Annual Report 2012-2013 $25 Million Special Fund
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Annual Report 2012-2013 $25 Million Special Fund The beginning of 2013 marked a significant milestone in the $5.1 million A Regional Fund Canterbury Community Trust’s history. For only the second (Nelson/Marlborough/Chatham Islands) time since the Trust’s inception, the Trustees used funds from Other areas of our funding region have seen flow on effects the capital base to help communities, throughout its funding from the earthquake; this fund has been set aside as a region, deal with the effects of the Canterbury earthquakes. contribution towards supporting communities, strengthening Speaking on behalf of the Trust, Chairman Alec Neill says, significant historic buildings or assisting people who have “We are able to make this special fund available because moved to these areas from Canterbury. we have been building up our resources through a prudent investment strategy. The Trustees recognise there has never LAUNCHING THE SPECIAL FUND been a greater need in our community for financial support To celebrate the launch of the $25 million Special Fund, the and we are pleased we can make this fund available – two Trust commissioned Canterbury artist Peter Majendie to years on from the earthquake which devastated our city.” reflect the essence of the fund through an art installation. In deciding the categories to fund, the Trust looked at where A lone tree, which overlooks the desolate wasteland of inner the greatest needs lay, and how they might help restore the city earthquake ruins, was chosen for the installation. To fabric of communities. After consulting widely throughout its signify the damage that the earthquakes caused to the fabric funding regions, the following special funds were opened: of our communities, the tree was wrapped in high visibility $10 million Social Housing Partnership Fund fabric, a colour scheme that most residents of Christchurch have become all too familiar with! This fund will be utilised in partnership with the Social Housing Unit, a government agency set up to provide social The Canterbury Community Trust Special Fund aims to and affordable housing. partner with the community and play a role in ‘re-stitching’ some of the fabric the earthquake has torn. $2 million Ngai Tahu Partnership Fund The piece of art has become popular with passers by and The partnership between Ngai Tahu and the Trust will be remains in place for both visitors and residents to enjoy. about delivering inter-generational outcomes. In the eastern suburbs particularly, Ngai Tahu can see an opportunity for projects that will uplift and strengthen the community. “The devastating earthquakes $6 million Rebuild Community Fabric Fund of the last two years have torn This is a Contestable Fund to support cultural, social, apart not only buildings and scientific, environmental and economic activity in the infrastructure, but so much of our community. community’s spirit. With this fund $1.9 million Event Development Fund we hope to knit together the various (community events, programmes and major events) threads that make Canterbury The Trust wishes to reinvigorate the heart of the community so unique.” through the Event Development Fund. It may be used to underwrite significant events or support local community or Alec Neill – Trust Chair cultural programmes. The Fabric Tree. Artist – Peter Majendie. Freephone: 0508 266 878 www.commtrust.org.nz 1 Financials STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 MARCH 2013 in New Zealand Dollars ($000’s) Group Group 2013 2012 Revenue 41,563 13,653 Investment fees (1,796) (1,461) Other income 2,661 4,960 Other expenses (3,077) (1,983) 39,351 15,169 Donations (19,225) (20,605) Profit/(loss) before tax 20,126 (5,436) Tax 0 0 Profit/(loss) for the year 20,126 (5,436) Other comprehensive income 0 0 Total comprehensive income for the year 20,126 (5,436) STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH 2013 Canterbury Community Trust in New Zealand Dollars ($000’s) Group Group Staff: Assets 2013 2012 (Restated) Back Row (bottom to top) Ruth Carson, Eve Nissen, John O’Neil, Property, plant and equipment 247 334 Michael McNabb, Eamonn Waters Investment in associate 544 0 Front Row (bottom to top) Investment property 28,425 27,555 Wendy Courtois, Louise Edwards, Diana Financial assets 4,400 4,552 Gadd, Liz Henderson, Jane Haddock, Charlotte Rapley Total non-current assets 33,616 32,441 Trade and other receivables 3,554 8,925 Cash and cash equivalents 41,118 10,422 NOTES TO THE FINANCIAL STATEMENTS Financial assets 452,641 463,069 Total current assets 497,313 482,416 Significant accounting policies: Total assets 530,929 514,857 1. Reporting Entity: The information included in this report has been prepared in Trust Funds accordance with FRS 43: Summary Financial Statements. The Canterbury Community Trust (the “Parent”) is a The specific disclosures included in the summary financial Core real capital base reserve 371,422 371,422 charitable