✨ Financial Statements Notes
16 AUGUST
NEW ZEALAND GAZETTE
2337
Capital base reserve:
| 2001 | 2000 | |
|---|---|---|
| Balance brought forward | 7,199,705 | 24,675,412 |
| Retention as per statement of financial performance | 11,278,948 | 2,898,410 |
| Adjustment to capital base reserve | 2,580,000 | (20,374,117) |
| 21,058,653 | 7,199,705 |
Total trust funds | 446,919,113 | 461,946,701 |
Donations transferred to reserves represents unspent donations for specific Making It Happen projects for the Canterbury region transferred to accumulated income reserves.
The capital base reserve is an allowance for the erosion of the value of the core real capital base reserve, due to inflation. For 2001, this was calculated based on inflation at 3.1% on a core real capital base reserve of $367,779,705 being the original core real capital base reserve of $358,000,000 plus the adjusted capital base reserve of $9,779,705.
5. Reconciliation of Net Surplus to Net Operating Cashflow
| 2001 | 2000 | |
|---|---|---|
| Net surplus from statement of financial performance | (19,344,263) | 22,390,913 |
| Adjustments for non cash items in net surplus: | ||
| Depreciation | 219,838 | 169,785 |
| Managed funds income unrealised | 16,423,870 | (6,299,179) |
| Adjustments for changes in working capital: | ||
| Decrease/(increase) in accounts receivable | (83,156) | (6,255) |
| Increase/(decrease) in accounts payable | 47,600 | (5,188) |
| Increase/(decrease) in donations payable | (2,808,000) | (712,678) |
| Increase/(decrease) in taxation payable | (180) | (16) |
| (5,544,291) | 15,537,382 |
Add capital base reserve transfer | 11,278,948 | 2,898,410 |
| Deduct donations paid from capital | (6,962,273) | (3,690,201) |
| Cash flow from operations | (1,227,616) | 14,745,591 |
6. Capital Commitments
There are no capital commitments at balance date (2000 Nil).
7. Investment Properties
The investment property of the trust is valued at cost less accumulated depreciation. Payments made on the investment property as at 31 March 2001 consist of the purchase of the land at 262 Oxford Terrace and adjoining property, architectural and legal fees, stamp duty, building consent permits and building costs to date. A further investment property was purchased during the year, situated at 95 Oxford Terrace.
| 2001 | 2000 | |
|---|---|---|
| Land | 814,583 | 814,583 |
| Building construction and associated property costs | 5,379,515 | 3,633,524 |
| Less accumulated depreciation | (422,235) | (267,319) |
| 5,771,863 | 4,180,788 |
8. Fixed Assets
| Cost | Accumulated Depreciation | 2001 Book Value | 2000 Book Value | |
|---|---|---|---|---|
| Computer | 135,499 | 98,990 | 36,509 | 53,531 |
| Motor vehicles | – | – | – | 11,465 |
| Furniture and fittings and office equipment | 107,014 | 35,499 | 71,515 | 64,222 |
| Fixed assets | 242,513 | 134,489 | 108,024 | 129,218 |
9. Contingent Liabilities
There are no contingent liabilities at balance date (2000 Nil) apart from donation commitments as per note 3.
10. Segmental Reporting
The trust operates as a charitable trust in the Canterbury, Marlborough and Nelson areas. As all operations occur within New Zealand, segmental reporting is not required.
11. Related Party
In the normal course of business, the trust has no related parties with any entity, other than those advised in note 1.
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2001, No 90
Gazette.govt.nz —
NZ Gazette 2001, No 90
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Notes to the Financial Statements for the Year Ended 31 March 2001
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