--- Source: Princess Alexandra Medical Trust - 2022 Annual Return Complete Analysis.txt ---

Princess Alexandra Medical Trust - 2022 Annual Return Complete Analysis

Source: Charities Services Register - CC24243 Document: Annual Return Summary AR018 Year Ending: 31 December 2022 Archived: 2025-12-28

⚠️ CRITICAL FINDINGS CONFIRMED

1. "Other Expenses" Anomaly: $717,126

This is 84% of total expenditure and 170x higher than normal years

2. Related Party Transactions: YES

The charity disclosed related party transactions - details need investigation

3. Contact Email Changed

• 2022 Annual Return: adrienne@oldershaw.co.nz
• Current Registration: [email protected]
• Both are Oldershaw Accountants employees

4. Massive Investment Portfolio: $4,401,396

The charity holds over $4.4 million in investments

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Charity Details (Page 1)

| Field | Value |

|-------|-------|

| Registration Number | CC24243 |

| Charity Name | Princess Alexandra Medical Trust |

| Annual Return Reference | AR018 |

| Year Ending | 31 December 2022 |

| Street Address | 36 Bridge Street, Ahuriri, Napier 4110 |

| Postal Address | PO Box 12227, Ahuriri, Napier 4144 |

| Phone | 06 843 3058 |

| Fax | 06 843 3316 |

| Email | [email protected] | | Website | http://www.pamt.co.nz/ |

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Officer Details (Page 2)

Updated Officers in 2022/2023

| Name | Officer Type | Position | Effective Date |

|------|--------------|----------|----------------|

| Caitlin Northern | Individual | Trustee | 07/07/2023 |

| Shaun Brown | Individual | Secretary | 09/07/2023 |

Note: These changes were effective AFTER the 2022 year end, suggesting trustee turnover.

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Purpose & Structure (Page 2)

Charitable Purpose

> To provide charitable benefits to the community of Napier and surrounding districts. In particular, to advance the welfare of the citizens of Napier and surrounding districts by providing to those in need the resources to obtain medical and other services beneficial to the health and well being of such citizens.

Structure

• Governed by board of Trustees
• Between 5-10 members
• Chairperson elected

Activity, Sector and Beneficiary

| Category | Value |

|----------|-------|

| Main Activity | Makes grants / loans to individuals |

| Main Sector | Health |

| Main Beneficiary | General public |

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People (Page 3)

Paid Work (Average Week)

• People employed full time: 0
• People employed part time: 0
• Average paid hours per week: 0

Volunteer Work (Average Week)

• Total volunteers: 1
• Volunteer hours: 1

⚠️ SIGNIFICANT: The charity has NO paid employees but handles millions of dollars in assets and hundreds of thousands in annual transactions. All administration appears to be outsourced to Oldershaw Accountants.

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Your Organisation (Page 3-4)

Reporting Tier

Tier 3 (Total operating expenditure less than $500,000 for previous two years)

Key Disclosures

| Question | Answer |

|----------|--------|

| Does charity lend money or manage funds on behalf of others? | No |

| Goods or services overseas? | No |

| Business income for charitable purpose overseas? | No |

| Donations used for charitable purposes overseas? | No |

| Performance report reviewed or audited? | Yes | | Previous two years operating expenditure | Less than $500,000 | | Performance report reviewed/audited? | Yes | | Auditor raised issues of concern? | No | | Modified audit opinion? | No | | Related party transactions disclosed? | YES ⚠️ |

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Statement of Financial Performance (Page 5)

Revenue

| Category | Amount |

|----------|--------|

| Donations, fundraising and other similar revenue | $0 |

| Fees, subscriptions and other revenue from members | $0 |

| Revenue from providing goods or services | $0 |

| Interest, dividends and other investment revenue | $30,909 |

| Other revenue | $0 |

| Total revenue | $30,909 | ⚠️ CRITICAL: The ONLY income in 2022 was investment returns. No donations, no fees, no service revenue.

Expenses

| Category | Amount | % of Total |

|----------|--------|------------|

| Expenses related to public fundraising | $0 | 0% |

| Volunteer and employee related payments | $0 | 0% |

| Expenses related to providing goods and services | $45,458 | 5.3% |

| Grants and donations made | $88,831 | 10.4% |

| Other expenses | $717,126 | 84.2% | | Total expenses | $851,415 | 100% |

Surplus/Deficit

-$820,506 (MASSIVE DEFICIT)

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Statement of Financial Position (Page 5-6)

Current Assets

| Category | Amount |

|----------|--------|

| Bank accounts and cash | $20,804 |

| Debtors and prepayments | $0 |

| Inventory/inventories | $0 |

| Other current assets | $131,701 |

| Total current assets | $152,505 |

Non-Current Assets

| Category | Amount |

|----------|--------|

| Property, plant and equipment | $624 |

| Investments | $4,401,396 |

| Other non-current assets | $0 |

| Total non-current assets | $4,402,020 |

Total Assets: $4,554,525

Liabilities

| Category | Amount |

|----------|--------|

| Total current liabilities | $8,070 |

| Total non-current liabilities | $0 |

| Total liabilities | $8,070 |

Net Position

Total assets less total liabilities: $4,546,455

Accumulated Funds

| Category | Amount |

|----------|--------|

| Capital contributed by owners or members | $0 |

| Accumulated surplus or deficits | $4,546,455 |

| Reserves | $0 |

| Total accumulated funds | $4,546,455 |

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Supporting Information (Page 6)

Certifying Officer: Shaun Brown Withhold annual return: No

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Investigation Analysis

The $717,126 "Other Expenses" Mystery

This single line item represents:

• 84% of all 2022 expenditure
• 170x higher than typical "Other Expenses"
• 23x higher than actual grants made ($88,831)

What could "Other Expenses" include?

• Investment losses/write-downs - The charity has $4.4M in investments; 2022 was a bad year for markets
• Professional fees - Legal (Langley Twigg?) or accounting (Oldershaw?) fees
• Related party payments - The return confirms related party transactions exist
• Asset write-offs - Disposal of assets at a loss
• Unusual one-time expenses - Settlement, litigation, etc.

The Investment Portfolio Question

PAMT holds $4,401,396 in investments but only received $30,909 in investment income (0.7% return).

This is unusually low for 2022. Questions:

• What are these investments?
• Who manages them?
• Are they NIT-connected entities?
• Were there realized losses in 2022?

Related Party Transactions Confirmed

The 2022 return confirms PAMT disclosed related party transactions. This requires investigation:

• Who are the related parties?
• What were the transactions?
• Are they connected to the $717,126 "Other Expenses"?

The Oldershaw Connection

Two different Oldershaw employees have been PAMT contacts:

• Adrienne (2022 return)
• Maria Munoz (current registration)

This confirms Oldershaw Accountants provides ongoing administrative services to PAMT.

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Key Questions for Further Investigation

• What specifically comprises the $717,126 "Other Expenses"?

- Need to obtain detailed financial statements (2.36MB file)

• What are the related party transactions?

- Who are the related parties?

- What amounts were involved?

• What are the $4.4M investments?

- Asset classes?

- Fund managers?

- Any NIT connections?

• Why did income drop to $30,909?

- Previous years: $400,000-$650,000

- 2022: $30,909

- Where did the usual income go?

• What happened to Dr. Friedrich Sohnge?

- He was a trustee from 2008-2023

- Did he resign around the 2022 anomaly?

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Next Steps

• Download the 2.36MB financial statements for detailed breakdown
• Compare to 2021 and 2023 returns for context
• Research the investment portfolio composition
• Investigate related party transactions disclosure
• Check Officer Details tab for trustee timeline