24 AUGUST 2006

NEW ZEALAND GAZETTE, No. 100

2983

I thank my trustees for their support of the trust. A great deal of trustee time, care and valuable expertise from a wide range of
experience makes this trust very connected and relevant to the BoP community. One of our strengths is the grass roots
connectedness of our 12 trustees to their individual communities throughout the BoP. Our system has people who know you
and your organisation making decisions on your funding requests.
During the year we saw the retirement of Vaughan Payne and the appointment of Adrienne von Tunzelmann as trustee. Thank
you Vaughan for your contribution, wisdom and enthusiasm during your time with the trust. Welcome to Adrienne who has
extensive administration and policy development experience. The trust continues to have rejuvenation by a trustee replacement
and retirement policy which I think is important.
Thanks also to our staff at the trust who work hard to make this organisation work. Bruce Cronin, Norma Kelly and Margo
McCurdy are our staff face to the community. They are eager to assist you with your applications and dealings with our trust.

RAY SHARP, Chairman.
Date: 3 July 2006.

Consolidated Statement of Financial Performance for the Year Ended 31 March 2006

| | 2006
$000 | 2005
$000 |
|---------------------|-------------|-------------|
| Income: | | |
| Dividends | 3,495 | 2,316 |
| Interest | 2,594 | 3,330 |
| Investment gains/(losses) (refer Note 5) | 11,107 | 2,729 |
| Donations cancelled and refunded | 4 | 8 |
| | 17,200 | 8,383 |

| Less expenditure: | | |
| Advertising/public reporting | 54 | 51 |
| Audit fees | 8 | 7 |
| Accountancy fees | 10 | 9 |
| Portfolio management and advisory fees (refer Note 13) | 660 | 337 |
| Office administration | 237 | 240 |
| Office rental | 34 | 15 |
| Other administration costs | 119 | 75 |
| Trustees’ fees | 159 | 163 |
| Trustees’ expenses | 46 | 56 |
| | 1,327 | 953 |
| Depreciation | 7 | 9 |
| Loss on disposal of assets | – | 1 |
| Total operating costs | 1,334 | 963 |
| Net surplus/(deficit) before donations | 15,866 | 7,420 |
| Donations | 2,987 | 2,808 |
| Net surplus/(deficit) after donations | 12,879 | 4,612 |

| Plus/(less) transfers: | | |
| Income fluctuation reserve | (9,034) | (1,236) |
| Inflation and population growth reserve | (3,577) | (3,240) |
| | (12,611) | (4,476) |
| Net surplus/(deficit) after reserve transfers | 268 | 136 |

The accompanying notes form part of these financial statements.

Consolidated Statement of Movements in Equity for the Year Ended 31 March 2006

| | 2006
$000 | 2005
$000 |
|---------------------|-------------|-------------|
| Equity at 1 April 2005 | | 118,853 |
| | 123,329 | |
| Less donations paid from capital: | | |
| Donations | (184) | (73) |
| Dillon Scholarship | (84) | (63) |
| | 123,061 | 118,717 |
| Net surplus | 268 | 136 |
| Increase/(decrease) income fluctuation reserve | 9,034 | 1,236 |
| Increase/(decrease) inflation and population growth reserve | 3,577 | 3,240 |
| Total recognised revenue and expenses for the year | 12,879 | 4,612 |
| Equity at 31 March 2006 | 135,940 | 123,329 |

The accompanying notes form part of these financial statements.