✨ Financial Report
2146
NEW ZEALAND GAZETTE, No. 85
Investment fees:
Fund managers’ fees
811,649
696,566
Custodial fees
193,608
134,932
Advisory fees
170,198
91,961
Expenses:
Advertising, public relations, distribution and other costs
236,525
223,440
Computer and system review costs
27,453
17,351
Depreciation, loss on sale and depreciation recovered
295,180
294,632
Professional fees
97,335
183,850
Property costs
138,313
135,979
Salaries and staff recruiting fees
253,817
226,852
Trustees’ fees
131,583
145,100
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.
2004
2003
Donations paid from income
9,350,307
8,193,208
Donations paid from capital
2,132,967
3,283,470
(Includes prior year adjustments for cancellation, refunds, etc.)
11,483,274
11,476,678
Future commitments
340,000
748,000
Donations approved from income
9,555,183
7,520,066
Donations approved from capital
2,037,678
2,636,241
Donations approved for year
11,592,861
10,156,307
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 a fairness and equity between the regions as far as payments of donations are concerned in relation to budgetary allocations. The allocation of donations between regions is based on population statistics for each region.
4. Trust Funds
Core real capital base reserve:
Balance brought forward
358,000,000
358,000,000
Donations paid from capital
(2,132,967)
(3,283,470)
Transfer from accumulated income reserve
2,132,967
3,283,470
Adjustment – Increase in core capital
13,422,000
–
Accumulated income reserve:
Balance brought forward
22,753,691
39,035,413
Net surplus/(deficit) for year
28,058,676
(12,998,252)
Transfer to core real capital base reserve
(2,132,967)
(3,283,470)
Adjustment – Increase in Core Capital
(14,940,000)
–
Capital base reserve:
Balance brought forward
40,665,315
30,862,070
Retention as per statement of financial performance
5,979,954
9,803,245
Core capital increase – inflation adjustment
1,518,000
–
Total trust funds
453,324,669
421,419,006
The capital base reserve is an allowance for the erosion of the value of the core real capital base reserve, due to inflation. For 2004, this was calculated based on inflation at 1.5% on a core real capital base reserve of $398,665,315, being the original core real capital base reserve of $358,000,000 plus the adjusted capital base reserve of $40,665,315.
The core real capital adjustment recognises an amendment to the trust’s capital position to capitalise previously set aside income reserves following the 1996 sale of the Trust Bank NZ Limited shareholding, and also includes an inflationary movement for that adjustment.
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2004, No 85
Gazette.govt.nz —
NZ Gazette 2004, No 85
✨ LLM interpretation of page content
💰
Revenue and Expenses for The Community Trust
(continued from previous page)
💰 Finance & RevenueRevenue, Expenses, Rents, Interest, Investment Income, Commissions, Revaluation of Investment Properties, Investment fees, Custodial fees, Advisory fees, Advertising, Public relations, Distribution costs, Computer costs, System review costs, Depreciation, Loss on sale, Depreciation recovered, Professional fees, Property costs, Salaries, Staff recruiting fees, Trustees’ fees
💰 Donations by the Community Trust
💰 Finance & RevenueDonations, Distributions, Income, Capital, Future commitments, Budgeted donations, Regional allocation, Population statistics
💰 Trust Funds of the Community Trust
💰 Finance & RevenueCore real capital base reserve, Accumulated income reserve, Capital base reserve, Inflation adjustment, Trust Bank NZ Limited, Shareholding