2476 NEW ZEALAND GAZETTE No. 110

groups in Canterbury, Marlborough and Nelson. In addition to responding to applications for assistance the trust has initiated several new projects of benefit to community groups.

Due to the increased level of grant applications and administration the trust has now employed a full time trust manager and purchased computer equipment.

Review of Results and Financial Position of the Trust: The trust distributed over $2.4 million by way of donations to community groups during the last 12 months. The trust’s investment in Trust Bank New Zealand Limited continues to be very profitable and has enabled the trust to expand its charitable work while maintaining a sound financial position.

Income and Expenditure Statement for the Year Ended 31 March 1992

| Less expenses— | | |
| Advertising | 16,785 | 9,222 |
| Auditing fees | 3,675 | 4,325 |
| Computer software | 1,663 | — |
| Distribution expenses| 19,844 | 8,816 |
| Other expenses | 13,459 | 8,844 |
| Secretarial and treasurer expenses | 43,739 | 16,032 |
| Trustees expenses | 16,171 | 9,064 |
| Trustees fees | 75,500 | 38,600 |
| Depreciation | 2,530 | — |
| Total expenses | 193,366 | 94,903 |

| Add holding gain on fixed interest Government and local authority stocks | 171,926 | 24,110 |
| Net surplus before grants | 3,389,944 | 2,853,478 |
| Less grants paid (Note 4) | 2,449,999 | 1,482,358 |
| Net surplus transferred to trust fund | $939,945 | $1,371,120 |

(The notes to the financial statements form part of and are to be read in conjunction with these financial statements.)

Balance Sheet as at 31 March 1992

Represented by:
| Trust Bank Canterbury Limited accounts— | | |
| Current account | 112,998 | 29,463 |
| On call account | — | 52,433 |
| Term investment account | 408,838 | 928,066 |
| Sundry debtors and prepayments| 70,499 | 37,177 |
| | 592,335 | 1,047,139 |

| Investments— | | |
| Government securities | 946,285 | 585,917 |
| Local authority securities | 1,000,184 | 104,263 |
| Trust Bank New Zealand shares (Note 3) | 56,235,000 | 56,235,000 |
| Community trust loans | 18,807 | 3,000 |
| Mount Cavendish gondola shares (Note 3) | 130,000 | — |
| | 58,330,276| 56,928,180|

| Fixed assets (Note 6) | 24,804 | — |
| Total assets | 58,947,415| 57,975,319|

| Current liabilities— | | |
| Trust Bank Canterbury Limited | | |
| Current account | 20,921 | — |
| Accounts payable | 26,113 | 14,883 |
| Total liabilities | 47,034 | 14,883 |
| Net assets | $58,900,381| $57,960,436|

Signed on behalf of the board of trustees: