New Zealand Gazette – 2008 – No. 131

Page 3430

✨ Financial Statements and Donations



NEW ZEALAND GAZETTE, No. 131

21 AUGUST 2008

226 153
Property costs
Salaries, trustee fees and staff-recruiting fees 544 450
Auditor’s remuneration to PricewaterhouseCoopers – for audit of financial statements 29 24
Total other expenses 1,248 1,035

9. Approved Donations

The names of the 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.

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.

The trust has future commitments of donations where the donee must fulfil future obligations before the donation is payable. At 31 March 2008, these totalled $3,268,760 (2007 – $4,676,000).

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.

10. Property, Plant and Equipment – Group

Land and buildings Office equipment Fixtures and fittings Computers Total
Cost:
Balance at 1 April 2006 1,828 33 103 119 2,083
Disposals – – (19) (24) (43)
Balance as at 31 March 2007 1,828 33 84 95 2,040
Balance at 1 April 2007 1,828 33 84 95 2,040
Additions 2 2 33 6 43
Balance as at 31 March 2008 1,830 35 117 101 2,083
Depreciation:
Balance at 1 April 2006 359 23 77 90 549
Depreciation for the year 63 1 5 13 82
Disposals – – (19) (21) (40)
Balance as at 31 March 2007 422 24 63 82 591
Balance at 1 April 2007 422 24 63 82 591
Depreciation for the year 64 2 4 7 77
Balance as at 31 March 2008 486 26 67 89 668
Carrying amounts
At 1 April 2006 1,469 10 26 29 1,534
At 31 March 2007 1,406 9 21 13 1,449
At 1 April 2007 1,406 9 21 13 1,449
At 31 March 2008 1,344 9 50 12 1,415

11. Investment Property

Group 2008 Group 2007
Balance at 1 April 15,285 8,920
Acquisitions 10,656 5,229
Change in fair value 1,077 1,136
Balance at 31 March 27,018 15,285

Investment property comprises six properties at 262 Oxford Terrace, 141 Hereford Street and 242 Manchester Street (Christchurch); 16 Parumoana Street, Porirua; 88 Hardy Street and 50 Halifax Street (Nelson).

Christchurch investment properties were valued at 31 March 2008 by an independent valuer, G. R. Sellars of Fright Aubrey, who is a Fellow of the New Zealand Institute of Valuers. Nelson investment properties were valued at 31 March 2008 by an independent valuer, R. Muir of Duke and Cooke, who is a Fellow of the New Zealand Institute of Valuers.

During the year ended 31 March 2008, $1,267,000 was recognised as being other income in the income statement (2007 – $731,000). Repairs and maintenance expense, recognised in cost of sales, was $12,258 (2007 – $19,791)

Canterbury Trust House Limited purchased a 50% participating interest in an investment property in Porirua on 30 March 2007. Under the joint arrangement, rental revenue and all expenses are shared equally between each party. At balance date, there were no revenue or expense items to be accounted for. The property has been recognised in the accounts at the purchase price.

The Group’s share of the management fee for the property expensed in the income statement is $22,404.



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Gazette.govt.nz — PDF NZ Gazette 2008, No 131




✨ LLM interpretation of page content

🏢 Canterbury Community Trust Financial Statements for the Year Ended 31 March 2008 (continued from previous page)

🏢 State Enterprises & Insurance
28 July 2008
Financial Statements, Trust, Charity, Canterbury, Community Benefits, Revenue, Liabilities, Income Statement, Cash Flows, Accounting Policies