3484 NEW ZEALAND GAZETTE, No. 126 17 AUGUST 2011

| Office Equipment
| and Furniture 86,338 3,544 70,223 16,115
| 259,362 3,544 396,976 70,223 586,115

Reconciliation of Carrying value of assets

| 2011 2010
| Book value at 1 April 2010 $86,115 $83,938
| Plus additions 7,838 5,721
| *Depreciation written back 0 0
| Revaluations 0 0
| Less depreciation 5,077 3,544
| Book value at 31 March 2011 $88,876 $86,115

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:

| 2011 2010
| Other expenses 5,199 4,344

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:

| 2011 2010
| Graham Adams 4,375 4,375
| Prue Anderson 7,326 6,066
| Philippa Baker-Hogan 3,850 1,675
| Carly Blomkvist 4,275 1,675
| Bob Dempsey 0 1,675
| Pam Erpi 3,775 3,350
| Jim Farley 0 1,675
| Sally Slisson 3,850 2,825
| Cherryl Smith 575 2,825
| Richard Thompson 13,000 10,920
| Esther Tintrau 0 2,000
| Graham Wood 6,175 5,606
| Total 47,201 44,667

The Whanganui Community Foundation received no funding from its subsidiary during the year. The amount outstanding at balance date was $692,233 (2010: $1,649,275) 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 MCGD 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.

9. Key Personnel Compensation

| Group Parent
| 2011 2010 2011 2010
| ($000) ($000) ($000) ($000)
| Salaries 111 111 111 111
| Trustee Fees 47 45 47 45
| Pension fund contributions 4 4 4 4
| Total Compensation 162 160 162 160

10. 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.
    The Whanganui Community Foundation is currently part of a consortium developing a Grants Management System. Payments for the building of the system currently show as a loan. Once completed the amount will convert to a share of the value of the system.

11. 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 (funding currency, interest rate and pricing risks).