Chairperson’s Annual Report

Financial Performance Donations

The financial returns recorded for the year ended 31 March The Donations approved totalled $978,814 and this compares 2014 did not match the high level of the previous year. Early with $808,928 the previous year. Over the recent five year reports of the financial year had shown that results would period the Community Trust has allocated $5.338M fluctuate and returns would be at a lower level. averaging $1.068M per year.

However the results were still positive for the Community The major disbursements during the year were Mid and Trust in that the equity moved from just under the $46M South Canterbury Schools $136,165, $100,000 each to the mark to $46.419M. Ashburton Museum & Historical Society and Friends of Alps 2 Ocean Inc, $75,000 to the Lake Tekapo Footbridge Society Total income from the investment account was $1.879M and Inc, $35,000 to the Mania-o-Roto Scout District, $30,000 movement in managed funds was $0.047M, these two each to Society of St Vincent de Paul Ashburton and , sources totalling $1.926M. The previous year total income $20,000 each to Barnabas Christian Trust, Sport Canterbury- had been $4.660M. Operating and direct investment Mid & South Canterbury, and the Timaru Indoor Bowls Assn. expenditure was in line with our budgeted guidelines and there were no marked deviations to impact on the financial The Board considered 133 applications this year compared to results. 142 the previous year. We canvassed applicants for comments on the application process during the year and The summary of Statement of Financial Performance, page 6 there were no requests for major change to the current of the report, shows donations approved at $0.979M system. The Board consider applications at their monthly compared to the previous year of $0.809M and net income meetings and are working towards an on-line application transferred to Capital Account of $0.482M compared to process which is currently being trialled. $3.443M. The Community Trust, when considering applications, are Note 2 of the Financial Statements gives a breakdown of the mindful of three criteria: capital fund and that a transfer was made from the general 1. The quality and/or significance of the application to meet reserve to the inflation reserve of $191,847, leaving a community needs general reserve balance of $1.816M. The general reserve 2. The donation budget which is determined by the income of was reinstated the previous year as a flow on from higher the previous year income returns. 3. The guardianship of an intergenerational funding base and the need to grow the fund for the future. During the year the Board authorised the commencement of a Global shares portfolio under the management of Elevation Capital and this was funded by the previously held units in a Trustees global weighted fund. This portfolio is listed as Offshore There was one change to the Board of Trustees during the Equity in the Financial Accounts and the total amount is year. The Associate Minister of Finance appointed Karen similar in both years – 2014 $11.9M, 2013 $11.8M. It was Simpson from Lake Tekapo to replace Nicola Hornsey who considered that the future prospects of our own portfolio was had completed two terms as a Trustee, a total of eight years better than that of a weighted fund. service. The Board appreciated the leadership and drive Having completed our budgeting exercise at the beginning of Nicola gave during her term of service. This included five 2014 it is anticipated that the Community Trust will record a years in the role of Chairperson and much input into steady year in the 2014/15 financial year. restructuring the Trust, along with hosting the Combined Trusts Conference in Timaru. Karen Simpson’s Michael Chamberlain, MCA NZ Limited is our Investment term on the Community Trust commenced on 1st June 2013. Advisor and we acknowledge his input through the collation of our investment reports and advice to the formulation of During the year the Associate Minister invited the Board to our strategies, objectives and policies. Accounting services confirm our Board size preference. This had been a topic in a are provided by Paul Wolffenbuttel of H C Partners L P and Community Trusts survey conducted by the Department of this professional advice is greatly valued. Internal Affairs. Our response was that the Board size remain with the status quo (ten members) and this enabled regional Community House - Timaru location aspect to be covered. With a down-sizing of the Trustee numbers it would be more difficult to give coverage The capital cost of Community House is not part of our of the many communities that exist in the Community Trust’s investment funds as the property is provided as a support to territory. It was certainly not our belief that a smaller the South Canterbury welfare organisations. The purpose is number of Trustees would make for better governance to supply good quality subsidised office space to these decisions and a better working Board. organisations enabling them to fully function services to their clients. The Community Trust targets a financial return of marginally better than break-even as we do not expect to Staff sustain a negative result. The Board do acknowledge the input of our staff to the Community House is a well utilised community support hub smooth functioning of the Board. Their application to tasks with 21 tenants in occupation. This year Farmers Market was at hand ensures that the standards set by the Board are located to the Community House car park, creating an attained. The staff team is very ably led by Liz Shea, Chief activity there on Saturday mornings. The Board have Executive Officer. The team is Clive Callow, Community adopted a long term maintenance plan for the property and Relations Manager and Sally Marsh, Office Administrator. We this will commence in the 2014/15 year. do appreciate their dedication and efforts to have the timely reports and material available for the Trustee’s consideration. We acknowledge input to Community House by the Council’s Community Development Committee donation of $10,000 which is put towards the overall running 25th Anniversary costs. This donation definitely assists in keeping rentals to the non-profit organisations who are tenants at the lowest The year 2013 was the 25th Anniversary of possible level. the Community Trust and a decision was made to mark this milestone by commissioning Carol Angland to write the history of the Community Trust’s first 25 years. The completed book should be published towards the end of this year.

