✨ Financial Statements
2026 NEW ZEALAND GAZETTE, No. 72 27 JUNE 2012
EASTERN AND CENTRAL COMMUNITY TRUST INC
5. EXPENSES
| 2012 $ | 2011 $ | |
|---|---|---|
| Administrative Expenses | ||
| Office administration | 91,460 | 51,839 |
| Advertising and promotion | 140,049 | 170,613 |
Fees paid to the auditors for -
audit of the financial statements | 17,339 | 15,936 |
accounts assistance | 791 | - |
Depreciation | 15,323 | 12,335 |
Rent and services | 93,609 | 87,988 |
Professional expenses | 71,049 | 103,370 |
Fund managers’ fees | 221,582 | 188,787 |
Donation expenses | 10,762 | 1,530 |
Other expenses | 14,502 | 14,234 |
| 676,466 | 646,632 |
Personnel Expenses | | |
Trustees’ remuneration | 154,216 | (47,474) |
Trustees’ meeting expenses & training | 71,299 | 54,629 |
Trustees’ liability insurance | 8,246 | 8,188 |
Staff remuneration | 394,382 | 374,495 |
Increase/(Decrease) in staff leave owing | (990) | 6,865 |
Staff training and travel | 22,539 | 20,756 |
KiwiSaver contributions | 16,305 | 14,889 |
ACC levies | 1,522 | 1,895 |
| 667,519 | 629,191 |
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 (2011:$3.6 million) to ensure the “real” capital of the Trust is maintained.
| 2012 $ | 2011 $ | |
|---|---|---|
| Balance at the beginning of the year | 129,534,669 | 125,934,669 |
| Transfer from donations reserve | 3,600,000 | 3,600,000 |
| Balance at the end of the year | 133,134,669 | 129,534,669 |
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.
| 2012 $ | 2011 $ | |
|---|---|---|
| Balance at the beginning of the year | 15,083,410 | 13,861,927 |
| Transfer (to) capital reserve | (3,600,000) | (3,600,000) |
| Gain/(Loss) for the year | (7,456,059) | 4,821,483 |
| Balance at the end of the year | 4,027,351 | 15,083,410 |
Donation Reserve as a % above Trust capital | 3.0% | 11.6% |
c) Total Equity
| 2012 $ | 2011 $ | |
|---|---|---|
| Trust capital | 133,134,669 | 129,534,669 |
| Donations reserve | 4,027,350 | 15,083,410 |
| Equity balance at the end of the year | 137,162,019 | 144,618,079 |
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NZ Gazette 2012, No 72
✨ LLM interpretation of page content
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Notes to the Financial Statements for the Year Ended 31 March 2012
(continued from previous page)
🏢 State Enterprises & Insurance25 May 2012
Financial Statements, Expenses, Equity, Trust Capital, Donations Reserve