✨ Financial Statements and Related Party Information
Property, Plant & Equipment
| 2010 | Revaluation | Accumulated Depreciation | Book Value | ||
|---|---|---|---|---|---|
| Cost | Depreciation | ||||
| Land and Buildings | 173,024 | 0 | 396,976 | 0 | 570,000 |
| Office Equipment and Furniture | 86,338 | 3,544 | 70,223 | 16,715 | |
| Total | 259,362 | 3,544 | 396,976 | 70,223 | 586,115 |
| 2009 | Revaluation | Accumulated Depreciation | Book Value | ||
|---|---|---|---|---|---|
| Cost | Depreciation | ||||
| Land and Buildings | 173,024 | 0 | 396,976 | 0 | 570,000 |
| Office Equipment and Furniture | 75,138 | 4,086 | 61,202 | 13,936 | |
| Total | 248,162 | 4,086 | 396,976 | 61,202 | 583,936 |
Reconciliation of Carrying value of assets
| 2010 | 2009 | |
|---|---|---|
| Book value at 1 April 2009 | 583,938 | |
| Plus additions | 5,721 | |
| Less: Depreciation written back | 0 | |
| Revaluations | (30,000) | |
| Less depreciation | 3,544 | 4,086 |
| Book value at 31 March 2010 | 586,115 | 583,938 |
The freehold land and buildings was revalued at 31 March 2009 at a 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.
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:
| 2010 | 2009 | |
|---|---|---|
| Salaries | 3,625 | |
| Other expenses | 4,344 | 7,125 |
| Total | 4,344 | 10,750 |
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:
| 2010 | 2009 | |
|---|---|---|
| Graham Adams | $ | 3,258 |
| Pru Anderson | 6,066 | 6,696 |
| Philippa Baker-Hogan | 1,675 | |
| Carryl Bloinkvist | 1,675 | |
| Bob Dempsey | 3,875 | |
| Pam Erni | 3,350 | 4,049 |
| Jim Farley | 1,675 | 4,225 |
| Sally Sisson | 2,825 | 4,450 |
| Cheryl Smith | 2,825 | 3,175 |
| Richard Thompson | 10,920 | 11,800 |
| Esther Timpany | 2,000 | |
| Nancy Tusini | 4,000 | |
| Di Valentine | 617 | |
| Graham Wood | 5,606 | 6,242 |
| Total | 44,667 | 52,387 |
The Whanganui Community Foundation received no funding from its subsidiary during the year. The amount outstanding at balance date was $1,649,275 (2009: $2,463,767) which is payable by the Whanganui Community Foundation to the Whanganui Charitable Foundation. There are no fixed terms for repayment. The Whanganui Community Foundation paid $480 to Claire Timpany M.CGD for design services. Claire Timpany is the daughter of Judith Timpany who is CE of the Whanganui Community Foundation.
No related party debts have been written off or provided for as doubtful.
Loans
A loan has been made to the Whanganui Regional Primary Health Authority. In accordance with policy the loan is secured and regular monthly payments are made. The loan is at a concessionary interest rate and the difference between the required rate of 6% and the concessionary rate is accounted for as a donation with interest foregone being added back to income.
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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
17 names identified
- K D Pawson, Independent registered valuer
- Graham Adams, Trustee
- Pru Anderson, Trustee
- Philippa Baker-Hogan, Trustee
- Carryl Bloinkvist, Trustee
- Bob Dempsey, Trustee
- Pam Erni, Trustee
- Jim Farley, Trustee
- Sally Sisson, Trustee
- Cheryl Smith, Trustee
- Richard Thompson, Trustee
- Esther Timpany, Trustee
- Nancy Tusini, Trustee
- Di Valentine, Trustee
- Graham Wood, Trustee
- Claire Timpany, Design services provider
- Judith Timpany, CE of the Whanganui Community Foundation