✨ Financial Statements
14 JUNE 2013 NEW ZEALAND GAZETTE, No. 76 2015
EASTERN AND CENTRAL COMMUNITY TRUST INC
Personnel Expenses
| 2013 | 2012 | |
|---|---|---|
| Trustees’ remuneration | 163,177 | 154,216 |
| Trustees’ meeting expenses & training | 61,221 | 71,299 |
| Trustees’ liability insurance | 8,711 | 8,246 |
| Staff remuneration | 404,607 | 393,392 |
| Staff training and travel | 14,582 | 22,539 |
| KiwiSaver contributions | 16,058 | 16,305 |
| ACC levies | 1,108 | 1,522 |
| Total | 669,465 | 667,519 |
- 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 (2012: $3.6 million) to ensure the “real” capital of the Trust is maintained.
| 2013 $ | 2012 $ | |
|---|---|---|
| Balance at the beginning of the year | 133,134,669 | 129,534,669 |
| Transfer from donations reserve | 3,600,000 | 3,600,000 |
| Balance at the end of the year | 136,734,669 | 133,134,669 |
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.
| 2013 $ | 2012 $ | |
|---|---|---|
| Balance at the beginning of the year | 4,027,351 | 15,083,410 |
| Transfer (to) capital reserve | (3,600,000) | (3,600,000) |
| Gain/(Loss) for the year | 8,533,637 | (7,456,059) |
| Balance at the end of the year | 8,960,988 | 4,027,351 |
Donation Reserve as a % above Trust capital | 6.5% | 3.0% |
c) Total Equity
| 2013 $ | 2012 $ | |
|---|---|---|
| Trust capital | 136,734,669 | 133,134,669 |
| Donations reserve | 8,960,987 | 4,027,350 |
| Equity balance at the end of the year | 145,695,656 | 137,162,019 |
- FINANCIAL ASSETS HELD FOR TRADING
All portfolio investments are classified as fair value through profit or loss.
| 2013 $ | 2012 $ | |
|---|---|---|
| Opening balance | 130,678,052 | 140,700,077 |
| Gain/(Loss) before fund manager fees | 12,832,053 | (4,705,285) |
| Withdrawals to fund donations (net) | (7,671,929) | (5,316,740) |
| Closing Balance | 135,838,176 | 130,678,052 |
Investments comprise (including cash held by the fund managers):
| 2013 $ | 2012 $ | |
|---|---|---|
| Bonds | 58,092,888 | 53,648,374 |
| Equities (including property) | 77,745,288 | 77,029,678 |
| Total Managed Funds | 135,838,176 | 130,678,052 |
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NZ Gazette 2013, No 76
✨ LLM interpretation of page content
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Eastern and Central Community Trust Financial Statement
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💰 Finance & Revenue24 May 2013
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