✨ Financial Statements and Related Information
3112 NEW ZEALAND GAZETTE, No. 133 4 SEPTEMBER 2009
Reconciliation of Carrying value of assets.
| 2009 | 2008 | |
|---|---|---|
| Book value at 1 April | 618,024 | 615,539 |
| Plus additions | 0 | 7,801 |
| +Depreciation written back | 0 | 0 |
| Revaluations | (30,000) | 0 |
| Less depreciation | 4,086 | 5,416 |
| Book value at 31 March | 583,938 | 618,024 |
Valuation
The freehold land and buildings was revalued at 31 March 2009 at fair value as determined by an independent registered valuer, K D Pawson, of the firm Morgans Property Advisers. All values were determined directly by reference to observable prices in an active market.
7. Promoting Generosity
The Trustees believe that promoting the giving of time, money and spirit are important in a strong community and use resources to achieve this purpose. Resources were spent as follows:
| 2009 | 2008 | |
|---|---|---|
| Salaries | 3,625 | 20,800 |
| Other expenses | 7,125 | 8,035 |
| Total | $10,750 | $28,835 |
8. Related Party Information
The Trustees are key management personnel of the Foundation as defined by NZ IAS 24: Related Party Disclosures. As the Trustees are not employees of the Foundation, they do not receive short term employee benefits, post employment benefits, other long term benefits, or termination benefits. Trustees are appointed by the New Zealand Government and remunerated at rates set by the Government. These rates were last set in June 2002. During the year Trustees received honoraria and meeting fees as follows:
| 2009 | 2008 | |
|---|---|---|
| $ | $ | |
| Graham Adams | 3258 | 0 |
| Prue Anderson | 6696 | 4898 |
| Bob Dempsey | 3875 | 3175 |
| Pam Erni | 4049 | 3525 |
| Jim Farley | 4225 | 3175 |
| Kate Joblin | 0 | 1678 |
| Sally Sisson | 4450 | 4275 |
| Cherryl Smith | 3175 | 1983 |
| Richard Thompson | 11800 | 11176 |
| Nancy Tuaine | 4000 | 2825 |
| Di Valentine | 617 | 3350 |
| Graham Wood | 6242 | 4850 |
| Total | 52,387 | 44,910 |
13. Financial Instruments
Risks arising from the Foundation’s financial assets and liabilities are inherent in the nature of the Foundation’s activities, and are managed through an ongoing process of identification, measurement and monitoring. The Foundation is exposed to credit risk, liquidity risk, and market risk (including currency, interest rate and pricing risks).
The Foundation’s income is generated from its financial assets. Liabilities which arise from its operations are met from cash flows provided by these assets.
Information regarding the fair value of assets and liabilities exposed to risk is regularly reported to the Foundation’s management, the Foundation’s Investment Audit and Compliance Committee and ultimately to the Board of Trustees. The Investment Portfolio is regularly rebalanced to ensure that asset classes remain within the Strategic Asset Allocation set out in the Foundation’s Statement of Investment Policy and Objectives (SIPO).
The SIPO sets out the Foundation’s investment objectives. These can be summarised as:
- to ensure that the investment fund is invested prudently;
- to provide inter-generational equity with regard to distribution levels over time;
- to ensure that money is available for distribution, as required, to meet the needs and distribution policies of the Foundation;
- to maintain the value of the investment fund’s capital base in real terms and to grow such capital value at a level equal to the population base growth of the region. Real in this context relates to the changes in the Consumer Price Index (CPI);
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NZ Gazette 2009, No 133
✨ LLM interpretation of page content
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Financial Statements of Whanganui Community Foundation Incorporated
(continued from previous page)
💰 Finance & RevenueFinancial Statements, Community Trusts, Whanganui Community Foundation, Accounting Policies
12 names identified
- Graham Adams, Trustee honoraria and meeting fees
- Prue Anderson, Trustee honoraria and meeting fees
- Bob Dempsey, Trustee honoraria and meeting fees
- Pam Erni, Trustee honoraria and meeting fees
- Jim Farley, Trustee honoraria and meeting fees
- Kate Joblin, Trustee honoraria and meeting fees
- Sally Sisson, Trustee honoraria and meeting fees
- Cherryl Smith, Trustee honoraria and meeting fees
- Richard Thompson, Trustee honoraria and meeting fees
- Nancy Tuaine, Trustee honoraria and meeting fees
- Di Valentine, Trustee honoraria and meeting fees
- Graham Wood, Trustee honoraria and meeting fees
- K D Pawson, Morgans Property Advisers