✨ Community Trust Financial Report
NEW ZEALAND GAZETTE
No. 81
Less non-assessable income
6,220,434
beneficiary distributions of assessable income
4,015,356
Taxable income
0
Taxation @ 33%
0
Taxation (as agent) relation to prior years
193,770
Taxation expense
193,770
The trust’s charitable status is currently under review by the Inland Revenue Department. The trustees have made provision for the likely tax payable in settlement with the Inland Revenue Department.
4. Trust Capital
The initial trust capital was set at $90,000,000 in 1997. The trust capital is maintained by a transfer of 3% of the opening capital base each year, as a surrogate for inflation and population growth within the region administered by the trust. The trustees periodically review the capital maintenance transfer.
| 2002 | 2001 | |
|---|---|---|
| $ | $ | |
| Balance at the beginning of the year | 101,295,793 | 98,345,430 |
| Transfer from income | 3,038,874 | 2,950,363 |
| Balance at the end of the year | 104,334,667 | 101,295,793 |
5. Donation Reserve
The trustees retain all undistributed income in the donation reserve.
| 2002 | 2001 | |
|---|---|---|
| $ | $ | |
| Balance at the beginning of the year | 30,392,315 | 50,604,796 |
| Transfer from income | (5,862,248) | (8,549,564) |
| 24,530,067 | 42,055,232 | |
| Less donations | 7,023,942 | 11,662,916 |
| Balance at the end of the year | 17,506,125 | 30,392,315 |
6. Investments in Managed Funds
| 2002 | 2001 | |
|---|---|---|
| $ | $ | |
| Opening balance | 120,269,549 | 139,408,426 |
| Gross income | (2,242,297) | (5,324,420) |
| Withdrawals to fund donations (net) | (4,236,963) | (13,814,457) |
| Closing balance | 113,790,289 | 120,269,549 |
Investments comprise:
| 2002 | 2001 | |
|---|---|---|
| Bonds | 37,340,851 | 45,066,697 |
| Equities | 76,449,437 | 75,202,852 |
| Total managed funds | 113,790,289 | 120,269,549 |
Held in:
New Zealand
| Bonds | Equities | |
|---|---|---|
| 22,352,702 | 11,097,001 | |
| 2001 | 25,889,620 |
Total |
| 2002 | 33,449,704 |
| 2001 | 36,641,920 |
Off shore
| Bonds | Equities | |
|---|---|---|
| 2002 | 14,988,149 | 65,352,436 |
| 2001 | 19,177,077 | 64,450,552 |
Total |
| 2002 | 80,340,585 |
| 2001 | 83,627,629 |
7. Fixed Assets
| 2002 | 2001 | |
|---|---|---|
| Fixtures, fittings and equipment at cost | 108,427 | 128,307 |
| Less accumulated depreciation | 80,272 | 91,476 |
| 28,155 | 36,830 |
8. Cash and Bank Deposits
| 2002 | 2001 | |
|---|---|---|
| Current accounts | 7,315 | 4,162 |
| Call accounts | 1,206,889 | 2,665,884 |
| Petty cash | 213 | 36 |
| Short term deposits | 11,800,000 | 14,263,000 |
| 13,014,417 | 16,933,082 |
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2002, No 81
Gazette.govt.nz —
NZ Gazette 2002, No 81
✨ LLM interpretation of page content
💰
Eastern & Central Community Trust Incorporated Financial Performance
(continued from previous page)
💰 Finance & Revenue12 June 2002
Community Trusts Act 1999, Financial Performance, Income, Expenditure, Trust Capital, Donation Reserve, Investments, Fixed Assets, Cash Deposits