New Zealand Gazette – 2010 – No. 87

Page 2338

✨ Financial Statements



2338 NEW ZEALAND GAZETTE, No. 87 21 JULY 2010

EASTERN AND CENTRAL COMMUNITY TRUST INC

5. EXPENSES

2010 $ 2009 $
Administrative Expenses
Office administration 43,239 37,727
Advertising and promotion 131,457 178,824
Fees paid to the auditors for audit services 12,933 12,409
Fees paid to the auditors for NZ IFRS assistance - 1,765
Depreciation 10,607 13,701
Rent and services 77,516 77,337
Professional expenses 44,752 93,634
Fund managers’ fees 167,442 166,185
Donation expenses 5,827 6,977
Other expenses 15,152 15,157
Total Administrative Expenses 508,925 603,716

Personnel Expenses | | |
Trustees’ remuneration | 140,227 | 164,785 |
Trustees’ meeting expenses & training | 47,074 | 52,878 |
Trustees’ liability insurance| 6,885 | 6,561 |
Staff remuneration | 357,688 | 347,416 |
Increase/(Decrease) in staff leave owing | (9,722) | 4,251 |
Staff training and travel | 19,287 | 27,054 |
KiwiSaver net contributions | 14,236 | 8,525 |
ACO levies | 1,530 | 2,168 |
Total Personnel Expenses | 577,205 | 613,638 |

Donation Expenses (note 10) | 5,249,840 | 5,715,702 |

6. EQUITY

a) Trust Capital
The initial Trust capital was set at $90 million in 1997. The Trust capital has been increased over time as a surrogate for inflation and population growth within the region administered by the Trust. The Trustees periodically review the capital maintenance transfer. Due to the result of the previous year funds of $3.6 million were not available to be transferred into the capital reserve. In addition there was a $2.942 million shortfall of reserves over capital. This year the Trustees had determined to increase the capital by a further $3.6 million plus the 2009 shortfall (in total $10.142 million) to ensure the "real" capital of the Trust is maintained.

2010 $ 2009 $
Balance at the beginning of the year 115,792,322 118,834,668
Transfer from/(to) donations reserve 10,142,347 (2,942,346)

Balance at the end of the year | 125,934,669 | 115,792,322 |

b) Donations Reserve
The Trustees retain all undistributed income in the donation reserve. The optimum level of the donation reserve is 25% of the capital base so that the annual donation distribution is able to be maintained when investment markets provide negative results.

2010 $ 2009 $
Balance at the beginning of the year - 15,056,150
Transfer (to)/from capital reserve (10,142,347) 2,942,346
Gain/(Deficit) for the year 24,004,274 (17,998,496)

Balance at the end of the year | 13,861,927 | - |



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Online Sources for this page:

Gazette.govt.nz — PDF NZ Gazette 2010, No 87




✨ LLM interpretation of page content

💰 Notes to the Financial Statements of Eastern and Central Community Trust Incorporated (continued from previous page)

💰 Finance & Revenue
28 May 2010
Financial statements, Community Trusts Act 1999, Eastern and Central Community Trust, NZ GAAP, NZ IFRS