✨ Financial Statements and Trust Funds
Valuation
The freehold land and buildings was revalued at 31 March 2012 at fair value as determined by an independent registered valuer, K D Pawson (ANZIV, SPINZ, B Com(VPM)), of the firm Morgans Property Advisers. All values were determined directly by reference to observable prices in an active market.
| Parent | Cost | Depreciation | Accumulated Depreciation | Book Value |
|---|---|---|---|---|
| 2013 | ||||
| Office Equipment and Furniture | 16,351 | $3,251 | $9,518 | $6,833 |
| Shares in Te Kete Putea (grants database) | 25,000 | 4,250 | 4,250 | 20,750 |
| Total | 41,351 | 7,501 | 13,768 | 27,583 |
| 2012 | Cost | Depreciation | Accumulated Depreciation | Book Value |
|---|---|---|---|---|
| Office Equipment and Furniture | 16,351 | 3,251 | $6,267 | 10,084 |
| Total | 16,351 | 3,251 | 6,267 | 10,084 |
8 Trust Funds Held
| Group 2013 | Group 2012 | Parent 2013 | Parent 2012 | |
|---|---|---|---|---|
| Heart Fund | $95 | $93 | $– | $– |
| Youth Fund | 5,500 | 15,500 | – | – |
| Disaster Recovery Fund | 51,717 | 51,717 | – | – |
| Total Trust Funds Held | 57,312 | 67,310 | – | – |
9 Trust Funds and Reserves
Original Capital
The Trust Capital of the Foundation arose from the endowment of shares in Trust Bank Limited. The Original Capital, Retained Earnings and Revaluation Reserves form the Trust Capital.
Revaluation Reserves
The Revaluation Reserve of $368,813 as at 31 March 2013 comprises the cumulative revaluation of a building owned by the Company (2012: $368,813).
Retained Earnings
Retained earnings is the accumulation of surpluses and losses since inception.
10 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 2011. During the year Trustees received honoraria and meeting fees of $68,694 (2012: $63,432).
The Foundation has paid rent to the Company of $23,478 (2012: $23,478).
The Company has paid a management fee to the Foundation of $5,870 (2012: $5,870).
The Foundation owned the Company nil at 31 March 2013 (2012: $nil).
The Foundation paid $600 to Claire Timpany M.CGD(H.Dist) for design services during the year ended 31 March 2013. Claire Timpany is the daughter of Judith Timpany who is Chief Executive of the Foundation.
No related party debts have been written off or provided for as doubtful.
11 Key Personnel Compensation
| Group 2013 | Group 2012 | Parent 2013 | Parent 2012 | |
|---|---|---|---|---|
| Salaries | $125,338 | $114,146 | $125,338 | $114,146 |
| Trustee Fees | 68,694 | 63,432 | 68,694 | 63,432 |
| Total Compensation | 194,032 | 177,578 | 194,032 | 177,578 |
12 Social Loans
The Foundation has made a loan to the Whanganui Regional Primary Health Organisation ("WRPHO"). The loan is secured and regular monthly repayments are made. The loan is at a concessionary interest rate of 6% which is accounted for as a community distribution grant with interest foregone being added back to income. A further loan of $60,000 has been made to Community House during the 2013 year on the same terms and conditions.
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NZ Gazette 2013, No 104
✨ LLM interpretation of page content
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Whanganui Community Foundation Financial Statements
(continued from previous page)
🏢 State Enterprises & InsuranceFinancial Statements, Accounting Policies, Reporting Entity, Compliance, Consolidated Statements, Revenue, Grants, Whanganui Community Foundation
- K. D. Pawson, Independent registered valuer
- Claire Timpany (M.CGD(H.Dist)), Paid for design services
- Judith Timpany, Chief Executive of the Foundation