✨ Trust Bank Waikato Community Trust Report
26 MAY NEW ZEALAND GAZETTE
1777
Auditors
Deloitte Touche Tohmatsu, Hamilton.
Trustees’ Report for the Year Ended 31 March 1994
Income
Dividends of $2,061,631 (1993: $1,339,767) were received by the Trust Bank Waikato Community Trust from Trust Bank New Zealand Limited during the 1994 year.
Other income amounted to $188,468 (1993: $139,971) being income from other investments held by the trust.
Grants
Grants for the 1994 year totalled $900,830 (1993: $734,265). This represents a 22.7 percent increase over the previous year. These grants were made to 2100 recipients.
Trust Funds
A net surplus of $16,017,615 (1993: $664,089) was transferred to trust funds, along with an adjustment to recognise the market value of the shares held in Trust Bank New Zealand Limited. This gave an accumulated balance of $133,271,370 (1993: $23,546,884) at the end of the year. Previously the shares in Trust Bank New Zealand Limited were recorded at cost due to the difficulty of determining the market value.
General
In March 1994 the trust sold 15 percent of the shares it held in Trust Bank New Zealand Limited. The sale was in conjunction with a public float and resulted in the trust receiving sale proceeds of $17,798,028.
• The trust remains in a sound position to continue to provide charitable, cultural, philanthropic and recreational benefits within its area of operation.
Income and Expenditure Account for the Year 31 March 1994
| This Year $ | Last Year $ | |
|---|---|---|
| Income— | ||
| Dividends received | 2,105,426 | 1,350,299 |
| Interest received | 139,873 | 129,439 |
| Brokerage refunded | 4,800 | — |
| Total income received | 2,250,099 | 1,479,738 |
| Expenses— | | |
| Accountancy/secretarial fees | 29,497 | 17,275 |
| Audit fee | 844 | 844 |
| Legal fees | — | 6,073 |
| Grant stationery, advertising | 1,397 | 2,877 |
| Membership fees | 116 | 56 |
| Other expenses | 4 | 6 |
| Publications | 2,555 | 1,572 |
| Travelling expenses | 2,510 | 2,128 |
| Trustees’ fees | 24,536 | 20,985 |
| Total expenses | 61,459 | 51,816 |
| Net income before grants | 2,188,640 | 1,427,922 |
| Less grants | 900,830 | 734,265 |
| Net income after grants | 1,287,810 | 693,657 |
| Increase/(decrease) in market value of investments | 129,270 | (29,568) |
| Realised gain on sale of Trust Bank New Zealand Limited shares | 14,600,535 | — |
| Net surplus | 16,017,615 | 664,089 |
| Retained income brought forward | 2,230,262 | 1,566,173 |
| Retained income carried forward | $18,247,877 | $2,230,262 |
Balance Sheet as at 31 March 1994
| This Year $ | Last Year $ | |
|---|---|---|
| Current liabilities— | ||
| Sundry creditors | 30,984 | 21,457 |
| Total current liabilities | 30,984 | 21,457 |
| Trust funds— | | |
| Capital fund (Note 5) | 21,316,622 | 21,316,622 |
| Retained income | 18,247,877 | 2,230,262 |
| Shares in Trust Bank New Zealand Limited—revaluation reserve | 93,706,871 | — |
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VUW Te Waharoa —
NZ Gazette 1994, No 50
NZLII —
NZ Gazette 1994, No 50
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Trust Bank Waikato Community Trust Financial Report
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💰 Finance & RevenueTrust report, income, grants, trust funds, financial statements
- Deloitte Touche Tohmatsu, Hamilton