New Zealand Gazette – 2004 – No. 104

Page 2592

✨ Community Trust Financial Statements



2592 NEW ZEALAND GAZETTE, No. 104 26 AUGUST 2004

9. Reconciliation of Reported Surplus to Net Cashflow From Operating Activities

2004 2003
$000 $000
Surplus/(deficit) for the period 20,757 (7,007)

Add:

Non-cash items:

  • Depreciation | 55 | 77 |
  • Managed fund (revaluation)/devaluation | (21,850) | 5,908 |

Movements in working capital items:

  • Increase/(decrease) in creditors | 34 | (23) |
  • (Increase)/decrease in debtors | 95 | (107) |
  • Increase/(decrease) in stock | 9 | 3 |
  • | 138 | (127) |

Net cashflow (outflow) from operating activities | (900) | (1,149) |

10. Contingent Liabilities

Contingent liabilities at 31 March 2004 – Nil (2003 – Nil).

11. Loan to Dunedin Community House Trust (Inc.)

The loan was advanced interest free in December 1999. It has a 10-year term. Trustees have agreed that the commencement
date for principal repayments can be extended from December 2003 to December 2004.

12. Trustees Fees

Rates of trustees’ remuneration are set by the Minister of Finance. Remuneration includes the honorarium together with
meeting fees.

Board Meetings Other Official Meetings Honorarium and Meeting Fees Paid
No. Held No. Attended Meetings Attended $
Hilary Allison 11 11 22 15,681
Duncan Butcher 11 8 13 10,420
John Farry 11 9 30 28,780
Russell Hendry 11 11 28 16,425
Sally Hope 11 10 19 13,220
Alan McLay 11 10 14 12,680
Barbara Payton 11 10 21 11,610
Raewynne Pedofski 11 11 21 12,310
Mark Ryan 11 10 11 8,740
David Shepherd 11 11 23 14,340
Bill Thomson 11 11 19 13,150
Gail Tipa (resigned May 2003) 2 1 0 1,002

Total remuneration | | | | 158,358 |

13. Trustee Register of Interests

The trust maintains a "Register of Interests" which is held at its office and which is available for public inspection.

14. Trustee Liability Insurance

The trust has insured its trustees against liability to other parties that may arise from their position as trustees. The insurance
does not cover liabilities arising from criminal actions.

Audit Report

To the Trustees of The Community Trust of Otago

We have audited the financial statements. The financial statements provide information about the past consolidated financial
performance and financial position of the trust as at 31 March 2004. This information is stated in accordance with the
accounting policies.

Trustees’ Responsibilities

The trustees are responsible for the preparation of consolidated financial statements which give a true and fair view of the
financial position of the trust as at 31 March 2004, and the results of its operations and cashflows for the year ended on that
date.

Auditors’ Responsibilities

It is our responsibility to express an independent opinion on the financial statements presented by the trustees and report our
opinion to you.

Basis of Opinion

An audit includes examining, on a test basis, evidence relevant to the amounts and disclosures in the financial statements. It
also includes assessing:

  • the significant estimates and judgements made by the trustees in the preparation of the financial statements; and
  • whether the accounting policies are appropriate to the trust’s circumstances, consistently applied and adequately disclosed.


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Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2004, No 104


Gazette.govt.nz — PDF NZ Gazette 2004, No 104




✨ LLM interpretation of page content

🏢 Community Trust of Otago Financial Statements 2004 (continued from previous page)

🏢 State Enterprises & Insurance
28 June 2004
Financial Statements, Trust Funds, Cashflows, Dunedin, Fixed Assets, Financial Instruments, Taxation
12 names identified
  • Hilary Allison, Trustee remuneration details
  • Duncan Butcher, Trustee remuneration details
  • John Farry, Trustee remuneration details
  • Russell Hendry, Trustee remuneration details
  • Sally Hope, Trustee remuneration details
  • Alan McLay, Trustee remuneration details
  • Barbara Payton, Trustee remuneration details
  • Raewynne Pedofski, Trustee remuneration details
  • Mark Ryan, Trustee remuneration details
  • David Shepherd, Trustee remuneration details
  • Bill Thomson, Trustee remuneration details
  • Gail Tipa, Trustee remuneration details