✨ Trust Financial Statements
4 AUGUST 2014 NEW ZEALAND GAZETTE, No. 86 2419
EASTERN AND CENTRAL COMMUNITY TRUST INC
| Rent and services | 103,442 | 91,061 |
| Professional expenses | 149,691 | 91,102 |
| Donation expenses | 1,104 | 998 |
| Impairment of Limited Partnership | 17,974 | - |
| Loss on disposal | 28 | - |
| Other expenses | 13,095 | 18,891 |
| Total | 491,439 | 388,337 |
Investment Expenses
| Fund managers’ fees | 398,403 | 235,806 |
| Brokerage fees | 272,336 | - |
| Custodian fees | 59,186 | - |
| Total | 729,925 | 235,806 |
Personnel Expenses
| Trustees’ remuneration | 169,015 | 163,177 |
| Trustees’ meeting expenses & training | 96,251 | 61,221 |
| Trustees’ liability insurance | 8,789 | 8,711 |
| Staff remuneration | 432,882 | 404,607 |
| Staff training and travel | 13,204 | 14,582 |
| KiwiSaver contributions | 18,055 | 16,058 |
| ACC levies | 1,961 | 1,108 |
| Total | 740,157 | 669,465 |
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 (2013: $3.6 million) to ensure the “real” capital of the Trust is maintained.
| 2014 $ | 2013 $ | |
|---|---|---|
| Balance at the beginning of the year | 136,734,669 | 133,134,669 |
| Transfer from donations reserve | 3,600,000 | 3,600,000 |
| Balance at the end of the year | 140,334,669 | 136,734,669 |
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.
| 2014 $ | 2013 $ | |
|---|---|---|
| Balance at the beginning of the year | 8,960,987 | 4,027,350 |
| Transfer (to) capital reserve | (3,600,000) | (3,600,000) |
| Gain/(Loss) for the year | 2,552,049 | 8,533,637 |
| Balance at the end of the year | 7,913,036 | 8,960,987 |
Donation Reserve as a % above Trust capital | 5.6% | 6.5% |
c) Total Equity
| 2014 $ | 2013 $ | |
|---|---|---|
| Trust capital | 140,334,669 | 136,734,669 |
| Donations reserve | 7,913,036 | 8,960,987 |
| Equity balance at the end of the year | 148,247,705 | 145,695,656 |
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NZ Gazette 2014, No 86
✨ LLM interpretation of page content
💰
Expenses of Eastern and Central Community Trust Incorporated
(continued from previous page)
💰 Finance & RevenueAdministrative Expenses, Investment Expenses, Personnel Expenses, Trust Capital, Donations Reserve
💰 Trust Capital of Eastern and Central Community Trust Incorporated
💰 Finance & RevenueTrust Capital, Capital Maintenance, Inflation Adjustment, Population Growth
💰 Donations Reserve of Eastern and Central Community Trust Incorporated
💰 Finance & RevenueDonations Reserve, Undistributed Income, Annual Donation Distribution, Investment Markets
💰 Total Equity of Eastern and Central Community Trust Incorporated
💰 Finance & RevenueTotal Equity, Trust Capital, Donations Reserve, Equity Balance