1. REPORTING ENTITY

The Rotorua Energy Charitable Trust (the “Trust”) is a charitable trust established on 3 June 1994, pursuant to the Energy Companies Act 1992 and was incorporated under the Charitable Trusts Act 1957 on 2 November 1995. The Trust and its subsidiaries were registered as charitable entities under the Charities Act 2005 on 30 June 2008.

2. SUMMARY FINANCIAL STATEMENTS

These are the summary financial statements of the Rotorua Energy Charitable Trust as at and for the year ended 31 March 2011 and comprise the operations of the Trust and its subsidiaries (together referred to as the “Group”). The specific disclosures included in these summary financial statements have been extracted from the full annual financial statements dated 16 June 2011.

These summary financial statements are presented in New Zealand dollars ($), which is the Trust’s functional currency. All financial information presented in New Zealand dollars has been rounded to the nearest dollar.

The summary financial report cannot be expected to provide as complete an understanding as provided by the full financial statements of the income, comprehensive income, changes in equity, balance sheet and cash flows of the Group.

An unmodified audit opinion has been received on the full financial statements for the year ended 31 March 2011. A copy of the full trust financial statements for the year ended 31 March 2011 is available on the trust website www.rotoruatrust.org.nz or alternatively may be obtained by contacting the Trust on (07) 347 6239.

3. BASIS OF PREPARATION
(a) Statement of compliance
The full financial statements, from which this summary has been extracted, have been prepared in accordance with the provisions of section 9(b) of the Trust Deed and Generally Accepted Accounting Practice in New Zealand (NZ GAAP), applying the New Zealand equivalents to International Financial Reporting Standards (NZ IFRS), and its interpretations as appropriate to public benefit entities. The Trust is a reporting entity and its financial statements comply with NZ GAAP. The financial statements were approved by trustees on 16 June 2011.

(b) Specific accounting policies
All specific accounting policies have been applied on the
same basis as those used in the full financial statements
of the Trust.

4. TRUSTEES FEES AND EXPENSES
Trustees fees and expenses paid during the year or due and payable are as follows:

5. DIRECTORS FEES
Directors fees paid during the year or due and payable to members of the Board of Perpetual Capital Management Limited are as follows:

6. EMPLOYEES REMUNERATION
During the year the following number of employees in thegroup received remuneration (including the value of other benefits) of at least $100,000:

7. GROUP ENTITIES
Subsidiaries

All subsidiary companies are incorporated in New Zealandand have a balance date of 31 March.

8. DONATIONS
Donations approved have been accounted for on the following basis: