New Zealand Gazette – 2003 – No. 85

Page 2230

✨ Community Trust Financial Statements



NEW ZEALAND GAZETTE

No. 85

The Community Trust

Community Trusts Act 1999

The Community Trust Consolidated Financial Statements for the Year Ended 31 March 2003

Trust Directory for the Year Ended 31 March 2003

Trust Particulars: The Community Trust was incorporated as a charitable trust in accordance with the provisions of the trustee provisions of the Community Trusts Act 1999. The purpose of The Community Trust is to provide charitable, cultural and philanthropic and recreational benefits to the community.

Date of Trust Deed: 30 May 1988.

Settlor: Minister of Finance.

Trustees: R. J. Todd (Chair), D. C. Close, B. G. Hadlee, L. H. Jeffs, F. M. Jessep (Marlborough), P. B. Lowe-Johnson, M. E. O’Connor (Nelson), T. Potiki (resigned December 2002), E. M. Richards (Nelson), P. J. Richardson, P. J. Sigglekow (Marlborough), P. R. Taylor.

Trust Manager: W. P. Ward.

Accountants: Hadlee Kippenberger & Partners, P.O. Box 577, Christchurch (M. J. Hadlee).

Taxation Consultant: KPMG, P.O. Box 274, Christchurch (O. M. Wallis).

Auditors: PricewaterhouseCoopers, P.O. Box 13-244, Christchurch (J. A. Orr).

Fund Managers: AMP Henderson Global Investors (NZ) Limited (to October 2002), BT Funds Management (NZ) Limited (to October 2002), Tower Asset Management, Russell Investment Management Limited – Russell International Share Fund (to July 2002), Priton Offshore (appointed November 2002), Challenger International Group (appointed November 2002).

Custodial Trustee: Tower Trust (appointed November 2002).

Fund Investment Advisors: Forsyth Barr Funds Management (appointed September 2002).

Bankers: WestpacTrust.

Solicitors: Chapman Tripp Sheffield Young, P.O. Box 2510, Christchurch (L. Alexander).

Trustees’ Report for the Year Ended 31 March 2003

Objectives of the Trust and Charitable Company Subsidiary

To provide charitable, cultural, philanthropic and recreational benefits to the communities of Canterbury, Marlborough, Nelson, and the Chatham Islands.

Policies and Structure of the Trust and Charitable Company Subsidiary

These organisations are structured to include community representatives from the four regions. Their policies are to manage and distribute their income and capital to the community they serve.

Activities of the Trust

During the period under review, the trust and its charitable subsidiary have provided financial assistance to a wide range of community groups in Canterbury, Marlborough, Nelson and the Chatham Islands. In addition to responding to applications for assistance, these organisations have initiated several new projects of benefit to community groups.

Trustees’ Remuneration

During the period, the trustees of the trust received fees of $145,100 (2002 $133,945).

Review of Results and Financial Position

The total distribution from the trust and charitable company was $11.5 million (2002 $19.5 million) donations to community groups during the last 12 months.

Signed on behalf of the Board of Trustees:

Chairperson: R. J. TODD.

Trustee: D. C. CLOSE.

Date: 26 May 2003.

Consolidated Statement of Financial Performance for the Year Ended 31 March 2003

Note 2003 2002
Revenue 7,148,864 3,608,728
Less investment fees 923,459 1,983,212
Less expenses 1,227,204 1,085,221
Net surplus before taxation 4,998,201 540,295
Less retentions:
Transfer to capital base reserve 9,803,245 9,803,417
Available for distribution (4,805,044) (9,263,122)
Donations to tax approved entities 8,193,208 13,332,387
Net deficit transferred to trust funds (12,998,252) (22,595,509)


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Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2003, No 85


Gazette.govt.nz — PDF NZ Gazette 2003, No 85




✨ LLM interpretation of page content

💰 The Community Trust Consolidated Financial Statements for the Year Ended 31 March 2003

💰 Finance & Revenue
26 May 2003
Community Trust, Financial Statements, Trustees, Charitable Trust
17 names identified
  • R. J. Todd, Chair of The Community Trust
  • D. C. Close, Trustee of The Community Trust
  • B. G. Hadlee, Trustee of The Community Trust
  • L. H. Jeffs, Trustee of The Community Trust
  • F. M. Jessep, Trustee of The Community Trust
  • P. B. Lowe-Johnson, Trustee of The Community Trust
  • M. E. O'Connor, Trustee of The Community Trust
  • T. Potiki, Resigned Trustee of The Community Trust
  • E. M. Richards, Trustee of The Community Trust
  • P. J. Richardson, Trustee of The Community Trust
  • P. J. Sigglekow, Trustee of The Community Trust
  • P. R. Taylor, Trustee of The Community Trust
  • W. P. Ward, Trust Manager of The Community Trust
  • M. J. Hadlee, Accountant of The Community Trust
  • O. M. Wallis, Taxation Consultant of The Community Trust
  • J. A. Orr, Auditor of The Community Trust
  • L. Alexander, Solicitor of The Community Trust

  • R. J. Todd, Chairperson
  • D. C. Close, Trustee