Peter O’Leary Chairperson

Financial Statements Summary Statement of Financial Performance for Summary Statement of Financial Position the year ended 31 March 2014 as at 31 March 2014

2014 2013

Trust Capital $ $ 2014 2013 Capital Fund 46,419,384 45,937,690 $ $ Total Income 2,031,476 2,717,262 Represented by: Movement in Managed Funds 46,533 2,092,701 Westpac Trust: Current Account 67,941 58,430 Less: Total Expenditure (630,136) (572,966) Accounts receivable 68,760 101,801 Less: Donations approved (978,814) (808,928) GST Refund Due 4,863 3,266 Plus: Donations not required 12,635 15,295 Total Current Assets 141,564 163,497 Surplus /(Deficit) Transferred to the Trust Fund 481,694 3,443,364 Less: Current Liabilities Accounts Payable 68,869 70,072 Donations Approved Not Yet Paid 551,043 708,796 Holiday Pay Accrural 5,121 4,185

Summary Statement of Movements in Equity Total Current Liabilities 625,033 783,053 Working Capital (483,469) (619,556) for the year ended 31 March 2014

Add Non Current Assets Fixed Assets 2,242,427 2,252,976 2014 2013 Managed Funds $ $ NZ/Aus Property 3,242,400 3,399,572 Opening Equity 45,937,690 42,494,326 NZ Cash & Bonds 12,314,609 12,021,472 Nett Surplus/(Loss) for year 481,694 3,443,364 NZ/Aus Equity 9,106,944 9,464,946 Closing Equity 46,419,384 45,937,690 Offshore Cash & Bonds 8,109,378 7,642,551 Offshore Equity 11,862,083 11,750,715 44,635,413 44,279,256 Units: Te Kete Putea LP 25,013 25,013 Summary Statement of Cash Flows 46,902,853 46,557,245 for the year ended 31 March 2014 Nett Assets 46,419,384 45,937,690

2014 2013 $ $ The full financial report was approved and authorised for

Nett Cash Flows from Operating Activities 9,512 37,868 issue by the Trustees of The Community Trust of Mid & South Canterbury Inc. on 28th July 2014. Nett Cash Flows from Investing Activities - (26,102) Increase/(Decrease ) in Cash held 9,512 11,766 Anyone seeking the full financial statements is encouraged to Add Opening Cash 1 April 2013 58,430 46,664 access them online at the Community Trust’s website Cash as at 31 March 2014 67,942 58,430 www.comtrust.org.nz or request a copy from the Comprised of: Community Trust of Mid & South Canterbury, Cash at Bank 67,942 58,430 Community House, 27 Strathallan St, PO Box 983, Timaru. Freephone: 0800672287 Phone: (03) 687 7360 Email: [email protected]

NOTES TO THE SUMMARY FINANCIAL STATEMENTS FOR THE YEAR REPORT OF THE INDEPENDENT AUDITOR ON THE SUMMARY FINANCIAL ENDED 31 MARCH 2014 STATEMENTS

