✨ Financial Statements
24 JULY
NEW ZEALAND GAZETTE
2239
1. Revenue
| 2003 | 2002 | |
|---|---|---|
| $000 | $000 | |
| Interest | 34 | 41 |
| Managed funds | (5,908) | (764) |
| Other | 242 | 135 |
| (5,632) | (588) |
2. Expenditure
| 2003 | 2002 | |
|---|---|---|
| $000 | $000 | |
| Depreciation | 77 | 79 |
| Fund managers’ fees | 374 | 721 |
| Occupancy | 52 | 49 |
| Other operating | 169 | 123 |
| Professional fees | 157 | 232 |
| Promotion | 39 | 72 |
| Public and statutory reporting | 66 | 66 |
| Staff | 248 | 229 |
| Trustee fees | 165 | 157 |
| Trustee expenses | 28 | 26 |
| 1,375 | 1,754 | |
| Professional fees— | ||
| Payments to auditors: | ||
| Audit fees | 8 | 8 |
| Accounting and other support | 10 | 9 |
| Computer support | 15 | 6 |
| Legal advisers | 5 | 5 |
| Professional investment advisers | 87 | 124 |
| Tax advice | 22 | 29 |
| Other professional advice | 10 | 51 |
| 157 | 232 |
3. Trust Funds
Trust Capital
The trust capital represents the realised value of its original asset, being shares in Trust Bank. They were sold, partly in 1994 when Trust Bank listed on the NZ Stock Exchange and the balance in 1996 when Westpac took over Trust Bank.
| 2003 | 2002 | |
|---|---|---|
| $000 | $000 | |
| Opening balance | 131,467 | 131,467 |
| Closing balance | 131,467 | 131,467 |
Capital maintenance reserve:
| 2003 | 2002 | |
|---|---|---|
| $000 | $000 | |
| Opening balance | 19,613 | 15,603 |
| Transfers | 3,810 | 4,010 |
| Closing balance | 23,423 | 19,613 |
Uncommitted surplus:
| 2003 | 2002 | |
|---|---|---|
| $000 | $000 | |
| Opening balance | 17,201 | 33,274 |
| Donations – paid from capital | (5,538) | (9,721) |
| – change in accounting policy | (5,380) | – |
| Trustee (deficit)/surplus | (7,007) | (2,342) |
| Transfer to capital maintenance reserve | (3,810) | (4,010) |
| Closing balance | (4,534) | 17,201 |
Total trust funds at 31 March 2003 | 150,356 | 168,281 |
4. Donations
| 2003 | 2002 | |
|---|---|---|
| $000 | $000 | |
| Paid from capital | 5,538 | 9,721 |
| Change in accounting policy | 5,380 | – |
| 10,918 | 9,721 |
During the year, the trust changed its policy to include donations approved but unpaid as a current liability in the statement of financial position. Previously, they were recognised as a contingent liability in the notes to financial statements.
Next Page →
Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2003, No 85
Gazette.govt.nz —
NZ Gazette 2003, No 85
✨ LLM interpretation of page content
💰 Revenue for 2003 and 2002
💰 Finance & RevenueRevenue, Financial statements, Interest, Managed funds, Other income
💰 Expenditure for 2003 and 2002
💰 Finance & RevenueExpenditure, Financial statements, Depreciation, Fund managers’ fees, Occupancy, Operating costs, Professional fees, Promotion, Public reporting, Staff, Trustee fees, Trustee expenses, Audit fees, Accounting support, Computer support, Legal advisers, Investment advisers, Tax advice, Professional advice
💰 Trust Funds for 2003 and 2002
💰 Finance & RevenueTrust funds, Financial statements, Trust capital, Capital maintenance reserve, Uncommitted surplus, Donations, Accounting policy
💰 Donations for 2003 and 2002
💰 Finance & RevenueDonations, Financial statements, Accounting policy, Contingent liability