✨ Trust Bank Otago Community Trust Annual Report
NEW ZEALAND GAZETTE
No. 141
Trust Bank Otago Community Trust Inc.
Trustees Report for the Year Ended 31 March 1992
The trustees have pleasure in presenting the fourth annual report of the trust. The trustees’ duties, which have not changed since last year, include managing the assets of the trust and applying funds for charitable, cultural, philanthropic, recreational and other purposes, being purposes beneficial to the community generally, within the Otago provincial district. The major asset of the trust is a 13.5 percent shareholding in Trust Bank New Zealand Limited.
Donations
| $ | |
|---|---|
| Donations approved during the year | 2,102,398 |
| Less unpaid at balance date | 1,210,000 |
| Add prior year donation paid this year | 892,398 |
| 125,000 |
Donations paid as per income and expenditure account | 1,017,398 |
The reason for some donations being unpaid at balance date is either, because certain conditions upon which the donation becomes payable are not yet fulfilled by the donee, or payment is to be spread over future years. By entering into arrangements to pay some donees over a period of years, the trust has been able to assist some larger projects in a more practical way. While payment of future years donation installments is not legally binding upon the trust, undertakings of this nature are closely monitored by the trustees relative to the trust's projected income.
A full list of donations made during the year can be obtained from the secretary.
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. No payments were made from this fund during the year.
Review of Financial Results
The income of the trust has increased again this year, largely as a result of the continuing excellent performance of the trust's major asset, being its 13.5 percent shareholding in Trust Bank New Zealand Limited. Dividends received from the bank comprise the major part of its income.
Expenses have remained similar to last year, except for secretarial and professional fees. This year secretarial fees cover a full year, whereas last year they related to a 6-month period only, from the date of the commencement of the secretary. Professional fees fluctuate according to the degree of expert opinion sought each year.
Trustees consider that the affairs of the trust are sound.
Acknowledgements
During the year, the trust lost the services of one of its trustees, Mr Bruce Malcolm. His contribution was extremely valuable and sincerely appreciated by all trustees. Messrs John Edgecombe of Dunedin and Dave Pasley of Oamaru were appointed as trustees by the Associate Minister of Finance in May 1991.
The financial statements of the trust follow this report.
For and on behalf of the trustees.
Trustee: C. A. MELVILLE.
Trustee: N. S. JONES.
Dated the 2nd day of July 1991.
Trust Bank Otago Community Trust Inc.
Income and Expenditure Account for the Year Ended 31 March 1992
| 1992 $ | 1991 $ | |
|---|---|---|
| Income | ||
| Interest received | 106,613 | 89,586 |
| Dividends received | 1,318,680 | 1,143,180 |
| Total income | 1,425,293 | 1,232,766 |
| Less expenses | ||
| ACC levy | 282 | 287 |
| Advertising | 2,787 | 3,128 |
| Audit fees | 850 | 761 |
| General expenses | 589 | 902 |
| Professional fees | 250 | 10,581 |
| Secretarial expenses | 37,067 | 16,466 |
| Travelling expenses | 7,587 | 6,030 |
| Trustees fees | 24,868 | 26,070 |
| Total expenses | 74,279 | 64,225 |
| Net income before grants | 1,351,014 | 168,541 |
| Less donations: | ||
| Paid out | 1,017,398 | 446,825 |
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VUW Te Waharoa —
NZ Gazette 1992, No 141
NZLII —
NZ Gazette 1992, No 141
✨ LLM interpretation of page content
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Trust Bank Otago Community Trust Inc. Trustees Report for the Year Ended 31 March 1992
(continued from previous page)
💰 Finance & Revenue2 July 1991
Annual Report, Charitable Trust, Community Trust, Donations, Financial Results, Trustees
- Bruce Malcolm (Mr), Resigned as trustee
- John Edgecombe (Mr), Appointed as trustee
- Dave Pasley (Mr), Appointed as trustee
- C. A. Melville, Trustee
- N. S. Jones, Trustee
💰 Trust Bank Otago Community Trust Inc. Income and Expenditure Account for the Year Ended 31 March 1992
💰 Finance & RevenueIncome and Expenditure, Financial Report, Trust Bank, Dividends, Expenses