The Community Trust of Mid & South Canterbury Inc. is a Charitable Trust incorporated To the Members of The Community Trust of Mid & South Canterbury Incorporated under the Trustee Banks Restructuring Act 1988. The accompanying summary financial statements, which comprise the summary statement of st Statement of Compliance financial position as at 31 March 2014, the summary statement of financial performance, summary statement of movements in equity and summary cash flow statement for the year then

The information set out in these Summary Financial Statements has been prepared in ended, and related notes, are derived from the audited financial statements of The Community compliance with FRS 43: Summary Financial Statements and extracted from the full Trust of Mid & South Canterbury Incorporated for the year ended 31 March 2014. We express an financial statements. The Full financial statements have been prepared in accordance with unmodified audit opinion on those financial statements in our report dated 28 July 2014. the Financial Reporting Act 1993 and Generally Accepted Accounting Practice. Directors’ Responsibility for the Summary Financial Statements The Community Trust of Mid & South Canterbury Inc. is a public benefit entity, The full The Trustees are responsible for the preparation of a summary of the audited financial financial statements comply with differential reporting exemptions except for inclusion of statements on the basis described in the summary notes to the financial statements. the Statement of Cashflows. The financial statements are in compliance with NZ GAAP; the Trust has not adopted NZ IFRS. Auditor’s Responsibility Our responsibility is to express an opinion on the summary statements based on our procedures, The summary is extracted from the full financial statements authorised for issue by the which were in accordance with International Standard on Auditing (New Zealand) (ISA (NZ)) 810 Trustees on 28th July 2014. The full financial statements have been audited and an “Engagements to Report on Summary Financial Statements.” unmodified opinion has been given. The Summary has also been examined by Martin Wakefield and a copy of their summary unmodified opinion is included in this report. Opinion In our opinion, the summary financial statements derived from the audited financial statements The summary financial statements cannot be expected to provide a complete an of The Community Trust of Mid & South Canterbury Incorporated for the year ended 31 March understanding as is provided by the full financial statements. A copy of the full financial 2014 are consistent, in all material respects, with those statements, on the basis described in the statements can be obtained on request from the Community Trust’s office (telephone 03 summary notes. 6877360 or 0800 672287, mail PO Box 983, Timaru, or email [email protected]) or downloaded from the Community Trust’s website, www.comtrust.org.nz Restriction on Distribution or Use This report is made solely to the Trustees, as a body. Our audit work has been undertaken so that Basis of Measurement we might state to the Trustees those matters which we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not The financial statements have been prepared on the basis of historical cost, except for the accept or assume responsibility for anyone other than the Trust and the Trustees as a body, for revaluation of investments. our audit work, for this report or for the opinions we have formed.

The summary financial statements are presented in New Zealand dollars and MARTIN WAKEFIELD, Timaru rounded to the nearest dollar. 28 July 2014

DONATIONS 2013-2014

Alzheimers Society S C Inc Operational costs $6,000 Parkinsons Society South Canterbury Mobility programme $5,000 Aoraki Multicultural Council Operational costs $15,000 Pleasant Point Playcentre Operational costs $1,000 Arthritis Foundation of New Zealand Inc Wages $5,000 Pleasant Point Railway & Historical Society Inc Printing of brochures $548 Ashburton Area Equestrian Sports NZ Inc Jumping fence stands $1,500 Presbyterian Support Services South Canterbury Wise Up programmes $5,000 Ashburton Aviation Museum Society Inc Upgrade security & detectors $7,000 Presbyterian Support Upper South Island Buddy Programme $5,000 Ashburton Budget Advisory Service Wages $10,000 Raincliff Trust Board Replace lawn mower $8,000

