Notes to the Performance Report 7. Accumulated Funds 2025 Accumulated Surplus Opening Balance Surplus/(Deficit) Closing Balance 2024 Accumulated Surplus Opening Balance Surplus/(Deficit) Closing Balance 4,444,222 426,727 4,870,949 Reserves 2,000,000 - 2,000,000 Total 6,444,222 426,727 6,870,949 2025 Breakdown of Reserves Goodman Fielder Wattie Limited New Zealand Rugby Total Breakdown of Reserves 2024 4,870,949 428,651 5,299,600 Reserves 2,000,000 - 2,000,000 Total 6,870,949 428,651 7,299,600 1,000,000 1,000,000 2,000,000 1,000,000 1,000,000 2,000,000 In the 1987 Annual Report "The 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." 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." NEW ZEALAND RUGBY FOUNDATION INC. CC42547 41
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