✨ Financial Statements
11 OCTOBER 2007
NEW ZEALAND GAZETTE, No. 110
2929
3. Trust Funds
Trust Capital
The trust capital represents the realised value of its original asset, being shares in Trust Bank.
| 2007 | 2006 | |
|---|---|---|
| $000 | $000 | |
| Opening balance | 131,467 | 131,467 |
| Closing balance | 131,467 | 131,467 |
Capital maintenance reserve:
| 2007 | 2006 | |
|---|---|---|
| $000 | $000 | |
| Opening balance | 35,773 | 30,203 |
| Transfer from uncommitted surplus | 4,210 | 5,570 |
| Closing balance | 39,983 | 35,773 |
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:
| 2007 | 2006 | |
|---|---|---|
| $000 | $000 | |
| Opening balance | 21,934 | 10,246 |
| Donations approved during the year | (7,748) | (5,545) |
| Trustee surplus | 10,798 | 22,803 |
| Transfer to capital maintenance reserve | (4,210) | (5,570) |
| Closing balance | 20,774 | 21,934 |
Total closing trust funds:
| 2007 | 2006 | |
|---|---|---|
| $000 | $000 | |
| 192,224 | 189,174 |
Available for non taxable distribution to donees:
| 2007 | 2006 | |
|---|---|---|
| $000 | $000 | |
| Opening balance | 165,650 | 165,851 |
| Deduct donations approved during the year to non tax exempt donees | (164) | (201) |
| Closing balance | 165,486 | 165,650 |
Balance available for taxable distribution to donees:
| 2007 | 2006 | |
|---|---|---|
| $000 | $000 | |
| Opening balance | 23,524 | 6,065 |
| Current year surplus | 10,798 | 22,803 |
| Deduct donations approved during the year to exempt donees | (7,584) | (5,344) |
| Closing balance | 26,738 | 23,524 |
Total trust funds:
| 2007 | 2006 | |
|---|---|---|
| $000 | $000 | |
| 192,224 | 189,174 |
4. Managed Funds
| 2007 | 2006 | |
|---|---|---|
| $000 | $000 |
Managed by external managers:
| 2007 | 2006 | |
|---|---|---|
| Opening balance | 190,441 | 173,726 |
| Gross income | 11,944 | 23,973 |
| Fund managers’ fees – deducted | (415) | (432) |
| Withdrawals | (6,542) | (6,828) |
| Closing balance | 195,428 | 190,441 |
Investments comprise:
| 2007 | 2006 | |
|---|---|---|
| Cash and deposits | 10,215 | 11,512 |
| Bonds | 102,323 | 97,087 |
| Equities | 72,661 | 72,430 |
| Hedge funds and futures | 10,229 | 9,412 |
Total managed funds:
| 2007 | 2006 | |
|---|---|---|
| $000 | $000 | |
| 195,428 | 190,441 |
Allocated as follows—
New Zealand:
| 2007 | 2006 | |
|---|---|---|
| Bonds and deposits | 49,761 | 49,838 |
| Equities | 10,486 | 10,251 |
| Total | 60,247 | 60,089 |
Overseas:
| 2007 | 2006 | |
|---|---|---|
| Bonds and deposits | 62,777 | 58,761 |
| Equities | 53,502 | 52,443 |
| Hedge funds and futures | 18,902 | 19,148 |
| Total | 135,181 | 130,352 |
Total:
| 2007 | 2006 | |
|---|---|---|
| Bonds and deposits | 112,538 | 108,599 |
| Equities | 63,988 | 62,694 |
| Hedge funds and futures | 18,902 | 19,148 |
| Total managed funds | 195,428 | 190,441 |
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2007, No 110
Gazette.govt.nz —
NZ Gazette 2007, No 110
✨ LLM interpretation of page content
🏢
The Community Trust of Otago Financial Statements for the Year Ended 31 March 2007
(continued from previous page)
🏢 State Enterprises & Insurance26 June 2007
Financial Statements, Trust Funds, Revenue, Expenditure, Dunedin