 86 | 90 |
| Change on value of Government securities investment | 4 | 7 |
| | $1,071| $1,362|
3. Donations
The names of organisations to whom distributions 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.
| 1999 | 1998 | |
|---|---|---|
| $000 | $000 | |
| Donations paid from income | 12,939 | 11,606 |
| Special projects paid from income | 4,467 | 5,631 |
| $17,406 | $17,237 |
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.
4. Trust Funds
| Core real capital base reserve: | 1999 | 1998 |
|---|---|---|
| $000 | $000 | |
| Balance brought forward: | 358,000 | 358,000 |
| Transfer from accumulated income reserve | 4,468 | 5,631 |
| Donations paid from capital | (4,468) | (5,631) |
| $358,000 | $358,000 |
| Accumulated income reserve: | | |
| Balance brought forward | 44,106 | 26,387 |
| Transfer to core real capital base reserve | (4,468) | (5,631)|
| Net surplus for year | 18,034 | 23,350 |
| | $57,672 | $44,106|
| Capital base reserve: | | |
| Balance brought forward | 17,909 | 8,740 |
| Retention as per statement of financial performance | 6,766 | 9,169 |
| | $24,675 | $17,909|
The capital base reserve is an allowance for the erosion of the value of the core real capital base reserve, due to inflation. For 1999 this was calculated based on inflation at 1.8 percent on a core real capital base reserve of $375,908,120 for 12 months.
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VUW Te Waharoa —
NZ Gazette 1999, No 101
NZLII —
NZ Gazette 1999, No 101
✨ LLM interpretation of page content
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The Community Trust Notes to the Financial Statements for the Year Ended the 31st day of March 1999
(continued from previous page)
🏢 State Enterprises & InsuranceFinancial Statements, Accounting Policies, Revenue, Expenses, Donations, Trust Funds