hairperson’s annual reportcomtrust.org.nz/wp-content/uploads/2017/07/... · gave a total income...

2003 Trustees - Peter McIlraith (Chair), Carole Brand, Rosie Carruthers, Geoff Geering, Marion Ross, Huriata Weeks, Trevor McIntyre, Bruce Strathern (Executive Manager), Heather Sim

1995 Trustees – Bruce Timpany, Angus McKay, Jim Sutton, Rosie Carruthers, Eddie Thompson (Chair), Cip Sparrow, Ken Churcher (Trust Secretary), Jenny Rayne, Peter McIlraith, Jim Underdown

2013 Trustees – Maarten Dirkzwager, Jenifer Strauss, Sheryl Frew, Jan Hide, Raeleen de Joux, Rex Whiting ; Front: Liz Shea (CEO), Peter O’Leary (Chair), Nicola Hornsey ; Insets: Michelle Brett & Lee Burdon

Financial Performance

In this, our 25th year of operation, the level of

investment returns for this financial year was very

pleasing to the Community Trust and more than met

expectations. The investment income at $2.567M and

movement in management funds providing $2.092M

gave a total income of $4.660M equating to a 10.52%

return on the managed funds.

The income at this level flows through the financial

performance and provides a surplus that adds to the

Community Trust’s Equity which is now just under the

$46M mark.

The operating expenditure was contained well within the

budgeted guidelines. The total for this year was

$289,638 compared to $312,752 the previous year. This

is a reduction of $23,114 as a result of close monitoring

of expenses.

The movement in equity statement depicts the total year

and covers the donations approved of $808,928 leaving

$3.443M to be added to the Trust’s equity which now

stands at $45.837M compared to the beginning of the

year when equity was $42.494M.

In the financial accounts, Note 2 gives a breakdown of

the capital fund and the positives from a year of high

returns. This shows that the inflation reserve is

equalised and a general reserve is reinstated at a level of

$2.007M.

Having completed our budgeting process early in 2013 it

is expected that the Community Trust will have a steady

year in the 2013/14 financial year.

We acknowledge the input from our Investment Advisor,

Michael Chamberlain MCA NZ Limited, who collates our

investment reports and advises on our strategies and

objectives. The investment world is still very mixed and

the need to have good policies in place is very prevalent.

Our accounting services are provided by Paul

Wolffenbuttel of H C Partners L P and the accounting

advice received is appreciated.

Community House - Timaru

During the 2011 year a decision was taken to remove

Community House from our investment funds and

recognise the property as a support to the South

Canterbury welfare providers by supplying good quality

subsidised office accommodation. It is expected that this property will do better than break even and we are not

bench marking commercial returns. This financial year

we have achieved our target. In accomplishing this

there was a need to increase rentals at the

commencement of the financial year to accommodate

higher insurance costs and the longer term maintenance.

Community House, as a community support hub, is being

well utilised. We acknowledge the donation from the

Timaru District Council’s Community Development Committee towards the overall running costs of

Community House, Timaru. This donation payment

assists in keeping rentals for non-profit tenants at the

lowest possible level.

Donations

The Community Trust approved in total $808,928 in

donations for the year and this compares with $1.431M

the previous year and an average of $1.090M over the

recent four year period.

The major allocations were Mid and South Canterbury

schools $134,323, Geraldine Historical Society $75,000,

Lister Home $50,000, Peel Forest Outdoor Pursuits

Charitable Trust $40,000 and $25,000 each to Southern

Netball Club and Te Aitarakihi Trust. The Community

Trust had a conservative approach to donations this year, mainly because of the level of our investment

returns the previous year and this, along with the higher

level of donations made, had affected the total equity.

We are conscious that this is an intergenerational

funding base and the need to grow the total equity fund

for the future.

During the donation budget process it was decided that

the income of the previous year would be the guideline

figure used to set the level of donations for the next

year. However, as always, the quality and/or the

significance of the application to meet community needs

will be the main factor in determining donation request

outcomes.

The Community Trust has become more responsive to

meeting community groups’ needs by increasing the

frequency of application consideration and decisions are

now made on a monthly basis.

Trustees

During the year the Ministerial trustee appointment

process saw Jan Hide, a Timaru-based business retailer

appointed on 1 November 2012 as a replacement for

Jean Taylor. We acknowledge and thank Jean Taylor for

her commitment to the Community Trust, along with her

valued input to deliberations during her four year term.

There was a change in Chairperson at the beginning of

this financial year as Nicola Hornsey stood down from

the role and was replaced by Peter O’Leary. We salute

Nicola Hornsey for her leadership during her five years

as Chairperson.

Staff

Since the implementation of a new structure to the

organisation, Liz Shea as Chief Executive Officer and Clive Callow as Community Relations Manager have

applied their knowledge and expertise to the benefit of

the Community Trust. During this time, they have

strengthened the trust and donation management

processes and enhanced the quality and delivery of

material for Trustee consideration. We appreciate their

efforts and also acknowledge the valuable input of Sally

Marsh, our Office Administrator.

25th Anniversary

2013 is the 25th Anniversary of the Community Trust and

we would like to acknowledge past trustees and their

contribution to the Community Trust over this time. The

Community Trust has given over $21m to organisations

and projects in the Mid and South Canterbury region and it is very satisfying to know that this has made an

appreciable difference to the health and wellbeing of the

community.

Peter O’Leary

Chairperson

Chairperson’s Annual Report

Peter O’Leary Chairperson

Financial Statements Summary Statement of Financial Performance for the year ended 31 March 2013

Summary Statement of Financial Position as at 31 March 2013

2013 2012 $ $ Total Income 2,717,262 1,942,907

Movement in Managed Funds 2,092,701 (1,356,122)

Less: Total Expenditure (572,966) (667,729)

Plus: Donations not required 15,295 23,816

Less: Donations approved (808,928) (1,430,574)

Surplus /(Deficit) Transferred to the Trust Fund 3,443,364 (1,487,702)

Summary Statement of Movements in Equity for the year ended 31 March 2013

2013 2012 $ $ Opening Equity 42,494,326 43,982,028

Nett Surplus/(Loss) for year 3,443,364 (1,487,702)

Closing Equity 45,937,690 42,494,326

2013 2012 Trust Capital $ $

Capital Fund 45,937,690 42,494,326

Represented by:

Westpac Trust: Current Account 58,430 46,665

Accounts receivable 101,801 64,637

GST Refund Due 3,266 4,978

Total Current Assets 163,497 116,280

Less: Current Liabilities

Accounts Payable 70,072 107,926

Donations Approved Not Yet Paid 708,796 1,238,000

Holiday Pay Creditor 4,185 -

Total Current Liabilities 783,053 1,345,926

Working Capital (619,556) (1,229,646)

Add Non Current Assets

Fixed Assets 2,252,976 2,266,661

Managed Funds

NZ/Aus Property 3,399,572 2,045,557

NZ Cash & Bonds 12,021,472 13,196,693

NZ/Aus Equity 9,464,946 5,692,010

Offshore Cash & Bonds 7,642,551 9,484,630

Offshore Equity 11,750,715 11,038,421

44,279,256 41,457,311

Units: Te Kete Putea LP 25,013 -

46,557,245 43,723,972

Nett Assets 45,937,690 42,494,326

REPORT OF THE INDEPENDENT AUDITOR ON THE SUMMARY FINANCIAL STATEMENTS To the Members of The Community Trust of Mid & South Canterbury Incorporated The accompanying summary financial statements, which comprise the summary statement of financial position as at 31st March 2013, the summary statement of financial performance, summary statement of movements in equity and summary cash flow statement for the year then ended, and related notes, are derived from the audited financial statements of The Community Trust of Mid & South Canterbury Incorporated for the year ended 31 March 2013. We express an unmodified audit opinion on those financial statements in our report dated 2 August 2013. Trustees’ Responsibility for the Summary Financial Statements

The Trustees are responsible for the preparation of a summary of the audited financial statements on the basis described in the summary notes to the financial statements. Auditor’s Responsibility Our responsibility is to express an opinion on the summary statements based on our

procedures, which were in accordance with International Standard on Auditing (New

Zealand) (ISA (NZ)) 810 “Engagements to Report on Summary Financial Statements.”

