3524
NEW ZEALAND GAZETTE
No. 168

Large Grants

In addition, trustees endeavour to assist a lesser number of organisations with larger grants. During the year the following organisations benefitted:

Araiteuru Trust .. .. .. .. .. .. .. .. .. .. .. .. .. $10,000
Dunedin Opera Company .. .. .. .. .. .. .. .. .. .. .. $65,000
Oamaru Whitestone Civic Trust .. .. .. .. .. .. .. .. $20,000
Otago Community Hospice Trust .. .. .. .. .. .. .. .. $125,000
Total .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. $220,000

There are a number of provisionally approved projects before the trust that require further action on the part of the applicant. Approximately $375,000 of the surplus income for the year under review is earmarked for these projects.

National Disaster Relief Fund

Our trust operates in conjunction with all other regional trust bank community trusts towards the maintenance of a national disaster relief fund. Our contribution to a top up during the year amounted to $1,635. A grant of $10,000 was made from this fund to the Motueka Mayoral Flood Relief Fund of which our trust share was $1,350.

Review of Financial Results

The income of the trust has grown significantly since last year arising from increased dividends and interest on the investment of those dividends. Clearly, this excellent growth is attributable to performance of our major investment, Trust Bank New Zealand Limited. Surplus income includes the interim 1991 dividend from Trust Bank New Zealand Limited of $245,430. This will contribute to the funding of the next multi grant to be announced in August this year. Trustees maintain a general contingency reserve of $150,000.

The financial statements of the trust follow this report.

Trustee: C. A. MELVILLE.
Trustee: N. S. JONES.
Dated 21 June 1991.

Balance Sheet as at 31 March 1991

                                1991        1990
                                $           $

Accumulated funds—
Balance at 31 March 1990 .. .. .. .. .. .. .. .. 21,376,761 21,176,407
Add surplus income from this year .. .. .. .. .. .. 720,081 200,354
Accumulated funds at 31 March 1991 .. .. .. .. .. 22,096,842 21,376,761

Represented by current assets—
Trust Bank Otago—Current account .. .. .. .. .. .. 629,245 12,862
Trust Bank Otago—Term deposits .. .. .. .. .. .. .. 270,000 160,164
National Disaster Relief Fund—at call .. .. .. .. .. 13,311 13,514
Interest accrued .. .. .. .. .. .. .. .. .. .. .. .. 319 2,781
Total current assets .. .. .. .. .. .. .. .. .. .. 912,875 189,321

Deduct current liabilities—
Sundry creditors .. .. .. .. .. .. .. .. .. .. .. .. 3,250 1,412
Undistributed grant provisions—NDRF .. .. .. .. .. 15,135 13,500
Total current liabilities .. .. .. .. .. .. .. .. .. 18,385 14,912
Working capital .. .. .. .. .. .. .. .. .. .. .. .. 894,490 174,409

Add investment (note 3)—
13,500,000 shares in Trust Bank New Zealand Limited 21,202,352 21,202,352
Net assets as per accumulated funds .. .. .. .. .. 22,096,842 21,376,761

Signed on behalf of the Board of Trustees.
Chairperson: C. A. MELVILLE.
Trustee: N. S. JONES.
Dated 21 June 1991.

These accounts are to be read in conjunction with the notes set out below.

Income and Expenditure Account for 12 Months Ended 31 March 1991

                                1991        1990
                                $           $

Income—
Interest received .. .. .. .. .. .. .. .. .. .. .. 89,586 20,558
Dividends received (note 2) .. .. .. .. .. .. .. 1,143,180 553,500
Total income .. .. .. .. .. .. .. .. .. .. .. .. 1,232,766 574,058
Less expenses—