✨ Trust Financial Report
3180 NEW ZEALAND GAZETTE No. 150
Bankers
Trust Bank Bay of Plenty Ltd.
Auditors
Ernst & Young.
Trustees’ Report for the Period Ended 31 March 1990
Objectives of the Trust: To receive income and allocate such income for charitable, cultural, philanthropic, recreational and other purposes, being purposes beneficial to the community principally in the Bay of Plenty area.
Policies and Structure of the Trust: A charitable trust designed to administer capital and distribute income for charitable purposes in the Bay of Plenty area.
Activities of the Trust: This was the first full year of operation of the trust. During this time the first dividends were paid by Trust Bank New Zealand Ltd., and donations totalling $146,075 were made by the trust to community organisations within the Bay of Plenty.
Review of Results and Financial Position of the Trust: Dividends of $307,500 were received from Trust Bank New Zealand Ltd. during the year, of which $146,075 was distributed by way of donations. The remainder has been invested for the time being, both to consolidate the trust’s position and to provide an operating income. After operating costs of $23,018, a profit of $153,307 was transferred to the accumulated trust fund. At 31 March 1990 this fund stood at $9,160,220.
Assets of the trust include 7.5 million shares in Trust Bank New Zealand Ltd. valued at their cost of $9,026,000, plus term deposits and Government stock amounting to $131,444.
Also included in the trust’s assets is the initial contribution of $7,500 to the newly formed National Disaster Relief Fund. This was subsequently reduced by donations made to the mayoral relief funds in Wanganui and Taranaki.
Income and Expenditure Account for the Period Ended 31 March 1990
| Note | 1990 $ | 1989 $ |
|---|---|---|
| Income— | ||
| Dividends | 2 | 307,500 |
| Interest received | 14,900 | |
| Total income | 322,400 |
| Less expenditure— | | | |
| Advertising | | 1,480 | 88 |
| Distribution expenses | | — | 88 |
| Interest/bank fees | | 178 | 100 |
| Other expenses | | 1,761 | 915 |
| Secretarial fee | | 5,000 | — |
| Trustee’s fees | | 12,898 | 16,125 |
| Travelling expenses | | 1,702 | 1,959 |
| Total expenditure | | 23,018 | 19,187 |
| Net income before grants | | 299,382 | (19,087) |
| Less grants | | 146,075 | — |
| Net profit/(loss) transferred to the trust fund | | $153,307 | ($19,087) |
(The notes to the financial statements form part of and are to be read in conjunction with the above account.)
Balance Sheet as at 31 March 1990
| Note | 1990 $ | 1989 $ |
|---|---|---|
| Trust funds— | ||
| Balance as at 1 April 1989 | 9,006,913 | |
| Funds introduced | — | |
| Net profit/(loss) for period | 153,307 | |
| Balance, 31 March 1990 | $9,160,220 |
Represented by—
| Current assets— | | |
| Deposits | | 80,000 | — |
| National Disaster Relief Fund | | 6,383 | — |
| Sundry debtors and accruals | | 4,240 | 100 |
| Total current assets | | 90,623 | 100 |
| Less current liabilities— | | |
| Sundry creditors | | 5,207 | 16,475 |
| Trust Bank Bay of Plenty Ltd.—current account | | 2,610 | 2,712 |
| Working capital | | 82,806 | (19,087) |
| Add long-term assets— | | |
| Shares in Trust Bank New Zealand Ltd. | 3 | 9,026,000 | 9,026,000 |
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VUW Te Waharoa —
NZ Gazette 1990, No 150
NZLII —
NZ Gazette 1990, No 150
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Trust Bank Bay of Plenty Community Trust Particulars
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💰 Finance & RevenueCommunity Trust, Trustees, Trustee Banks Restructuring Act 1988, Financial Report