Opinion In our opinion, the summary financial statements derived from the audited financial statements of The Community Trust of Mid & South Canterbury Incorporated for the year ended 31 March 2013 are consistent, in all material respects, with those statements, on the basis described in the summary notes. MARTIN WAKEFIELD, 8 August 2013 Timaru

NOTES TO THE SUMMARY FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2013

The Community Trust of Mid & South Canterbury Inc. is a Charitable Trust incorporated under the Trustee Banks Restructuring Act 1988.

Statement of Compliance

The information set out in these Summary Financial Statements has been prepared in compliance with FRS 43: Summary Financial Statements and extracted from the full financial statements. The Full financial statements have been prepared in accordance with the Financial Reporting Act 1993 and Generally Accepted Accounting Practice.

The summary is extracted from the full financial statements authorised for issue by the Trustees on 29th July 2013. The full financial statements have been audited and an 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.

The summary financial statements cannot be expected to provide a complete an understanding as is provided by the full financial statements. A copy of the full financial statements can be obtained on request from the Trust’s office (telephone 03 6877360 or 0800 672287, mail PO Box 983, Timaru, or email [email protected]) or downloaded from the Trust’s website, www.comtrust.org.nz

Basis of Measurement

The financial statements have been prepared on the basis of historical cost, except for the revaluation of investments.

The summary financial statements are presented in New Zealand dollars and rounded to the nearest dollar.

Anyone seeking the full financial statements is encouraged to access them online at the Community Trust’s website www.comtrust.org.nz or request a copy from the Community Trust of Mid & South Canterbury, Community House, 27 Strathallan St, PO Box 983, Timaru. Freephone: 0800672287 Phone: (03) 687 7360 Email: [email protected]

The full financial report was approved and authorised for issue by the Trustees of The Community Trust of Mid & South Canterbury Inc. on 29th July 2013.

2013 2012 $ $ Nett Cash Flows from Operating Activities 37,868 39,158 Nett Cash Flows from Investing Activities (26,102) (30,033)

Increase/(Decrease ) in Cash held 11,766 9,125

Add Opening Cash 1 April 2012 46,664 37,539

Cash as at 31 March 2013 58,430 46,664

Comprised of:

Cash at Bank 58,430 46,664

Summary Statement of Cash Flows for the year ended 31 March 2013

mailto:[email protected]

http://www.comtrust.org.nz/

http://www.comtrust.org.nz/


How did the Community Trust get started ?

Donations

1964 South Canterbury Savings Bank established. A proportion of the bank’s profits

were set aside for donations to not-for-profit community groups, according to the

determination of the SCSB directors.

1988 Trust Bank South Canterbury established (ownership vested in a Regional

Community Trust) as all regional savings banks were corporatised under the Trustee

Banks Restructuring Act 1988 [registered as a subsidiary of Trust Bank NZ Ltd]

The Trust Bank South Canterbury Community Trust Inc. was established, to grow the community funds & donate to community organisations according to the Trust Bank South Canterbury Community Trust Deed (30 May 1988) Trust Bank South Canterbury Limited registered as a bank 21 December 1989 1990 First Donations made by Trust Bank South Canterbury Community Trust

1996 the Community Trusts of NZ sold Trust Bank New Zealand to Westpac Banking

Corporation for $1.2 billion dollars. The two banks merged as WestpacTrust, although

the word trust was phased out by 2002.

1997 Community Trust of Mid & South Canterbury Inc. established, based on Trust

Bank South Canterbury Community Trust Inc.