Ashburton Cadet Corps Assn Purchase of boots and shoes $2,000 Rakaia Rugby Club Lighting installation $8,644 Ashburton Community Alcohol & Drug Operational costs $3,000 Relationships Aotearoa - Ashburton Counselling fees $5,000 Service Riparian Support Trust Development work $15,000 Ashburton Golf Club Irrigation upgrade $3,000 RMH Auckland Trust Subsidies MSC families $10,000 Ashburton Learning Centre Salaries $5,000 RNZPS - Community Toy Library Purchase of equipment $1,000 Ashburton Mackenzie Community Group Inc Operational costs $4,000 SeniorNet Ashburton Inc Computer upgrade $1,905 Ashburton Museum & Historical Society Exhibition installation $100,000 SeniorNet Waimate Inc Administration costs $2,500 Ashburton Parents Centre Replace carpet $4,000 Society of St Vincent de Paul Ashburton Shop rebuild $30,000 Ashburton Playcentre Art/craft materials $500 Society of St Vincent de Paul Timaru Construction of new building $30,000 Ashburton Toy Library Inc Dress-up gear $500 South Canterbury Aero Club Aero-engine overhaul $5,000 Ashburton Youth Café Charitable Trust Rent $4,000 South Canterbury Citizens Advice Bureau Inc Salary, operational costs $5,000 Ashburton Youth Health Trust Co-ordinator's wages $5,000 South Canterbury Cricket Assn Vehicle lease $3,000 Barnabas Christian Trust Van replacement $20,000 South Canterbury Gliding Club Inc Aero-engine overhaul $5,000 Barnardos New Zealand Social work $3,000 South Canterbury International Festival Inc Operational costs $2,000 Bike Methven Construction of bike park $5,000 SC Traction Engine & Vintage Steam Club Sound system costs $1,600 Bluecliffs Hall Purchase of lawn mower $5,543 South Canterbury Women's Wellness Inc Co-ordinators wages $3,000 Bushtown Waimate Inc Relocation of cottage $8,000* Sport Canterbury - Mid and South Canterbury Sport development $20,000 CanTeen Canterbury/West Coast W ages $2 ,000 Stroke Foundation of N Z Inc Operational costs $4,000 Canterbury Men’s Centre Mid Canty Shed & operations $3,000 Temuka Artists’ Guild Art materials $1,000 Caroline House (Inc) Replacement of work vehicle $6,000 Temuka Community Care Trust Salary $5,000 Cave Tennis Club Resurface of tennis courts $7,500 Temuka Pipe Band Inc Music equipment purchase $3,000 CCS Disability Action Service Co-ordinator salary $5,000 Temuka United Tennis Club Uniforms and equipment $1,000 Centrecare Counselling Waimate Inc Rent/counselling sessions $3,000 The Big Little Theatre Company Inc Event costs $2,500 Child Cancer Foundation Inc - Canty/WC Salaries $5,000 The MS + PD Society of Canterbury Inc Support services $7,000 Christchurch Symphony Trust Outreach programme $5,000 The National Heart Foundation of New Zealand Wages $3,000 Community House MC Charitable Trust Wages $5,000 The Salvation Army New Zealand Trust Community worker wages $5,000 E E R S Trust (Environmental Education) Paper4trees programme $2,000 The Victoria Trust Power costs $9,000 Friends of Alps 2 Ocean Inc Track construction $100,000 Timaru Budget Advisory Trust Greatest Need project $10,000 Geraldine Community Resource Centre Future Living Festival 2014 $1,560 Timaru Community Patrol Inc Replacement vehicle $6,000 Geraldine Toy Library Replace toys $750 Timaru Indoor Bowls Assn Car Park Project $20,000 Hakataramea Cemetery Trust Land clearance/picnic spot $2,000* Timaru Woodturners Club Container purchase $2,000 Hearing Assn South Canterbury Inc L ip reading classes $992 Tinwald Reserve Board Paving at swimming pool $7,000 Height of Harmony Chorus Travel, hire of vehicle $580 Twizel Community Care Trust Development worker expenses $5,000 Holy Family Catholic Parish of Timaru Timaru North parish history $1,000* Twizel Swimming Club Pool hire and operational costs $2,806

