2568 NEW ZEALAND GAZETTE No. 126

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 7th day of July 1993.

Trust Bank Otago Community Trust Inc.

Income and Expenditure Account for the Year Ended 31 March 1993

Income—
Interest received .................................................................................................................. $ 89,225 $ 106,613
Dividends received (note 2) ..................................................................................................... 1,264,815 1,318,680
Total income ............................................................................................................................. 1,354,040 1,425,293
Less expenses—
ACC levy ............................................................................................................................. 316 282
Advertising .......................................................................................................................... 15,228 2,787
Audit fees ............................................................................................................................ 800 850
General expenses ................................................................................................................. 5,843 250
Secretarial fees and expenses ................................................................................................. 41,035 37,067
Travelling expenses .............................................................................................................. 8,987 7,586
Trustees fees ...................................................................................................................... 32,101 24,868
Total expenses .......................................................................................................................... 106,126 74,279
Net income before donations ....................................................................................................... 1,247,914 1,351,014
Less donations paid .................................................................................................................. 918,918 1,017,398
Undistributed income ................................................................................................................ $328,996 $333,616

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

Trust Bank Otago Community Trust Inc.

Balance Sheet at 31 March 1993

Accumulated funds—
Balance at 31 March 1992 ................................................................................................... $22,430,458 $22,096,842
Add undistributed income from this year .................................................................................. 328,996 333,616
Accumulated funds at 31 March 1993 .......................................................................................... 22,759,455 22,430,458

Represented by current assets—
Trust Bank Otago—current accounts ....................................................................................... 999,119 767,549
Trust Bank Otago—term deposits ........................................................................................... 550,000 450,000
National Disaster Relief Fund—at call ....................................................................................... 15,716 14,698
Interest accrued .................................................................................................................. 11,460 12,094
Total current assets ................................................................................................................... 1,576,295 1,244,341

Deduct current liabilities—
Sundry creditors .................................................................................................................. 4,056 1,100
Undistributed grant provision—NDRF ...................................................................................... 15,135 15,135
Total current liabilities ............................................................................................................... 19,192 16,235

Working capital .......................................................................................................................... 1,557,103 1,228,106
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 ............................................................................................ $22,759,455 $22,430,458

Signed on behalf of the board of trustees.

Chairperson: C. A. MELVILLE.

Trustee: N. S. JONES.

Dated the 7th day of July 1993.

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