New Zealand Gazette – 1986 – No. 155

Page 4188

✨ Financial Statements



THE NEW ZEALAND GAZETTE

NO. 155

TRUSTEEBANK CANTERBURY

BALANCE SHEET AS AT 31 MARCH 1986

Note 1986 $000 1985 $000
Current Assets—
Cash resources 82,435 44,809
Interest accrued on investments 13,373 6,974
Accounts receivable 1,851 737
Taxation refund due 925 941
98,584 53,461
Investments—
Government securities 2 234,359 258,967
Local authority securities 3 8,327 8,004
Mortgages and term loans 332,307 314,671
Personal loans (less unearned interest) 31,922 26,717
Other advances 4 13,451 9,269
Other investments 4,139 916
624,505 618,544
Fixed Assets 5 33,186 32,811
$756,275 $705,216
Depositors' balances 690,584 653,751
Current Liabilities—
Interest accrued on depositors' accounts 22,319 17,790
Provision for grants 375 450
Accounts payable 3,128 2,698
Deferred Taxation 1 9,424 5,949
Reserves—
Retained earnings 21,396 19,042
Property revaluation reserve 6 9,049 5,336
30,445 24,378
$756,275 $705,216

PROFIT STATEMENT FOR THE YEAR ENDED 31 MARCH 1986

Note 1986 $000 1985 $000
Income—
Government securities 31,893 29,352
Local authority securities 1,023 1,164
Mortgages, personal loans and term loans 65,065 46,380
Other investments 15,119 5,936
Rents, commissions, fees, etc. 5,289 2,522
118,389 85,354
Less expenditure—
Interest to depositors 83,503 55,508
Audit fee 56 42
Leasing charges 891 930
Trustees honoraria 53 43
Administration expenses 23,042 19,770
Depreciation 3,723 2,768
112,168 79,061
Operating profit 6,221 6,293
Less taxation 1 2,903 2,651
Net profit for year before extraordinary items 3,318 3,642
Less extraordinary items 8 589 —
Net profit for year after extraordinary items 2,729 3,642
Add retained earnings brought forward 19,042 15,850
Less provision for grants 375 450
Retained Earnings 31 March 1986 21,396 19,042

B. R. SHACKEL, President.
F. DICKSON, General Manager.

Christchurch, New Zealand, 29 April 1986.

AUDITORS' REPORT

We have examined the accompanying balance sheet, profit statement and statement of changes in financial position of Trusteebank Canterbury and have obtained all the information and explanations we have required.

We are of the opinion that the balance sheet and accounts give on an historical cost basis, adjusted by revaluation of certain assets, a true and fair view of the state of affairs of the bank as at 31 March 1986 and of the results of its business and of the changes in its financial position for the year ended on that date.

PEAT, MARWICK, MITCHELL & CO.,
Chartered Accountants.

Christchurch, New Zealand, 1 May 1986.



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✨ LLM interpretation of page content

💰 TrusteeBank Canterbury Balance Sheet as at 31 March 1986

💰 Finance & Revenue
29 April 1986
Balance Sheet, Financial Statement, TrusteeBank Canterbury, 1986
  • B. R. Shackel, President
  • F. Dickson, General Manager

💰 TrusteeBank Canterbury Profit Statement for the Year Ended 31 March 1986

💰 Finance & Revenue
29 April 1986
Profit Statement, Financial Statement, TrusteeBank Canterbury, 1986
  • B. R. Shackel, President
  • F. Dickson, General Manager

💰 Auditors' Report for TrusteeBank Canterbury

💰 Finance & Revenue
1 May 1986
Auditors' Report, Financial Statement, TrusteeBank Canterbury, 1986
  • PEAT, MARWICK, MITCHELL & CO., Chartered Accountants