New Zealand Gazette – 2006 – No. 82

Page 2603

✨ Financial Report of Canterbury Community Trust



20 JULY 2006 NEW ZEALAND GAZETTE, No. 82 2603

Available for tax free distribution 512,192,326 458,482,166
Available for taxable distribution 14,632,549 17,497,293
Total trust funds 526,824,875 475,979,459

The capital base reserve is an allowance for the erosion of the value of the core real capital base reserve, due to inflation.
For 2006, this was calculated based on inflation at 3.4% on a core real capital base reserve of $431,123,864, being the original
core real capital base reserve of $371,422,000 plus the adjusted capital base reserve of $59,701,864.

Even though The Canterbury Community Trust is exempt from income tax with effect from 1 April 2004, all taxable
distributions after that date will still be subject to tax in the donee’s hands, if the donee does not have tax exempt status.

  1. Reconciliation of Net Surplus to Net Operating Cashflow
2006 2005
Net surplus from statement of
financial performance 39,051,960 13,558,249
Adjustments for non cash items
in net surplus:
Depreciation 91,490 100,939
Gain on revaluation of
investment properties (846,725) (453,597)
Managed funds income unrealised (34,453,262) (257,076)
3,843,463 12,948,515

Adjustments for changes in working capital:
| Decrease/(increase) in accounts receivable | (378,000) | (187,453) |
| Decrease/(increase) in Colliers operating |
| account | 1,146 | 20,552 |
| Increase/(decrease) in accounts payable, |
| rents received in advance, and goods and |
| services tax | 10,479 | 91,729 |
| | 3,477,088 | 12,873,343 |

| Add capital base reserve transfer | 14,658,200 | 11,538,595 |
| Deduct donations paid from capital | (2,864,744)| (2,442,054)|
| Net operating cash flow | 15,270,544 | 21,969,884 |

  1. Capital Commitments
    At balance date, the trust had capital commitments of $9.44 million (2005 – $0).

  2. Investment Properties
    The investment properties held at 31 March 2006 are valued at market value as follows:

2006 2005
262 Oxford Terrace 5,520,000 4,720,000
141 Hereford Street 3,180,000 3,130,000
8,700,000 7,850,000

Investment properties were valued at 31 March 2006 by an independent valuer, G. R. Sellars of Fright Aubrey, who is
a Fellow of the New Zealand Institute of Valuers.

  1. Fixed Assets
Cost Accumulated Depreciation 2006 Book Value 2005 Book Value
Land and Buildings
– 95 Oxford Terrace,
Christchurch 1,828,198 358,697 1,469,501 1,505,549
Computer 118,782 90,847 27,935 31,040
Office equipment 33,239 22,854 10,384 11,635
Furniture and
fittings 103,164 76,793 26,371 32,579
Fixed assets 2,083,383 549,191 1,534,191 1,580,803

  1. Contingent Liabilities
    There are no contingent liabilities at balance date (2005 – Nil) apart from donation commitments as per Note 3.

  2. Segmental Reporting
    The trust operates as a charitable trust in the Canterbury, Marlborough, Nelson and Chatham Islands. As all operations occur
    within New Zealand, segmental reporting is not required.

  3. Related Party
    In the normal course of business, the trust has no related parties with any entity, other than those advised in Note 1.

  4. Financial Instruments
    Investments are stated at market value at balance date. Accounts receivable and accounts payable are stated at the amounts
    expected to be received or paid. Accordingly, the trustees consider that the fair value of each class of financial assets and
    financial liabilities is the same as the carrying value in the financial position.



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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