New Zealand Gazette – 2014 – No. 85

Page 2391

✨ Financial Statements



1 AUGUST 2014 NEW ZEALAND GAZETTE, No. 85 2391

Otago Community Trust

Notes to the financial statements

For the year ended 31 March 2014

in New Zealand Dollars ($000’s)

15 Trust funds

Group Trust Capital Capital Maintenance Reserve Uncommitted Surplus Total
Balance at 1 April 2012 131,467 66,333 11,534 209,334
Total recognised income and expense before donations - - 21,286 21,286
Reserves transfers - 1,580 (1,580) -
Donations approved from trust equity - - (4,692) (4,692)
Balance at 31 March 2013 131,467 67,913 26,548 225,928
Balance at 1 April 2013 131,467 67,913 26,548 225,928
Total recognised income and expense before donations - - 17,413 17,413
Reserves transfers - 3,000 (3,000) -
Donations paid from trust equity - - (4,454) (4,454)
Balance at 31 March 2014 131,467 70,913 36,507 238,887
Parent Trust Capital Capital Maintenance Reserve Uncommitted Surplus Total
Balance at 1 April 2012 131,467 66,333 11,084 208,884
Total recognised income and expense - - 21,283 21,263
Reserves transfers - 1,580 (1,580) -
Donations paid from trust equity - - (4,692) (4,692)
Balance at 31 March 2013 131,467 67,913 26,075 225,455
Balance at 1 April 2013 131,467 67,913 26,075 225,455
Total recognised income and expense - - 17,405 17,405
Reserves transfers - 3,000 (3,000) -
Donations paid from trust equity - - (4,454) (4,454)
Balance at 31 March 2014 131,467 70,913 36,026 238,406

Trust Capital
Trust capital represents the realised value of its original asset, being shares in Trust Bank.

Capital Maintenance Reserve
The Capital Maintenance Reserve represents the additional amount necessary to preserve the real value of the capital allowing for inflation as measured by the Consumers' Price Index (CPI).

Uncommitted Surplus
Uncommitted surplus represents funds not allocated to the Capital Maintenance Reserve and as such form part of the Trust Fund. Like the Capital Maintenance Reserve, balances in Uncommitted Surplus are used to provide a stable flow of grants to the community during times of adverse investment earnings.

Capital Management
The Trust's policy is to maintain a strong capital base so as to sustain future development of the Trust. The Trust is not subject to any externally imposed capital requirements.

The Trust's policies in respect of capital management and allocation are reviewed regularly by the Trustees. There have been no material changes in the Trust's management of capital during the period.



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Gazette.govt.nz — PDF NZ Gazette 2014, No 85




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