1090

NEW ZEALAND GAZETTE

No. 49

Cash:
For the purpose of the Statement of Cash Flows, cash comprises WestpacTrust balances only. Cash excludes bank deposits not used as part of the Trust’s day-to-day cash management.

Basis of Consolidation:
The Community Trust, Community Trust Charities Limited and its subsidiaries, Canterbury Trust House Limited, Amateur Game or Sport Promoter Limited and District Improvement Organisation Limited have been consolidated using the purchase method of consolidation.

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

Revenue:
Rents received 314,909 145,674
Interest received 45,753 267,038
Investment income 40,245,870 40,294,194
40,606,532 40,706,906

Investment Fees:
Fund managers fees 1,472,610 1,452,928
Custodial fees 351,733 273,862
Advisory fees 83,771 169,801
2,008,114 1,896,591

Expenses:
Advertising, public relations, distribution and other costs 324,437 279,636
Computer and system review costs 15,687 36,212
Depreciation and loss on sale 179,446 165,811
Professional fees 172,275 170,266
Property costs 23,305 66,739
Salaries and staff recruiting fees 296,702 263,242
Trustees fees 108,055 85,589
Change on value of Government Securities investment - 3,804
1,119,907 1,071,299

3. Donations
   The names of organisations to whom distributions have been made by the Trust under section 13 of Community Trusts Act 1999 during the financial year and the amounts distributed are shown in the Annual Report.

                            2000        1999

   Donations paid from income 12,189,188 12,938,981
   Donations paid from capital 3,716,451 4,467,584
   (Includes prior year adjustments for cancellation, refunds, etc.)
   15,905,639 17,406,565
   Future commitments: 39,375 1,964,060

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

                            2000        1999

   Core Real Capital Base Reserve:
   Balance brought forward 358,000,000 358,000,000
   Transfer from accumulated income reserve 3,716,451 4,467,584
   Donations paid from capital (3,716,451) (4,467,584)
   358,000,000 358,000,000

Accumulated Income Reserve:
Balance brought forward 57,672,167 44,106,078
Transfer to core real capital base reserve (3,716,451) (4,467,584)
Donations transferred to reserves 26,250 -
Adjustment to capital base reserve 20,374,117 -
Net surplus for year 22,390,913 18,033,673
96,746,996 57,672,167