✨ Community Trust Financial Statements
4 JULY 2011 NEW ZEALAND GAZETTE, No. 91 2573
EASTERN AND CENTRAL COMMUNITY TRUST INC
5. EXPENSES
| 2011 $ | 2010 $ |
|---|
Administrative Expenses
Office administration | 51,839 | 43,239 |
Advertising and promotion | 170,613 | 131,457 |
Fees paid to the auditors for audit services | 15,936 | 12,933 |
Depreciation | 12,335 | 10,607 |
Rent and services | 87,988 | 77,516 |
Professional expenses | 103,370 | 44,752 |
Fund managers’ fees | 188,787 | 167,442 |
Donation expenses | 1,530 | 5,827 |
Other expenses | 14,234 | 15,152 |
| 646,632 | 508,925 |
Personnel Expenses
Trustees’ remuneration | 147,474 | 140,227 |
Trustees’ meeting expenses & training | 54,629 | 47,074 |
Trustees’ liability insurance | 8,188 | 6,885 |
Staff remuneration | 374,495 | 357,688 |
Increase/(Decrease) in staff leave owing | 6,865 | (9,722) |
Staff training and travel | 20,756 | 19,287 |
KiwiSaver contributions | 14,889 | 14,236 |
ACC levies | 1,895 | 1,530 |
| 629,191 | 577,205 |
Donation Expenses (note 10) | 4,798,337 | 5,249,840 |
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. This year the Trustees determined to increase the capital by a further $3.6 million ($10.142 million in 2010) to ensure the "real" capital of the Trust is maintained.
| 2011 $ | 2010 $ | |
|---|---|---|
| Balance at the beginning of the year | 125,934,669 | 115,792,322 |
| Transfer from donations reserve | 3,600,000 | 10,142,347 |
Balance at the end of the year | 129,534,669 | 125,934,669 |
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.
| 2011 $ | 2010 $ | |
|---|---|---|
| Balance at the beginning of the year | 13,861,927 | - |
| Transfer (to) capital reserve | (3,600,000) | (10,142,347) |
| Gain for the year | 4,821,483 | 24,004,274 |
Balance at the end of the year | 15,083,410 | 13,861,927 |
Next Page →
NZ Gazette 2011, No 91
✨ LLM interpretation of page content
💰
Eastern and Central Community Trust Financial Statements
(continued from previous page)
💰 Finance & Revenue27 May 2011
Financial Statements, Community Trusts, Eastern and Central, Revenue, Expenses, Profit