IHC IDEA Services South Canterbury Wages $2,500 University of Canterbury Foundation Tekapo Starlight Festival costs $5,000 Lake Tekapo Footbridge Society Inc Construction costs $75,000 Victoria Park Scout Group Jamboree travel - local costs $400 Lake Tekapo Recreational Park Fencing $1,673 Volunteering Mid South Canterbury Operational costs $5,000 Learning For You S C Assessment/tuition subsidies $5,000 Waimate Committee RNZFB Social programme $500 Lifeline NZ Operational costs (Workbooks) $5,000 Waimate Competitions Society Inc Backing band costs $1,000 Literacy South Canterbury Inc Operational costs $5,000 Waimate Pony Club Event emergency care $1,553 Mackenzie Alpine Trust Insurance and maintenance $2,500 Waimate Rugby Football Club Irrigation pump $1,000 Mackenzie Highland Pipe Band Inc Development and tuition $2,500 Waitaki Community Recreation Centre Trust Equipment purchase (Waimate) $695 Mania-o-Roto Scout District Completion of den $35,000 Wilson Street Baptist Church Rebuild of hall complex $10,000 MC Children’s Events and ActivitiesTrust Event costs $1,000 Youthline Central South Island Volunteer costs $5,000 Mid Canterbury Hockey Inc Wages, fees, resource kits $3,000 Mid Canterbury Newcomers Network Inc Multi Cultural Bite 2014 $3,000 Total General Donations $835,449 Mid Canterbury Rugby Union First Aid expenses $1,000 Total to Schools $136,165 Mid Canterbury Softball Assn Equipment and clinics $4,000 Total to Kindergartens $7,200 Mid South Canterbury Life Education Trust Workbooks/wages $5,000 Total Approved $978,814 MSC Sub-Centre of Athletics Canterbury Port-a-loo hire Colgate Games $2,500 Muscular Dystrophy Assn Canterbury Wages, travel,,accommodation $5,000 Not required/lapsed* 2012/13 NZEF (SCNO Area Show-jumping) Show-jumping equipment $3,000 Temuka Citizens Indoor Bowls $1,124 Northdown Te Rangi Scout Group Purchase of equipment $1,200 2013/14 Bushtown (Waimate ) Inc $8,000 Order of St John South Island Region MRx advanced defibrillator $4,500 Hakataramea Cemetery Trust $2,000 Parent to Parent Greater Canterbury Region Operational costs $4,000 Holy Family Catholic Parish $1,000 Lions Club of Temuka $510

The Alps 2 Ocean Bike Trail benefited from a $100,000 Community Trust donation towards track construction.

Trustees 2013-14

The Community Trust of Mid & South Canterbury Inc. was incorporated as a Raincliff Trust Board members, John McHaffie, Phil Jackson & Cliff Robinson, with the new Raincliff Camp grounds mower. Charitable Trust in accordance with the provisions of the Trustee Banks

Restructuring Act 1988. The purpose of the Community Trust is to provide

charitable, cultural, philanthropic and recreational benefits to the community.

Trustees Trust Meetings Attended Peter O’Leary (Chair) BCom, Dip Bus Admin 11/11 Sheryl Frew (Deputy) BCom 9/11 Michelle Brett 8/11 Lee Burdon JP 11/11 Maarten Dirkzwager LLB (Hons) 8/11 Raeleen De Joux 9/11 Jan Hide RN 5 /5 Karen Simpson Jenifer Strauss BA, LLB 9/11 Rex Whiting Adv Dip Tchg 9/11 Trustee Michelle Brett (right) and Lisa Wilson , President of the Southern Netball Club, officially open the resurfaced Mayfield Netball/Tennis Courts

Trustees Planning Day – Te Aitarakihi Marae, Timaru Ashburton Wastebusters Left to right: Maarten Dirkzwager, Michelle Brett, Liz Shea (CEO), Lee Burdon, Sally Marsh (Admin), Karen Simpson, Peter O’Leary (Chair), Rex Whiting, Sheryl Frew, Raeleen De Joux, Jan Hide, Jenifer Strauss.

Sth Hut – Mackenzie Alpine Trust

th RSVP by 19 September to Sally [email protected]