2017 Annual Report of the NZ Rugby Foundation

Page 29

New Zealand Rugby Foundation Incorporated Notes to the Performance Report For the year ended 31 December 2017

Note 5: Accumulated Funds 2017

Description Opening Balance Surplus/(Deficit) Closing Balance

Capital Contributed by Owners or Members -

Accumulated Surpluses or Deficits 2,734,692 395,368 3,130,060

Reserves 2,000,000

Accumulated Surpluses or Deficits 2,503,531 231,161 2,734,692

Reserves 2,000,000

2,000,000

Total 4,734,692 395,368 5,130,060

2016

Description Opening Balance Surplus/(Deficit) Closing Balance

Capital Contributed by Owners or Members -

Breakdown of Reserves Nature and Purpose Name Goodman Fielder Wattie In the 1987 Annual Report “The Limited success of the Foundation has been assured by the generous participation of Goodman Fielder Wattie Limited contracting to the sum of $1 million.” The President’s report continues, It is the policy of the Foundation not to dissipate it’s funds but to provide any support from fund income.” New Zealand Rugby

Funding agreement of 2000, and a further variation in 2003. The funding agreement states; “The funding be retained as a capital sum so that the Foundation may only expend income earned from the investment of the funding.” Total

2,000,000

Total 4,503,531 231,161 4,734,692

2017

2016

$

$

1,000,000

1,000,000

1,000,000

1,000,000

2,000,000

2,000,000

NEW ZEALAND RUGBY FOUNDATION INCORPORATED CC42547 ANNUAL REPORT 2017

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