1999 Community Trusts Act 1999 continued provision for the operation of the

community trusts established under the Trustee Banks Restructuring Act 1988.

Mr. J. E. (Eddie) Thompson, then chairman of the Trust Bank South Canterbury Community Trust, in front of the Trustbank Centre, Timaru. Photo: Timaru Herald (28/7/1992)

1990 ($52,405 to 142 organisations)

SC Mammography Unit $10,000


SC Cancer Soc $50,000


SC Hospice $10,000

SI Bone Marrow Transplant $10,000


SC Cancer Soc (Vehicle) $24,356

1994 ($226,740 to 212 organisations + all schools)

Schools Discretionary Fund $29,810

Salvation Army $15,000

Presbyterian Support Services $10,000

Anglican Social Services $5,000

St Vianney’s Home of Compassion $5,000

Sacred Heart Basilica $5,000

Timaru Yacht & Powerboat Club $5,000


Mid Canterbury Arts Trust (Museum & Art Gallery) $150,000

School Discretionary Fund $44,660

SC Sports Stadium $35,000

SC Hospice $20,000



St Stephens Community Centre $45,000

Task Force Green Projects $21,120

Mackenzie Rugby Club $20,000

SC Women’s Bowling Centre $20,000

Salvation Army Timaru $16,000

1997 ($2,651,450 to 456 organisations + all

schools) Aorangi Park Trust Stadium (Re-development) $1,000,000

SC Hospice $252,000

SC Mammography Unit $120,000


K88 Restoration Trust (Vintage Railway Soc) $100,000

SC Conservation Trust (Otipua Wetlands Project) $50,000

St Vianney’s Home of Compassion $40,000

Timaru Beautifying Society $40,000


schools) Schools Discretionary Fund $106,740

Ashburton A & P Soc (Facilities/changing rooms) $100,000

Ashburton Sports Turf Trust (Hockey turf) $100,000

Tennis SC (Facilities & equipment) $100,000

Timaru Hydroslide Trust $50,000

1999 ($1,162,415 to 290 organizations + all

schools) SC Museum Development Trust $252,000


Peel Forest Outdoor Pursuit Centre $50,00

Canterbury Cardiothoracic Surgical Unit Appeal $44,000

Moreh Home Trust $20,000

Ashburton Resource Centre $20,000

St Vincent de Paul, Ashburton $20,000


schools/kindergartens) Schools Discretionary Fund $229,037

Tennis SC (Tennis Centre construction) $100,000

Waimate Caledonian Society (Refurbish cycle track) $50,000

Aorangi Park Trust (Stadium re-development) $40,000

K88 Restoration Trust (Vintage Railway Soc, Ash) $35,000

Ashburton Domain Pavilion $30,000

Ashburton Seniors Centre $30,000

Regent Theatre Trust (Ashburton) $30,000

2001 ($ 2,288,775 to 227 organisations + all

schools/kindergartens) Ashburton Aquatic Park (Lake Hood) $750,000


School Technology Project $174,649

Mid Canterbury Tennis (Tennis Centre construction) $120,000

SC Sports Stadium (Aorangi Park Stadium seating) $100,000

SC Hospice $80,000

SC Cricket $75,000

Ashburton Seniors Centre $54,000


schools/kindergartens) Schools Discretionary Fund $220,770

Schools Technology Project $527,967

Ashburton Aquatic Park (Lake Hood) $109,704

Twizel Community Board (Twizel Event Centre) $100,000

Athletics SC All-Weather Track (Track construction) $100,000

Aorangi Park Trust (Stadium re-development) $40,000

DONATION HIGHLIGHTS DONATION HIGHLIGHTS

2003 ($ 641,911 to 150 organisations + all

schools/kindergartens)

