New Zealand Gazette – 2005 – No. 91

Page 2157

✨ Trust Financial Statements



16 JUNE 2005

NEW ZEALAND GAZETTE, No. 91

2157

1.3.8 Depreciation

Depreciation is provided on a straight line basis on all tangible fixed assets at rates calculated to allocate the assets’
cost less estimated residual value over their estimated useful lives.

The depreciation periods are:

Computer equipment three years
Fixtures and fittings nine years
Furniture ten years
Office equipment five years

1.3.9 G.S.T.

G.S.T. inclusive accounting has been adopted, as the trust is not registered for G.S.T.

1.4 Changes in Accounting Policies

There have been no changes in accounting policies. All policies have been consistently applied.

2. Income From Investments

2005 2004
$ $
Unrealised income 526,538 6,463,839
Realised income 7,902,439 8,528,654
Less fund managers’ expenses 87,383 73,115
8,341,594 14,919,378
Plus interest 559,821 490,909
8,901,415 15,410,286

3. Taxation

The trust is exempt from income tax as provided in the Income Tax Act 2004.

4. Trust Capital

The initial trust capital was set at $90 million in 1997. The trust capital has been increased over time as a surrogate for inflation and population growth within the region administered by the trust. The trustees periodically review the capital maintenance transfer and this year the trustees have determined to increase the capital by $1.2 million. Previous transfers have exceeded inflation and population increases.

2005 2004
$ $
Balance at the beginning of the year 105,534,667 104,334,667
Allocation of surplus to capital maintenance 1,200,000 1,200,000
Balance at the end of the year 106,734,667 105,534,667

5. Donation Reserve

The trustees retain all undistributed income in the donation reserve.

2005 2004
$ $
Balance at the beginning of the year 9,624,633 1,097,761
Transfer from income 6,768,978 13,406,268
16,393,611 14,504,029
Less donations 4,584,720 4,879,396
Balance at the end of the year 11,808,891 9,624,633

6. Investments in Managed Funds

2005 2004
$ $
Opening balance 108,540,586 99,369,106
Gross income 8,465,975 14,992,493
Withdrawals to fund donations (net) (5,083,448) (5,821,013)
Closing balance 111,923,113 108,540,586

Investments comprise:

2005 2004
Bonds 65,019,670 71,449,273
Equities 46,903,443 37,091,313
Total managed funds 111,923,113 108,540,586

Held in:

New Zealand

2005 2004
Bonds 65,019,670 71,449,273
Equities 8,873,869 10,504,888
73,893,539 81,954,161

Off shore

| Equities | 38,029,574 | 26,586,425 |

| | 38,029,574 | 26,586,425 |
| Total managed funds | 111,923,113 | 108,540,586 |



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Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2005, No 91


Gazette.govt.nz — PDF NZ Gazette 2005, No 91




✨ LLM interpretation of page content

💰 Eastern & Central Community Trust Financial Performance (continued from previous page)

💰 Finance & Revenue
26 May 2005
Financial Statements, Trust, Income, Expenditure, Equity, Assets, Liabilities, Cash Flows, Investments, Donations