New Zealand Gazette – 2003 – No. 85

Page 2233

✨ Financial Statements and Donations



24 JULY

NEW ZEALAND GAZETTE

2233

Investment income
6,105,948
3,039,445

Commissions received
254,710
26,697

Investment fees:
7,148,864
3,608,728

  • Fund managers’ fees
    696,566
    1,438,023

  • Custodial fees
    134,932
    357,559

  • Advisory fees
    91,961
    187,630

923,459
1,983,212

Expenses:

  • Advertising, public relations, distribution and other costs
    223,440
    230,998

  • Computer and system review costs
    17,351
    13,250

  • Depreciation, loss on sale and depreciation recovered
    294,632
    235,129

  • Professional fees
    183,850
    177,494

  • Property costs
    135,979
    64,728

  • Salaries and staff recruiting fees
    226,852
    229,677

  • Trustees’ fees
    145,100
    133,945

1,227,204
1,085,221

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.

2003 2002
Donations paid from income 8,193,208 13,332,387
Donations paid from capital 3,283,470 6,229,538
(Includes prior year adjustments for cancellation, refunds, etc.) 11,476,678 19,561,925
Future commitments 748,000 522,000
Donations approved from income 7,520,066 11,337,130
Donations approved from capital 2,636,241 5,709,399
Donations approved for year 10,156,307 17,046,529

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 fairness and equity between the regions as far as payments of donations are concerned in relation to budgetary allocations.

4. Trust Funds

2003 2002
Core real capital base reserve:
Balance brought forward 358,000,000 358,000,000
Donations paid from capital (3,283,470) (6,229,538)
Transfer from accumulated income reserve 3,283,470 6,229,538
358,000,000 358,000,000

| Accumulated income reserve: | | |
| Balance brought forward | 39,035,413 | 67,860,460 |
| Net surplus/(deficit) for year | (12,998,252) | (22,595,509) |
| Transfer to core real capital base reserve | (3,283,470) | (6,229,538) |
| | 22,753,691 | 39,035,413 |

| Capital base reserve: | | |
| Balance brought forward | 30,862,070 | 21,058,653 |
| Retention as per statement of financial performance | 9,803,245 | 9,803,417 |
| | 40,665,315 | 30,862,070 |

| Total trust funds | 421,419,006 | 427,897,483 |

The capital base reserve is an allowance for the erosion of the value of the core real capital base reserve, due to inflation. For 2003, this was calculated based on inflation at 2.5% on a core real capital base reserve of $388,862,069 being the original core real capital base reserve of $358,000,000 plus the adjusted capital base reserve of $30,862,069.



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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

💰 Notes to the Financial Statements for the Year Ended 31 March 2003 (continued from previous page)

💰 Finance & Revenue
26 May 2003
Community Trust, Financial Statements, Investment Income, Commissions, Expenses, Donations, Trust Funds