Schools Technology Projects $248,413


Aorangi Park Stadium (Stadium re-development) $40,000

2004 ($278,275 to 90 organisations + all



Aorangi Park Stadium (Stadium re-development) $40,000

2005 ($566,426 to 134 organisations + all



Timaru Mental Health Support Trust (Victoria House)

$60,000

Mid/Sth Canterbury Search & Rescue (Equipment) $60,000



Ashburton Regent Theatre (Event Centre) $300,000


Geraldine Aged Persons Welfare (Waihi Lodge) $80,000

SC Hearing Association House (New building) $80,000

Mackenzie Order of St John $65,000

St Mary’s Restoration Trust (Church restoration) $55,000

Project Waimate (Quinns Arcade Building) $50,000



Methven District Heritage Centre (Building) $150,000


Athletics SC All-Weather Track (Grandstand) $100,000

Lister Home, Waimate (Building development) $100,000

Tennis SC (Tennis Centre construction) $50,000

Fairlie Volunteer Fire Brigade (Building ) $50,000



Ashburton Aviation Museum $175,000


SBS Event Centre , Timaru (Stadium extensions) $100,000

SC Hospice (Building re-development) $80,000

Te Rununga O Arowhenua (Marae Development) $75,000

Ashburton Vintage Car Club (Museum extension) $50,000

2009 ($ 812,689 to 94 organisations + all


Ashburton Performing Arts (Event Centre) $200,000


SC Hockey Turf Trust (New turf) $80,000

Ngai Tahu Maori Rock Art Centre (Te Ana) $50,000



Aoraki Foundation (CBay Aquatic Centre) $350,000


Opihi Services Academy (Programme maintenance) $50,000

Mania-O-Roto Scout Group, Mid Canterbury (Building) $50,000




Hakatere Marae, (Marae development) $100,000

SC Roller Skating Club (Track upgrade) $100,000

2012 ($1,430,574 to 99 organisations, + all


Ashburton Stadium Trust (Riverside Aquatic Centre) $500,000


Aoraki Foundation (CBay Aquatic Centre) $150,000

Aoraki Foundation (MRI Scanner) $100,000

2013 ($808,928 to 124 organisations, 67

schools & 18 kindergartens)


Geraldine Historical Society (Museum Extension) $75,000

Lister Home, Waimate (Extensions) $50,000

Peel Forest Outdoor Pursuits Centre (Accommodation

Development) $40,000

Examples of how donations can add up over time for some organisations:

Total Donations

Presbyterian Support (Upper SI) $59,000

Presbyterian Support (SC) $128,000

Anglican Care (SC) $92,400

Timaru Senior Citizens $32,500

Ashburton Senior Citizens $24,600

Timaru Citizens Advice Bureau $35,300

Timaru Budget Advisory Service $68,150

Ashburton Budget Advisory Service $41,340

Lister Home, Waimate $156,550

ACADS (Ashburton Community Alcohol & Drug Service) $25,500

Salvation Army (Timaru/Temuka) $84,000

St Vianny’s Home of Compassion $72,500

Pleasant Point Railway & HS $24,260

MSC Life Education Trust $106,943

Hospice SC $490,200

DONATION HIGHLIGHTS DONATION HIGHLIGHTS

TRUSTEES 1988-2013 DONATION HIGHLIGHTS

2003: Sally Marsh & Bruce Strathern

2004: Peter McIlraith & John Wilson

Community House, is now at 27 Strathallan Street, Timaru.

Andrew F. McLay (JP, MBE) 1988-94 [Chair]

Cath D. Bach 1988-91

Alan H. Carlton 1988-91

Laurence K. Cooney (LLB, Not. Pub) 1988-2003

Pamela P. Cornelius 1988-93

Anne P. Dodds (JP) 1988-92

Oliver J. Gavigan 1988-92

Jenny M. Shipley (MP, PM, DCNZM) 1988-91

Cip Sparrow 1988-97

T. John Srhoy (QSM) 1988-93

Jim R. Sutton (MP, NZOM) 1988-97

J. Eddie Thompson 1988-99 [Chair]

D. Bruce Timpany (LLB) 1988-99

R. Bruce McCully (JP) 1992-95

R. Jim Underdown 1992-99 [Chair]

Jenny J. Rayne (JP) 1992-2000

Rosemary A. Carruthers (LLB, QSO) 1994-2006

Angus R. McKay 1994-2002

Peter F. McIlraith (BA) 1995-2007 [Chair]

