New Zealand Gazette – 1985 – No. 197

Page 4698

✨ Financial Statements



4698
THE NEW ZEALAND GAZETTE
No. 197

1985 1984
Current Assets— $ $
Cash resources .. .. .. .. .. .. .. 6,661,776 4,422,194
Accounts receivable .. .. .. .. .. .. 335,643 471,192
Trusteebank visa and overdraft advances .. .. .. 2,678,661 1,786,173
Taxation refundable (note 4) .. .. .. .. .. 49,618 62,492
Accrued income .. .. .. .. .. .. .. 1,132,855 947,582
10,858,553 7,689,633
Investments—
New Zealand Government and Local Authority Securities (note 2) 42,086,724 38,204,111
Mortgages .. .. .. .. .. .. .. .. 67,478,114 57,397,921
Personal loans .. .. .. .. .. .. .. 4,555,149 3,350,892
114,119,987 98,952,924
Fixed Assets—
Cost less depreciation (note 3) .. .. .. .. .. 2,201,527 2,099,035
$127,180,067 $108,741,592

The references in these accounts are to the numbered notes on the following pages which form an integral part of, and are to be read in
conjunction with, these accounts.

J. A. CONNOLLY, President.
M. R. JENSEN, General Manager.

PROFIT STATEMENT FOR YEAR ENDED 31 MARCH 1985

1985 1984
Income— $ $ $
Interest on Government and Local Authority Securities .. .. 4,624,456 4,267,690
Interest on mortgage and personal loan lending .. .. .. 10,022,425 8,625,272
Interest on other investments .. .. .. .. .. .. 970,735 1,045,297
Other income .. .. .. .. .. .. .. .. 499,930 384,866
Total income .. .. .. .. .. .. .. .. 16,117,546 14,323,125
Less expenses—
Interest to depositors .. .. .. .. .. .. .. 9,717,444 8,528,254
Audit .. .. .. .. .. .. .. .. .. 25,344 21,588
Equipment leasing .. .. .. .. .. .. .. 45,258 201,425
Mortgage interest .. .. .. .. .. .. .. — 1,500
Trustees' honoraria .. .. .. .. .. .. .. 14,858 14,420
Administration .. .. .. .. .. .. .. .. 5,264,417 4,407,414
Depreciation .. .. .. .. .. .. .. .. 294,613 205,837
15,361,934 13,380,438
Profit before taxation .. .. .. .. .. .. .. 755,612 942,687
Less taxation on profit (note 4) .. .. .. .. .. 340,025 424,209
Tax paid profit for year .. .. .. .. .. .. .. 415,587 518,478
Add extraordinary item net of taxation (note 8) .. .. .. — 69,732
Tax paid profit after extraordinary item .. .. .. .. 415,587 588,210
Retained profit brought forward .. .. .. .. .. 2,807,539 2,219,329
Retained profit .. .. .. .. .. .. .. .. $3,223,126 $2,807,539

FUNDS STATEMENT FOR YEAR ENDED 31 MARCH 1985

1985 1984
Source of Funds— $ $ $
From Operations:
Tax paid profits .. .. .. .. .. .. .. 415,587 518,478
Add back items not requiring funds
—Depreciation .. .. .. .. .. .. .. 294,613 205,837
—Taxation .. .. .. .. .. .. .. 340,025 424,209
—Other .. .. .. .. .. .. .. .. (156,009) (75,910)
Total funds from operations .. .. .. .. .. 894,216 1,072,614
From Other Sources:
Depositors' balances increase .. .. .. .. .. 16,659,694 7,300,074
Repayment of investment principal on
—Mortgages and personal loans .. .. .. .. 15,844,380 10,445,067
—Government stock .. .. .. .. .. .. 4,000 2,000
Term loan net increase .. .. .. .. .. .. 192,232 845,440
Decrease in cash resources .. .. .. .. .. — 2,602,164
$33,594,522 $22,267,359
Use of Funds—
Investments:
—Government stock .. .. .. .. .. .. 3,725,604 2,228,911
—Mortgages and personal loans .. .. .. .. 27,128,829 17,824,837
30,854,433 20,053,748
Repayment of mortgage principal .. .. .. .. 97,199 58,694
Payment of taxation .. .. .. .. .. .. 397,105 463,740
Fixed asset purchases net of disposal proceeds .. .. .. 2,245,785 1,691,177
Increase in cash resources .. .. .. .. .. — —
$33,594,522 $22,267,359


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✨ LLM interpretation of page content

💰 TrusteeBank Wellington Balance Sheet as at 31 March 1985 (continued from previous page)

💰 Finance & Revenue
Balance Sheet, Financial Report, TrusteeBank Wellington
  • J. A. Connolly, President
  • M. R. Jensen, General Manager

💰 Profit Statement for Year Ended 31 March 1985

💰 Finance & Revenue
Profit Statement, Financial Report, TrusteeBank Wellington
  • J. A. Connolly, President
  • M. R. Jensen, General Manager

💰 Funds Statement for Year Ended 31 March 1985

💰 Finance & Revenue
Funds Statement, Financial Report, TrusteeBank Wellington
  • J. A. Connolly, President
  • M. R. Jensen, General Manager