✨ Financial Statements
4 SEPTEMBER THE NEW ZEALAND GAZETTE 3761
REVENUE STATEMENT FOR THE YEAR ENDED 31 MARCH 1986
| Income: | 1986 | $ | 1985 | $ |
|---|---|---|---|---|
| Interest: | ||||
| Government securities | 7,573,128 | 7,307,400 | ||
| Local authority securities | 18,200 | 16,707 | ||
| Mortgages and term loans | 15,426,014 | 10,853,050 | ||
| Personal lending | 144,271 | 969,043 | ||
| Cash resources | 5,314,062 | 1,521,870 | ||
| Other investments | 4,339,294 | 1,576,809 | ||
| 32,814,969 | 22,244,879 | |||
| Rents, commissions, fees, etc. | 2,613,201 | 837,127 | ||
| 35,428,170 | 23,082,006 |
Less Expenditure:
| 1986 | $ | 1985 | $ | |
|---|---|---|---|---|
| Interest to depositors | 24,305,126 | 14,804,255 | ||
| Administration expenses | 9,608,024 | 6,967,982 | ||
| Depreciation (note 1) | 419,805 | 296,306 | ||
| Audit fees | 30,000 | 19,720 | ||
| Trustees' honoraria | 34,539 | 27,472 | ||
| 34,397,494 | 22,115,735 |
Net operating profit before taxation | 1,030,676 | | 966,271 |
Less provision for taxation | 514,616 | | 448,508 |
Plus share of profit associate company (note 1) | 95,811 | | 51,763 |
Net profit including associate and before extraordinary item | 611,871 | | 569,526 |
Less extraordinary item (note 6) | 80,024 | | — |
Net profit after extraordinary item | 531,847 | | 569,526 |
Less provision for donations | 75,000 | | 75,000 |
| 456,847 | | 477,057 |
Add retained earnings brought forward | 4,580,811 | | 4,103,754 |
Retained earnings as at 31 March | $5,037,658 | | $4,580,811 |
The notes to the financial statements form part of and are to be read in conjunction with this revenue statement.
STATEMENT OF CHANGES IN FINANCIAL POSITION FOR THE YEAR ENDED 31 MARCH 1986
Funds Were Received From:
| $ | |
|---|---|
| Net profit for year | 531,847 |
| Adjustments for items not involving movement of funds: | |
| Depreciation | 419,805 |
| Deferred taxation | 587,551 |
| 1,007,356 |
Increase in depositors' funds | 1,539,203 |
Investment repayments | 23,705,720 |
| Government securities | 27,998,591 |
| Local authority securities | 15,722 |
| Mortgages | 20,342,918 |
| Personal lending | 3,925,576 |
| | 52,282,807 |
These funds were applied to:
| $ | |
|---|---|
| Investments | |
| Government securities | 15,290,000 |
| Mortgages | 27,370,000 |
| Personal lending | 4,163,559 |
| Other lending (net) | 580,486 |
| Associate company | 1,031,561 |
| 48,435,606 |
Decrease in term liabilities | 100,000 |
Donations | 75,000 |
Net capital expenditure | 1,176,807 |
Increase in working capital | 27,740,317 |
Working capital increases (decreases):
| $ | |
|---|---|
| Cash resources | 26,123,905 |
| Accounts receivable | 473,411 |
| Income accrued | 2,504,338 |
| Taxation | 59,912 |
| Accounts payable | (102,117) |
| Interest accrued to depositors | (1,319,132) |
| 27,740,317 |
G. M. REEVES, President.
P. D. MUNN, General Manager.
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VUW Te Waharoa —
NZ Gazette 1986, No 138
NZLII —
NZ Gazette 1986, No 138
✨ LLM interpretation of page content
💰 Revenue Statement for the Year Ended 31 March 1986
💰 Finance & RevenueRevenue, Financial Statements, Interest, Rents, Commissions, Fees, Expenditure, Net Profit
💰 Statement of Changes in Financial Position for the Year Ended 31 March 1986
💰 Finance & RevenueFinancial Position, Funds Received, Investments, Working Capital
- G. M. Reeves, President
- P. D. Munn, General Manager