New Zealand Gazette – 1993 – No. 98

Page 1870

✨ Trust Financial Report



1870

NEW ZEALAND GAZETTE

No. 98

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: As in previous years, the trust has continued the policy of selecting a number of projects in each region to receive large donations and providing smaller amounts to many other organisations. Although income for the year was less than in the previous year the total amount distributed was up slightly. In all, $432,258 was donated to community organisations throughout the Bay of Plenty.

Review of Results and Financial Position of the Trust: Dividends of $702,675 were received from Trust Bank New Zealand during the year. By comparison with the previous year, interest income increased whilst operating expenditure was held to a similar level. Donations increased from 59 percent of income to just over 61 percent, with the remaining funds being invested to provide an operating income and contingency reserve. The net surplus for the year was $275,605, bringing the accumulated trust fund to $9,978,165.

Income and Expenditure Account for the Year Ended 31 March 1993

Income— Note 1993 $ 1992 $
Dividends 2 702,675 732,600
Interest 63,316 56,472
765,991 789,072
Less expenditure—
Advertising 4,036 2,463
Audit fees 338 281
Interest/bank fees 87 88
Other expenses 5,059 5,330
Secretarial fee 5,000 5,000
Trustees’ fees 27,023 26,730
Travelling expenses 8,335 10,597
49,878 50,489
Net income before donations 716,113 738,583
Donations 432,258 429,300
R. Dillon scholarships 8,250 7,500
Net surplus transferred to the trust fund $275,605 $301,783

(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 1993

Trust Funds: Note 1993 $ 1992 $
Balance as at 1 April 1992 9,702,560 9,400,777
Net surplus for period 275,605 301,783
Balance as at 31 March 1993 $9,978,165 $9,702,560

Represented By:

Current assets—

Trust Bank Bay of Plenty—

| Current account | | 14,812 | 14,776 |
| Call account | | 62,341 | 25,809 |
| Deposit accounts | | 200,000| 530,000|
| | | 277,153| 570,585|

Accounts receivable | | 10,151 | 11,269 |
| | 287,304| 581,854|

Current liabilities—

| Accounts payable | | 15,605 | 13,124 |

Working capital | | 271,699| 568,730|

Long term assets—

| Shares in Trust Bank New Zealand Limited | 3 | 9,026,000| 9,026,000|
| Government stock | 3 | 680,466| 107,830|

Net assets | | $9,978,165| $9,702,560|

Signed on behalf of the board of trustees:



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💰 Trust Bank Bay of Plenty Community Trust Annual Report (continued from previous page)

💰 Finance & Revenue
Annual Report, Charitable Trust, Trust Bank Bay of Plenty, Community Benefits, Financial Statements