New Zealand Gazette – 2005 – No. 141

Page 3451

✨ Financial Statements



25 AUGUST 2005 NEW ZEALAND GAZETTE, No. 141 3451

1. Revenue

| Note | 2005
$000 | 2004
$000 |
|------|-----------|-----------|
| Interest | 3,961 | 3,545 |
| Pooled managed funds | 8,986 | 17,860 |
| Realised (losses)/gains | (572) | 769 |
| Unrealised (losses)/gains | (620) | (276) |
| Other | 110 | 127 |
| Total operating revenue | 11,865 | 22,025 |

2. Expenditure

| | 2005
$000 | 2004
$000 |
|----------------------------|------------|------------|
| Depreciation | 50 | 55 |
| Fund managers’ fees | 409 | 376 |
| Occupancy | 65 | 73 |
| Other operating | 102 | 109 |
| Professional fees | 156 | 160 |
| Promotion | 54 | 35 |
| Public and statutory reporting | 14 | 19 |
| Staff | 266 | 261 |
| Trustee fees | 142 | 158 |
| Trustee expenses | 13 | 22 |
| Total | 1,271 | 1,268 |

Professional fees—

| | 2005
$000 | 2004
$000 |
|----------------------------|------------|------------|
| Audit fees | 10 | 10 |
| Accounting and other support | 11 | 12 |
| Computer support | 2 | 10 |
| Legal advisers | 5 | 1 |
| Professional investment advisers | 90 | 89 |
| Tax advice | 19 | 16 |
| Other professional advice | 19 | 22 |
| Total | 156 | 160 |

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 New Zealand Stock Exchange and the balance in 1996 when Westpac acquired Trust Bank.

| | 2005
$000 | 2004
$000 |
|-----------------|-----------|-----------|
| Opening balance | 131,467 | 131,467 |
| Closing balance | 131,467 | 131,467 |

Capital maintenance reserve:

| | 2005
$000 | 2004
$000 |
|------------------------------------|------------|------------|
| Opening balance | 25,913 | 23,423 |
| Transfers from uncommitted surplus | 4,290 | 2,490 |
| Closing balance | 30,203 | 25,913 |

The capital maintenance reserve represents the additional amount necessary to preserve the real value of the capital allowing for inflation as measured by the Consumers’ Price Index (CPI).

Uncommitted surplus:

| | 2005
$000 | 2004
$000 |
|------------------------------------|-------------|------------|
| Opening balance | 8,636 | (4,534) |
| Donations approved during the year | (4,694) | (5,097) |
| Trustee surplus/(deficit) | 10,594 | 20,757 |
| Transfer to capital maintenance reserve | (4,290) | (2,490) |
| Closing balance | 10,246 | 8,636 |

Total closing trust funds

| | 2005
$000 | 2004
$000 |
|-----------------|-----------|-----------|
| | 171,916 | 166,016 |

Available for non taxable distribution to donees:

| | 2005
$000 |
|----------------------------------------|------------|
| Opening balance 1 April 2004 | 166,016 |
| Deduct donations approved during the year to non tax exempt donees | 165 |
| Closing balance | 165,851 |

Balance available for taxable distribution to donees:

| | 2005
$000 |
|----------------------------------------|------------|
| Current year surplus | 10,594 |
| Deduct donations approved during the year to exempt donees | 4,529 |
| Closing balance | 6,065 |

Total trust funds:

| | 2005
$000 |
|-----------------|-----------|
| | 171,916 |



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Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2005, No 141


Gazette.govt.nz — PDF NZ Gazette 2005, No 141




✨ LLM interpretation of page content

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

💰 Finance & Revenue
27 June 2005
Financial Statements, Revenue, Expenditure, Trust Funds, Capital Maintenance Reserve, Uncommitted Surplus, Donations, Trustee Fees, Professional Fees, Audit Fees, Accounting, Legal Advisers, Tax Advice, Investment Advisers