trust, domiciled in New Zealand, incorporated in report have been extracted from the full audited financial Capital base reserve 155,718 151,015 accordance with the provisions of The Community Trusts statements dated 1 July 2013. Users of the summary Accumulated income reserve (4,189) (19,612) Act 1999 and has a registered office at 12 Hazeldean Road, financial statements should note that the information Total trust funds 522,951 502,825 Christchurch. contained therein cannot be expected to provide a complete Liabilities Consolidated financial statements are presented for The understanding as provided in the full financial report of the Trade and other payables 7,978 12,032 Canterbury Community Trust. The consolidated financial group. The full audited financial statements comply with Total current liabilities 7,978 12,032 statements of the Group as at and for the year ended New Zealand equivalents to International Financial Reporting Standards, as appropriate for public benefit entities. Total liabilities 7,978 12,032 31 March 2013 comprise the Parent and its subsidiaries (together referred to as the “Group”) and the Group’s interest Total trust funds and liabilities 530,929 514,857 Users who require additional information are encouraged to in associates and jointly controlled entities. access the full financial statements in the Group’s website at The Group is a charitable trust which distributes income from www.commtrust.org.nz. Users who do not have access to its investment activities to the communities of Canterbury, the website can request a printed version from the following STATEMENT OF CHANGES IN EQUITY Nelson, Marlborough and the Chatham Islands. address; PO Box 1440 Christchurch. FOR THE YEAR ENDED 31 MARCH 2013 2. Basis of Preparation: The full financial report and this summary have received an in New Zealand Dollars ($000’s) Core Real Capital Base Accumulated Total unqualified audit opinion. The summary financial statements Capital Base Reserve Income (a) Statement of compliance were authorised for issue by the Board of Trustees on 3 July Reserve Reserve The summary financial statements have been prepared 2013. Balance at 1 April 2012 371,422 151,015 (19,612) 502,825 in accordance with the Generally Accepted Accounting (b) Functional and presentation currency Total comprehensive income for the year (4,058) 0 24,184 20,126 Practice in New Zealand (NZ GAAP) as it relates to summary Reserve transfers 4,058 4,703 (8,761) 0 financial statements. These financial statements are presented in thousands Balance at 31 March 2013 371,422 155,718 (4,189) 522,951 of New Zealand dollars ($000’s), which is the Parent The accounting policies are set out in the full audited and Group’s functional currency. All financial information Balance at 1 April 2011 371,422 142,788 (4,949) 509,261 financial report. presented in New Zealand dollars has been rounded to the Prior Period Misstatement 0 0 (1,000) (1,000) The financial statements have been approved by the Board nearest thousand. Total comprehensive income for the year (3,905) 0 (1,531) (5,436) of Trustees on 3 July 2013. Reserves transfers 3,905 8,227 (12,132) 0 Balance at 31 March 2012 371,422 151,015 (19,612) 502,825 THE CANTERBURY COMMUNITY TRUST TRUSTEES’ STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2013 REPORT FOR THE YEAR ENDED 31 MARCH 2013 in New Zealand Dollars ($000’s) Group Group 2013 2012 Objectives of the Trust and Charitable Company Trustees’ Remuneration Cashflows from operating activities subsidiary During the period the trustees of the Trust received fees Other income 1,355 3,561 To provide charitable, cultural, philanthropic and of $192,921 (2012 $183,011). recreational benefits to the communities of Canterbury, Interest received 907 268 Review of Results and Financial Position Marlborough, Nelson and the Chatham Islands. Cash paid to suppliers, employees and trustees (4,122) (1,831) The total distribution from the Trust and Charitable Donations (23,552) (20,417) Policies and Structure of the Trust and Charitable Company was $19 million (2012 $20 million) donations Net cash from/used in operating activities (25,412) (18,419) Company subsidiary to community groups during the last twelve months. These organisations are structured to include Cashflows from investment activities Signed on behalf of the Board of Trustees: community representatives from the four regions. Their Managed funds investments 51,005 27,899 policies are to manage and distribute their income and Proceeds from repayment of community loans 822 866 capital to the community they serve. Sale of investment property and property, plant and 11,901 0 equipment Activities of the Trust New Community loans provided (810) (1,521) During the period under review the Trust and its charitable subsidiary have provided financial assistance Purchase of investment property and property, plant and (6,810) 0 T N Chambers J E Thomas equipment to a wide range of community groups in Canterbury, Chairperson Trustee Deputy Chairperson Marlborough, Nelson and the Chatham Islands.