✨ Financial Statements and Trust Information
19 AUGUST 2014 NEW ZEALAND GAZETTE, No. 95 2675
8 Trust Funds Held
| | Group | | Parent |
|-----------------------|---------------|-------|---------------|-------|
| | 2014 | 2013 | 2014 | 2013 |
| | $ | $ | $ | $ |
| Heart Fund | 95 | 95 | 95 | 95 |
| Youth Fund | 5,500 | 5,500 | 5,500 | 5,500 |
| Disaster Recovery Fund | 51,717 | 51,717 | 51,717 | 51,717 |
| Total Trust Funds Held| 57,312 | 57,312| 57,312| 57,312|
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 $291,559 as at 31 March 2014 comprises the cumulative revaluation of a building owned by the Company (2013: $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 $63,250 (2013: $68,694).
The Foundation has paid rent to the Company of $23,478 (2013: $23,478).
The Company has paid a management fee to the Foundation of $5,870 (2013: $5,870).
The Foundation owed the Company nil at 31 March 2014 (2013: nil).
No related party debts have been written off or provided for as doubtful.
11 Key Personnel Compensation
| | Group | | Parent |
|-----------------------|-------------------|-------|-------------------|-------|
| | 2014 | 2013 | 2014 | 2013 |
| | $ | $ | $ | $ |
| Salaries | 129,288 | 125,338| 129,288 | 125,338|
| Trustee Fees and expenses| 70,277 | 68,694 | 70,277 | 68,694 |
| Total Compensation | 199,565 | 194,032| 199,565 | 194,032|
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NZ Gazette 2014, No 95
✨ LLM interpretation of page content
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Parent Financial Statements
(continued from previous page)
💰 Finance & RevenueParent Financial Statements, Trust Funds, Revaluation Reserves, Retained Earnings
💰 Trust Funds Held
💰 Finance & RevenueTrust Funds, Heart Fund, Youth Fund, Disaster Recovery Fund
💰 Trust Funds and Reserves
💰 Finance & RevenueTrust Capital, Revaluation Reserves, Retained Earnings
💰 Related Party Information
💰 Finance & RevenueRelated Party Disclosures, Trustees, Honoraria, Meeting Fees, Rent, Management Fee
💰 Key Personnel Compensation
💰 Finance & RevenueKey Personnel Compensation, Salaries, Trustee Fees, Expenses