New Zealand Gazette – 1992 – No. 110

Page 2461

✨ Trust Report and Financial Statements



16 JULY NEW ZEALAND GAZETTE 2461

Auditors:
Ingham Mora Malcolm & Russell.

Trustees’ Report:
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: The trust continued its policy of the previous year by selecting a number of special projects as recipients of larger grants, whilst increasing the number of smaller donations to many organisations. Donations for the year totalled $429,300. The Ray Dillon Memorial Scholarship continued its support for disabled people engaged in tertiary education, with two more scholarships being awarded during the year.

Review of Results and Financial Position of the Trust: Dividends of $732,600 were received from Trust Bank New Zealand during the year, of which $429,300 was distributed to community organisations. The remainder was invested to provide an operating income and act as a contingency reserve. Operating expenses were $57,989, and the net profit was $301,783. At 31 March the accumulated trust fund stood at $9,702,560.

Income and Expenditure Account For The Year Ended 31 March 1992

Income— Note 1992 $ 1991 $
Dividends 2 732,600 635,100
Interest 56,472 46,094
Other income - 2
Total income 789,072 681,196
Less expenditure—
Advertising 2,463 9,043
Audit fees 281 1,056
Interest/bank fees 88 40
Other expenses 5,330 940
Trustees’ fees 26,730 20,742
Travelling expenses 10,597 4,826
R Dillon Scholarships 7,500 1,800
Total expenditure 57,989 43,447
Net income before grants 731,083 637,749
Less grants 429,300 397,192
Net profit transferred to the trust fund $301,783 $240,557

(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 1992

Trust funds— Note 1992 $ 1991 $
Balance as at 1 April 1991 9,400,777 9,160,220
Net profit for period 301,783 240,557
Balance as at 31 March 1992 $9,702,560 $9,400,777

Represented by:
Current assets—
Trust Bank Bay of Plenty—
Current account | | 14,776 | 3,844 |
Call account | | 25,809 | 31,899 |
Deposit accounts | | 530,000| 300,000|
Debtors and accruals | | 11,269 | 3,101 |
Total current assets | | 581,854| 338,844|
Less current liabilities—
Creditors | | 13,124 | 14,864 |
Working capital | | 568,730| 323,980|
Add long term assets—
Shares in Trust Bank New Zealand Limited | 3 | 9,026,000 | 9,026,000 |



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✨ LLM interpretation of page content

🏢 Annual Report of Trust Bank Bay of Plenty Community Trust Inc. (continued from previous page)

🏢 State Enterprises & Insurance
Trust, Annual Report, Charitable Trust, Community Benefits, Financial Statements
  • Ingham Mora Malcolm & Russell