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Upper Hutt Leader : September 7th 2011
12 UPPER HUTT LEADER, SEPTEMBER 7, 2011 ORGANISATION GRANT APPROVED ORGANISATION GRANT APPROVED Grants Approved 437,452 Write-o /Refunds 0 Total 437,452 RIMUTAKA LICENSING TRUST INDEPENDENT AUDITOR'S REPORT To the readers of Rimutaka Licensing Trust Group's summary nancial statements for the year ended 31 March 2011 We have audited the summary nancial statements as set out on this page, which were derived from the audited nancial statements of the Rimutaka Licensing Trust group (the group) for the year ended 31 March 2011 on which we expressed an unquali ed audit opinion in our report dated 30 June 2011. The summary nancial statements comprise the summary statement of nancial position as at 31 March 2011, and summaries of the statement of comprehensive income, statement of changes in equity and statement of cash ows for the year then ended and the notes to the summary nancial statements that include accounting policies and other explanatory information. Opinion In our opinion, the information reported in the summary nancial statements complies with FRS-43: Summary Financial Statements and is consistent in all material respects with the audited nancial statements from which they have been derived. Basis of opinion The audit was conducted in accordance with the Auditor-General's Auditing Standards, which incorporates the International Standards on Auditing (New Zealand). The summary nancial statements and the audited nancial statements from which they were derived, do not re ect the e ects of events that occurred subsequent to our report dated 30 June 2011 on the audited nancial statements. The summary nancial statements do not contain all the disclosures required for audited nancial statements under generally accepted accounting practice in New Zealand. Reading the summary nancial statements, therefore, is not a substitute for reading the audited nancial statements of the group. Responsibilities of the Trustees and the Auditor The Trustees are responsible for preparing the summary nancial statements in accordance with FRS-43: Summary Financial Statements. We are responsible for expressing an opinion on those statements, based on the procedures required by the Auditor General's auditing standards and the International Standard on Auditing (New Zealand) 810: Engagements to Report on Summary Financial Statements. Other that in our capacity as auditor we have no relationship with, or interest in, the group. Leon Pieterse, Audit New Zealand On behalf of the Auditor-General Wellington, New Zealand 2 September 2011 RIMUTAKA LICENSING TRUST PRESIDENT'S ANNUAL REPORT 2011 $ Earthlink Inc 11,000 Expressions Arts & Entertainment Centre 20,000 Heretaunga College Community Assn 6,595 Heretaunga Scout Group 1,835 NZ Lysosomal Storage Diseases Support Group 10,000 Order of the Boar 25,000 Riding for the Disabled Assn - Hutt Valley Group Inc 6,000 Rimutaka Incline Railway Heritage Trust 18,781 Rimutaka Inline Hockey Club Inc 3,300 Rimutaka Licensing Charitable Trust 12,000 Rimutaka Rugby Football Club Inc 7,000 Rimutaka Steppers Leisure Marchers 2,500 Rotary Club of Upper Hutt 18,000 Royal NZ Plunket Society - Upper Hutt Branch Inc 6,500 Scout Association of New Zealand - Hutt Valley Gang Show 6,870 SeniorNet Upper Hutt Inc 1,165 St Joseph's Scout Group 1,560 Tararua Sports Club (Upper Hutt City Soccer) 56,000 Te Marua Golf Club Inc 1,738 $ Te Marua Pony Club 2,500 The Hutt Wrecks 1,200 The Silverstream Railway Inc 1,500 Timberlea Residents' Association (2000) 5,258 Top Schools Cluster 86,126 Trentham United Harriers & Walkers Club Inc 12,000 Upper Hutt 41 Club 16,882 Upper Hutt Axemens Club 5,416 Upper Hutt Bluelight Cactus 3,097 Upper Hutt Bowling & Tennis Club Inc 1,586 Upper Hutt City Council 9,058 Upper Hutt Croquet Club Inc 2,100 Upper Hutt Embroiderers Guild Inc 3,415 Upper Hutt Foodbank Inc 8,000 Upper Hutt Highlanders Incorporated 2,621 Upper Hutt Multi Ethnic Council Inc 4,211 Upper Hutt Musical Theatre Inc 1,000 Upper Hutt Parents Centre Inc 1,800 Upper Hutt Roller Skating Club 3,300 Upper Hutt SPCA Inc 2,500 Upper Hutt Women's Centre Inc 29,000 Upper Valley Equestrian Day Committee 2,300 Valley Inline Speed Skating Inc 2,238 Wellington Kart Club Inc 14,500 Trust House Charitable Trust funds generated and distributed in the Rimutaka Licensing Trust District 2010/2011 It gives me much pleasure to write this report on behalf of the Elected Board of the Rimutaka Licensing Trust, especially since the report covers our 40th year of operations. HIGHLIGHTS OF THE YEAR Five members were returned in the triennial Local Body Elections, with one new member being elected Donations totalling $437, 452 were approved by the Rimutaka Trust (2010: $463, 652) A pre-tax trading surplus was recorded - $104, 106 (2010: $114, 032) An increase in equity to $1,682, 223 (2010: $1,296, 597) LICENSING TRUST OPERATIONS As in recent years, market conditions have been far from buoyant and it is therefore pleasing to be able to report a trading pro t, especially since that pro t is in excess of $100 000 for the third year running. Although small in relation to turnover, it is very much against industry trends nationwide, and re ects well upon the level of professionalism of our team in such matters as inventory management and cost control. It is timely to extend our thanks also to the Trust House management team whose experience and approach is extremely important to our results. During the year we have continued a maintenance programme appropriate to a building of the age of ours, and have advanced planning for a replacement. The Board has been involved in much discussion regarding nancing of a proposed new building, and planning in this direction is continuing. The increase in equity is particularly pleasing in view of our intention to rebuild, and re ects the pro ts of the past few years. The Local Body Elections in