New Zealand Gazette – 2006 – No. 82

Page 2602

✨ Canterbury Community Trust Financial Report



2602 NEW ZEALAND GAZETTE, No. 82 20 JULY 2006

2. Revenue and Expenses

2006 2005
Revenue:
Rents received 776,379 751,682
Interest received 233,045 163,151
Investment income 66,407,063 36,746,924
Commissions received 1,054 4,580
Gain on revaluation of investment properties 846,725 453,597
68,264,266 38,119,934

| Investment fees: | | |
| Fund managers’ fees | 656,857 | 862,945 |
| Custodial fees | 141,160 | 149,609 |
| Advisory fees | 153,238 | 145,596 |
| | 951,255 | 1,158,150|

| Expenses: | | |
| Advertising, public relations, distribution and other costs | 248,927 | 233,471 |
| Computer and system review costs | 25,111 | 26,987 |
| Depreciation, loss on sale and depreciation recovered | 91,490 | 100,939 |
| Professional fees | 100,907 | 102,254 |
| Property costs | 173,061 | 153,232 |
| Salaries and staff recruiting fees | 311,231 | 286,688 |
| Trustees’ fees | 126,541 | 123,193 |
| | 1,077,268| 1,026,764|

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.

2006 2005
Donations paid from income 12,525,583 10,838,176
Donations paid from capital 2,864,744 2,442,054
(Includes prior year adjustments for cancellation, refunds, etc.) 15,390,327 13,280,230
Future commitments 5,488,500 835,000
Donations approved from income 12,318,279 11,329,961
Donations approved from capital 2,861,189 2,541,607
Donations approved for year 15,179,468 13,871,568

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

2006 2005
Core real capital base reserve:
Balance brought forward 371,422,000 371,422,000
Donations paid from capital (2,864,744) (2,442,054)
Transfer from accumulated income reserve 2,864,744 2,442,054
371,422,000 371,422,000

| Accumulated income reserve: | | |
| Balance brought forward | 44,855,595 | 33,739,400 |
| Net surplus for year | 39,051,960 | 13,558,249 |
| Transfer to core real capital base reserve | (2,864,744) | (2,442,054) |
| | 81,042,811 | 44,855,595 |

| Capital base reserve: | | |
| Balance brought forward | 59,701,864 | 48,163,269 |
| Retention as per statement of financial performance | 14,658,200 | 11,538,595 |
| | 74,360,064 | 59,701,864 |

| Total trust funds | 526,824,875 | 475,979,459 |



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Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2006, No 82


Gazette.govt.nz — PDF NZ Gazette 2006, No 82




✨ LLM interpretation of page content

🏢 Canterbury Community Trust Financial Statements (continued from previous page)

🏢 State Enterprises & Insurance
29 May 2006
Financial Report, Trust Funds, Revenue, Expenses, Donations, Financial Position, Canterbury