✨ Financial Statements and Investment Policies
30 AUGUST 2010 NEW ZEALAND GAZETTE, No. 110 2959
Changes in accounting policies
There have been no changes in accounting policies
2
Grants
| 2010 | 2009 | |
|---|---|---|
| $ | $ | |
| Committed and Disbursed | 654,122 | 728,698 |
| Committed but unpaid | 173,370 | 352,152 |
| Total grants approved and committed this year | 827,492 | 1,080,850 |
3
Trust Funds and Reserves
Trust Capital
The Original Capital of the Foundation arose from the sale of shares in Trust Bank Limited. The Original Capital and the Capital Maintenance Reserve form the Trust Capital. Trustees have resolved to preserve the Trust Capital for the benefit of present and future generations. This is achieved by setting aside each year sufficient sums from Reserves to increase the Trust Capital by the annual rate of inflation as measured by the Consumer Price Index and the rate of population growth in the region served by the Foundation.
Revaluation Reserves
The sole reserve is an amount of $396,976 which arose on the revaluation of a building
4
Reconciliation of Reported Surplus to Cashflow from Operating Activities
| Group 2010 | Group 2009 | |
|---|---|---|
| $ | $ | |
| Surplus / (Deficit) for the Year | 5,299,540 | (7,143,843) |
| Add (Less) Non Cash Items | ||
| Depreciation | 3,544 | 4,088 |
| Changes in Investment Values | (5,643,412) | 6,792,996 |
| (340,328) | (346,759) |
Working Capital Movements
(increase) decrease in Investments | 50,307 | 600,000 |
(increase) decrease in Accounts Receivable | 12,293 | (2,690) |
Increase (decrease) in Accounts Payable | (155,522) | (11,002) |
Increase (decrease) in Donations not yet Uplifted | — | (138,369) |
Increase (decrease) in Trust Funds held | (17,602) | 66 |
Fixed Asset Movements
(increase) decrease in Fixed Assets | (5,723) | — |
(increase) decrease in Loans | (486,913) | — |
Net Cash Inflow (Outflow) from Operating Activities | 943,288 | (106,616)
5
Investments
The Statement of Investment Policies and Objectives states:
3.1 Given the objectives and nature of the Foundation the capital base will be invested based on the following long-term benchmark allocation and will generally be maintained within the ranges indicated. The benchmark and ranges will be reviewed as circumstances change and will be reassessed as appropriate.
3.2 The assets shall be invested according to the following table:
Long-term investment strategy (Including cash holdings)
| Asset class * | Benchmark allocation | Allowable range |
|---|---|---|
| Overseas shares | 67% | 57% to 77% |
| NZ bonds and cash | 33% | 23% to 43% |
The following were the allocations as at balance date:
| 2010 | % | Allocation | |
|---|---|---|---|
| $ | |||
| Global Equities | 21,502,981 | 67.1 | 57% to 77% |
| Bonds and Term Deposits | 10,556,021 | 32.9 | 23% to 43% |
| 32,059,002 | 100.0 |
| 2009 | % | Allocation | |
|---|---|---|---|
| $ | |||
| Global Equities | 16,244,947 | 62.90 | 57% to 77% |
| Bonds and Term Deposits | 9,583,513 | 37.10 | 23% to 43% |
| 25,828,460 | 100.0 |
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NZ Gazette 2010, No 110
✨ LLM interpretation of page content
💰
Notes to the Consolidated Financial Statements for the Year Ended 31 March 2010
(continued from previous page)
💰 Finance & RevenueAccounting Policies, Grants, Trust Funds, Reserves, Revaluation, Reconciliation, Surplus, Cashflow, Operating Activities, Working Capital, Fixed Assets, Investments, Investment Policies, Asset Allocation