late 2010 saw Ms Heather Newell elected to replace Wayne Shindler, who did not stand for re-election. Heather is no stranger to the community, having served for many years as an Upper Hutt City councilor. RIMUTAKA TRUST On a nationwide basis, expenditure on gaming continues to drop, re ecting the economic circumstances of the present time. Despite this, we have achieved a satisfactory distribution to community groups of $437, 000 in the 12 months to 31 March 2011. The Rimutaka Trust has always been very active in the direct support of community activities, and during the year has continued previous support of a number of local clubs, notably the Tararua Sports Club (Upper Hutt City Soccer) in support of their annual coaching programme. In addition, we again supported a large number of local events such as Upper Hutt Rotary's Fireworks, Women's Centre's annual Spring Festival, 41 Club's Clean New Zealand Week, and The Order of the Boar's biennial International Jousting Tournament held at Harcourt Park in February. The Trust also completed the 4 year long project of installing an interactive whiteboard in every Primary School classroom in the Trust's electorate with a grant of $86 000. Further major grants were those made to the Rimutaka Incline Railway Heritage Trust towards their restoration project, and to Earthlink Incorporated towards the cost of a new utility vehicle. As in previous years, the Board has worked to provide a wide and yet balanced spread of grants to 44 di erent groups spread right across the community, as is re ected in the following chart: COMMUNITY RELEVANCE In December this year we will celebrate the 40th anniversary of the o cial opening of the Rimutaka Tavern. However, work towards this had started long beforehand under a Steering Committee lead by the late Tom Croft. As part of the celebration of this anniversary an excellent booklet has been prepared by Bernard Teahan, (Chief Executive of Trust House Limited) who is widely recognized as the pre-eminent historian of the Licensing Trust movement in New Zealand. This booklet highlights the hurdles which it was necessary for that Committee to overcome and makes extremely interesting reading; copies are available from the Tavern. It also indicates the debt of gratitude that we, the Community, have to the Committee members for their foresight and indeed their perseverance in getting the Trust onto its feet in 1971. Today's success of the Trust -- both in business terms and as the part it plays in the Community of today -- is a lasting tribute to their determination. I extend my thanks to those of my fellow Board Members who have put in the e ort to achieve these results during the year. T E Jones President RIMUTAKA LICENSING TRUST Recreation And Sport 28% Arts, Culture and History 5% Community Promotion and Development 37% Education 22% Health and Welfare 8% SUMMARY INCOME STATEMENT FOR THE YEAR ENDED 31 MARCH 2011 Group Group 2011 2010 $ $ Income Total revenue 2,210,304 2,127,709 Less cost of sales 1,494,100 1,402,330 Total net income 716,204 725,379 Operating expenses 612,707 610,109 Results from operating activities 103,497 115,270 Net nance income /(expense) 14,299 8,212 Net operating pro t/ (de cit) before tax 117,796 123,482 Charitable donations (13,690) (9,450) Tax expense (5,644) - Net surplus/(de cit) 98,462 114,032 SUMMARY STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 MARCH 2011 Net surplus for year 98,462 114,032 Land and building revaluation 287,164 - Total comprehensive income for the year 385,626 114,032 SUMMARY STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 MARCH 2011 Equity at start of the year 1,296,597 1,182,565 Total comprehensive income 385,626 114,032 Equity at end of the year 1,682,223 1,296,597 SUMMARY BALANCE SHEET AS AT 31 MARCH 2011 Current assets 695,618 669,850 Non-current assets 1,218,838 948,636 Current liabilities 231,577 321,890 Non-current liabilities 657 Equity 1,682,222 1,296,596 SUMMARY CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2011 Net cash ows from operating activities 54,346 237,947 Net cash ows from investing activities (21,081) (13,341) Net (decrease) / increase in cash held 33,265 224,606 Opening cash balance 463,028 238,422 Closing cash balance 496,293 463,028 NOTES TO THE SUMMARY FINANCIAL STATEMENTS The presentation currency is New Zealand dollars. All gures are rounded to the nearest dollar. The speci c disclosures included in the summary nancial statements have been extracted from the full nancial statements. The full nancial statements were approved on 13 June 2011. The full nancial statements have been prepared in accordance with NZ GAAP appropriate for pro t orientated entities. The Rimutaka Licensing Trust quali es for di erential reporting. The only concession applied is accounting for income tax using the taxes payable method. The Rimutaka Licensing Trust has made an explicit and unreserved statement of compliance with IFRS's in its full nancial statements The summary nancial statements cannot be expected to provide as complete an understanding as provided by the full nancial statements. A copy of the full nancial statement may be obtained by writing to P O Box 135, Masterton or at www.trusthouse.co.nz The full nancial statements have been audited an unquali ed opinion has been issued. These summary nancial statements comply with Financial Reporting Standard 43. Related party transactions The Rimutaka Licensing Trust Group and related entities comprise of Rimutaka Trust and Masterton Licensing Trust Group. During the year there have been transactions within the Group. The nature of the transactions was management fees, site rentals and supply of goods and services. For more information on these transactions please refer to Note 17 of the full nancial statements. The summary nancial statements were authorised for issue by T Jones, President of the Rimutaka Licensing Trust on 13 June 2011.
August 31st 2011
September 14th 2011