New Zealand Gazette – 2002 – No. 81

Page 2170

✨ Financial Statements



2170 NEW ZEALAND GAZETTE No. 81

Investment income

  • 3,039,445
  • 6,621,385

Commissions received

  • 26,697
  • 22,968

Investment fees:

Fund managers’ fees

  • 1,438,023
  • 1,540,191

Custodial fees

  • 357,559
  • 373,703

Advisory fees

  • 187,630
  • 192,717

Total Investment fees

  • 1,983,212
  • 2,106,611

Total Income (Investment income + Commissions + Investment fees)

  • 3,608,728
  • 7,171,127

Expenses:

Advertising, public relations, distribution and other costs

  • 230,998
  • 272,424

Computer and system review costs

  • 13,250
  • 18,719

Depreciation, loss on sale and depreciation recovered

  • 235,129
  • 219,838

Professional fees

  • 177,494
  • 150,077

Property costs

  • 64,728
  • 41,466

Salaries and staff recruiting fees

  • 229,677
  • 211,193

Trustees’ fees

  • 133,945
  • 139,975

Total Expenses

  • 1,085,221
  • 1,053,692

3. Donations

The names of organisations to whom distributions have been made by the trust under section 13 of the Community Trusts Act 1999 during the financial year and the amounts distributed are shown in the annual report.

2002 2001
Donations paid from income 13,332,387 12,076,139
Donations paid from capital 6,229,538 6,962,273
(Includes prior year adjustments for cancellation, refunds, etc.) 19,561,925 19,038,412
Future commitments 522,000 614,975
Donations approved from income 11,337,130 14,375,358
Donations approved from capital 5,709,399 9,416,993
Donations approved for year 17,046,529 23,792,351

Donations have, in previous years, been recorded on an approved accruals basis. From the 2001 year end, donations are recorded on a cash paid basis. There were, however, unpaid approved donations at balance date totalling $2,052,225 (2001 – $4,479,364).

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.

The trustees recognise that there is a need to ensure a fairness and equity between the regions as far as payments of donations are concerned in relation to budgetary allocations.

4. Trust Funds

Core real capital base reserve:

2002 2001
Balance brought forward 358,000,000 358,000,000
Donations paid from capital (6,229,538) (6,962,273)
Transfer from accumulated income reserve 6,229,538 6,962,273
358,000,000 358,000,000

Accumulated income reserve:

2002 2001
Balance brought forward 67,860,460 96,746,996
Net surplus/(deficit) for year (22,595,509) (19,344,262)
Transfer to core real capital base reserve (6,229,538) (6,962,273)
Adjustment to capital base reserve – (2,580,000)
39,035,413 67,860,460

Capital base reserve:

2002 2001
Balance brought forward 21,058,653 7,199,705
Retention as per statement of financial performance 9,803,417 11,278,948
Adjustment to capital base reserve – 2,580,000
30,862,070 21,058,653

Total trust funds

  • 427,897,483
  • 446,919,113

The capital base reserve is an allowance for the erosion of the value of the core real capital base reserve, due to inflation. For 2002, this was calculated based on inflation at 2.6% on a core real capital base reserve of $379,058,653, being the original core real capital base reserve of $358,000,000 plus the adjusted capital base reserve of $21,058,653.



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Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2002, No 81


Gazette.govt.nz — PDF NZ Gazette 2002, No 81




✨ LLM interpretation of page content

💰 Notes to the Financial Statements for the Year Ended 31 March 2002 (continued from previous page)

💰 Finance & Revenue
Financial statements, accounting policies, revenue, expenses, investments, depreciation, taxation, GST, consolidation