New Zealand Gazette – 2003 – No. 118

Page 3225

✨ Financial Report



28 AUGUST NEW ZEALAND GAZETTE 3225

  1. Trust Capital
2003 2002
Opening balance of trust capital 158,460,000 158,460,000
Transfer from capital maintenance reserve 7,305,691 5,510,418
Less grants paid from capital (7,305,691) (5,510,418)
158,460,000 158,460,000
  1. Professional Fees
2003 2002
Financial/taxation advisory 140,064 165,959
Legal 5,091 18,297
Other 15,554 25,902
160,709 210,158
  1. Auditor’s Remuneration

During the year, the following amounts were paid to Ward Wilson, the group’s auditors:

2003 2002
For audit work 12,921 14,104
For other services – –
  1. Trustees’ Fees

Meeting fees and honorariums were paid to trustees as follows:

Meetings attended Fees 2003 Fees 2002
T. W. Harpur 59 39,257 27,547
C. S. Ballantyne 23 12,258 19,677
A. R. Macdonald 13 11,546 11,213
F. G. Cardno 22 13,222 10,600
S. G. Palmer 33 16,872 14,240
J. D. Frampton 21 13,082 11,650
A. A. Broad 31 17,342 11,120
N. J. Wyeth 29 16,092 15,490
P. Redpath (appointed June 2001) 31 14,698 12,900
D. Williams (appointed June 2001) 26 13,064 11,450
W. A. Cambridge (retired June 2001) – – 2,500
P. Duffy (retired June 2001) – – 2,310
167,433 150,697

Trustee fees and honorariums are set by the Minister of Finance. During the year, the Minister undertook a review of community trust remuneration levels and increased fee levels by approximately 13%. This was the first remuneration change since 1997.

  1. Investments in Associates

Invest South Limited is a joint venture company, owned 50% each by the group and SBS. Invest South Limited is in the business of investing, principally by way of equity investment, in businesses in the Southland region. Invest South Limited’s balance date is 31 March.

The group’s investment in Invest South Limited comprises:

2003 2002
Opening value of investment 2,431,369 2,503,695
Share of operating surplus/(deficit) 211,824 (72,326)
Equity accounted value of investment 2,643,193 2,431,369

The trustees resolved prior to balance date to purchase from SBS their shareholding in Invest South Limited for the sum of $2,625,000, and this transaction was completed in May 2003. Following the purchase, the group owns 100% of Invest South Limited’s 10 million shares.

  1. Grants Approved
2003 2002
Grants approved this year 9,207,483 10,675,693
Less prior year’s grants cancelled (717,992) (447,215)
Net grants approved 8,489,491 10,228,478


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Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2003, No 118


Gazette.govt.nz — PDF NZ Gazette 2003, No 118




✨ LLM interpretation of page content

💰 Financial Performance Statement of The Community Trust of Southland (continued from previous page)

💰 Finance & Revenue
Financial Performance, Income, Expenditure, Community Trust, Southland, Investment Income
12 names identified
  • T. W. Harpur, Trustee, attended meetings
  • C. S. Ballantyne, Trustee, attended meetings
  • A. R. Macdonald, Trustee, attended meetings
  • F. G. Cardno, Trustee, attended meetings
  • S. G. Palmer, Trustee, attended meetings
  • J. D. Frampton, Trustee, attended meetings
  • A. A. Broad, Trustee, attended meetings
  • N. J. Wyeth, Trustee, attended meetings
  • P. Redpath, Trustee, attended meetings
  • D. Williams, Trustee, attended meetings
  • W. A. Cambridge, Trustee, retired
  • P. Duffy, Trustee, retired