Marion B. Ross (BA, Dip Tch) 1997-2006

Carole E. Brand (BCom, CA Ret) 1999-2007 [Chair]

Huriata Weeks 1999-2003

Trevor J. McIntyre (BAg, Dip.Tchg) 1999-2003

Rosemary Small 1999

Simon J. Dorman (LLB) 2000-08

Kaye I. Mattingly (Dip. Grad. SW, MNZASW) 2000-08

Geoff Geering (QSO) 2002-10

Heather A. Sim 2002-2011

Peter C. Dalziel (LLB) 2004-10

Nicola Hornsey (BA, LLB) 2006-2013 [Chair]

Wynne Raymond (LLB, QSO) 2006-2010

Lee A. Burdon (JP) 2007-

Stephen Wills 2007-2011

Sheryl A. Frew (BCom) 2007-

Trevor Linyard (BEd, BSocSci (Hons),

Dip App. Soc. Stud., Grad. Dip Arts) 2009-2011

Jean Taylor (JP) 2009-2012

Raeleen de Joux 2010 -

Rex Whiting (Adv. Dip. Tchg) 2011-

Peter O’Leary (BCom, Dip. Bus. Admin) 2011- [Chair]

Pauline W. Wilson (QSM) 2011-2011

Michelle Brett 2011-

Maarten Dirkzwager (LLB (Hons)) 2011-

Jenifer Strauss (BA, LLB) 2011-

Jan E. Hide (RN) 2012-

Karen Simpson 2013-

Staff Ken Churcher (Trust Secretary 1992-98)

Bruce Strathern (Executive Director 1998-2003)

Sally Marsh (Administration Officer 1998- )

John Wilson (Executive Manager 2003-2011)

Liz Shea (Chief Executive Officer 2011- )

Clive Callow (Community Relations Manager 2011- )

Former Community House building , Sophia Street, Timaru

DONATIONS 2012-2013

Sth Opuha Hut – Mackenzie Alpine Trust

Donation

Allocations

by District

2011-2012

Clockwise: Aoraki Volleyball, Rotary School Dictionaries project, Multi-Cultural Bite, (Ashburton), Youthline counsellors, Timaru Yacht & Powerboat Club, MC Hockey, CBay Opening, NZ German Shepherd Show (Pl Pt), Waimate Community Garden

RSVP by 20th September to Sally [email protected]

Past Recipients & Trustees 2012-13 Activity

The Community Trust of Mid & South Canterbury Inc. was incorporated as a 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 Nicola Hornsey BA, LLB 10/11 Jenifer Strauss BA, LLB 9/11 Jean Taylor JP 6/6 Rex Whiting Adv Dip Tchg 9/11

Back: Maarten Dirkzwager, Jenifer Strauss, Sheryl Frew, Jan Hide, Raelene De Joux, Rex Whiting Front: Liz Shea (CEO), Peter O’Leary (Chair), Nicola Hornsey Insets: Michelle Brett, Lee Burdon

Total Donations (1988–2013) $21,491,216

Ashburton Wastebusters

Trustees 2009

Trustees 2012

Te Aitarakihi Marae

e

SC Mammography Unit

Trustees 2008

Trustees 2005

Trustees 2007

Trustees 1995

Tinwald Railway & Museum

(Aorangi Event Centre)

SBS

Community Trust Stadium

SBS

Temuka Community Centre

Kakahu Reserve

e

SC Mammography Unit

Mid Canterbury Hockey

All Weather Track

Mackenzie Rugby Club

SC Mammography Unit

Trustees 2013


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