New Zealand Gazette – 1991 – No. 83

Page 1830

✨ Community Trust Financial Report



1830

NEW ZEALAND GAZETTE

No. 83

The trustees derived much pleasure when the trust was recognised as the principal sponsor of the new Cancer Centre for South Canterbury and this project headed our list of donations.

A secondary school received loans to assist in the development of its hostel and to assist in the computerisation of its library.

Review of Results and Financial Position of Trust

The main income of the trust was received by way of dividends from Trust Bank New Zealand Ltd. Together with investment interest the total income for the year was $242,047. Donations distributed totalled $99,070 and after deducting expenditure a net profit of $126,603 was transferred to the trust fund.

General

The trust’s main source of income is from the investment in Trust Bank New Zealand Ltd., and accordingly we have continued to work closely with the local South Canterbury Trust Bank.

We look forward to our investment bringing substantial benefits to many worth-while organisations in the Mid and South Canterbury communities.

Income and Expenditure Account for the Period Ended 31 March 1991

Income— Note 1991 $ 1990 $
Interest 13,411 2,287
Dividends 228,636 110,700
Total income 242,047 112,987
Less expenditure—
Auditor’s fees 319 160
Accounting fees 500 1,217
Printing 1,355 398
Trustee’s fees 11,630 9,320
Travelling expenses 1,718 1,201
General 852 577
Total expenditure 16,374 12,873
Net income before donations 225,673 100,114
Less donations 99,070 52,405
Net profit transferred to the trust fund $126,603 $47,709

(The notes to the financial statement form part of and are to be read in conjunction with the above account.)

Balance Sheet as at 31 March 1991

Trust funds— Note 1991 $ 1990 $
Capital 2 4,689,000 4,689,000
Undistributed income 3 165,314 38,711
Balance 31 March 1991 $4,854,314 $4,727,711

Represented by:

Current assets—

| Bank—current account | | 20,342 | 2,551 |
| Bank—prime call account | | 141,733 | 41,010 |
| Disaster relief fund | | 2,663 | 2,298 |
| Sundry debtors | | 1,573 | – |
| Scout loan | | – | 4,000 |
| Timaru Boys’ High School—library | | 5,600 | – |
| Timaru High Schools—hostel | | 8,000 | – |
| Total current assets | | 179,911 | 49,859 |

Less current liabilities—

| Sundry creditors | | 14,597 | 11,148 |
| Total current liabilities | | 14,597 | 11,148 |
| Working capital | | 165,314 | 38,711 |

Add long-term assets—

| Investments— | | | |
| Shares in Trust Bank New Zealand Ltd. | | 4,689,000| 4,689,000|
| Net assets | | $4,854,314| $4,727,711|

Signed on behalf of the board of trustees:

A. F. McLAY, Chairperson.

D. B. TIMPANY, Trustee.



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✨ LLM interpretation of page content

💰 Trust Bank South Canterbury Community Trust Annual Report (continued from previous page)

💰 Finance & Revenue
Community Trust, Annual Report, Trustees, Charitable, Cultural, Philanthropic, South Canterbury, Mid Canterbury
  • A. F. McLay, Signed as Chairperson
  • D. B. Timpany, Signed as Trustee