New Zealand Gazette – 2007 – No. 110

Page 2931

✨ Financial Statements and Trustee Details



11 OCTOBER 2007

NEW ZEALAND GAZETTE, No. 110

2931

Donation Amount
Recipient Organisation
$
Hospice NZ
10,000
Otago Kidney Society
4,000
John Farry
Otago Excursion Train Trust
50,000
Russell Hendry
Otago Cricket Association
55,000
Barbara Payton
Basketball Otago
60,000
Mark Ryan
Otago Polytechnic
7,800
Nicola Taylor
Otago Polytechnic
7,800
Te Runanga o Otakou
3,640

In addition, Stuart Walker, a trustee of The Community Trust of Otago, is a partner in Anderson Lloyd, the law firm engaged
by the trust. The value of services obtained from Anderson Lloyd to 31 March 2007 was $4,634 (GST inclusive).

  1. Other Disclosures

The community trust donated a total of $260,000 during the year to the Carisbrook Stadium Trust to be used for feasibility
studies on options for the redevelopment of Carisbrook or the development of a new multi-purpose stadium at Awatea Street,
Dunedin. John Farry, a trustee of the community trust, is a shareholder in a company which owns a portion of the land at
Awatea Street under consideration by the Carisbrook Stadium Trust. John Farry has no involvement with the Carisbrook
Stadium Trust and as such, these transactions do not meet the definition of related party transactions within financial reporting
standards.

  1. Contingent Liabilities

Contingent liabilities at 31 March 2007 – $Nil (2006 – $Nil).

  1. Advance to Dunedin Community House Trust (Inc.)

A 10-year term, interest free advance was made to the Dunedin Community House Trust (Inc.) in December 1999. The balance
of the advance as at 31 March 2007 is $247,500 (2006 – $247,500).

  1. Trustee Remuneration

Rates of trustees’ remuneration are set by the Minister of Finance. Remuneration includes the honoraria and meeting fees.

Board Meetings Other Official Honorarium and
No. Held No. Attended Meetings Attended
$
Hilary Allison 20 17
Duncan Butcher 20 19
John Farry 20 18
Russell Hendry 20 20
Sally Hope 20 17
Alan McLay 3 2
Stuart Walker 17 10
Barbara Payton 20 19
Raewynne Pedofski 20 20
Mark Ryan 20 8
David Shepherd 20 19
Nicola Taylor 20 20
Bill Thomson 20 9
Total remuneration

Trustee
Hilary Allison

  1. Trustee Register of Interests

The trust maintains a “Register of Interests” which is held at its office and which is available for public inspection.

  1. Trustee Liability Insurance

The trust has insured its trustees against liability to other parties that may arise from their position as trustees. The insurance
does not cover liabilities arising from criminal actions.

  1. Adoption of International Financial Reporting Standards

In December 2002, the New Zealand Accounting Standards Review Board announced that New Zealand International
Financial Reporting Standards (“NZ IFRS”) will apply to all New Zealand reporting entities for the periods commencing on or
after 1 January 2007. Entities have the option to adopt NZ IFRS for periods beginning on or after 1 January 2005.

The Community Trust of Otago intends to implement NZ IFRS in its annual financial statements for the year ending 31 March
2008.

Transition Management

The Community Trust of Otago started a project to:

● assess the key differences in accounting policies under NZ IFRS and current accounting policies;

● determine the impacts on the financial statements from transition; and

● determine and to implement processes to deal with any related business impacts.



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Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2007, No 110


Gazette.govt.nz — PDF 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 & Insurance
26 June 2007
Financial Statements, Trust Funds, Revenue, Expenditure, Dunedin
15 names identified
  • John Farry, Trustee and shareholder in land company
  • Stuart Walker, Trustee and partner in law firm
  • Hilary Allison, Trustee
  • Duncan Butcher, Trustee
  • John Farry, Trustee
  • Russell Hendry, Trustee
  • Sally Hope, Trustee
  • Alan McLay, Trustee
  • Stuart Walker, Trustee
  • Barbara Payton, Trustee
  • Raewynne Pedofski, Trustee
  • Mark Ryan, Trustee
  • David Shepherd, Trustee
  • Nicola Taylor, Trustee
  • Bill Thomson, Trustee