New Zealand Gazette – 1994 – No. 56

Page 1922

✨ Trust Financial Statements



1922
NEW ZEALAND GAZETTE
No. 56

Auditors’ Report to the Members of TSB Community Trust

We have audited the financial statements in accordance with accepted auditing standards, and have carried out such procedures as we considered necessary.

In our opinion, the financial statements present a true and fair view under the historical cost convention of the state of the trust’s affairs as at 31 March 1994 and the results of its activities and the cash flows for the year ended on that date.

ERNST & YOUNG, Chartered Accountants.

Dated at New Plymouth this 17th day of May 1994.

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Trust Bank Southland Community Trust Inc.

Revenue Statement for the Year Ended 31 March 1994

Revenue— Note 1994 $ 1993 $
Dividends 2 2,003,963 1,302,291
Interest 188,501 127,330
Other income 23,000 23,000
Total revenue 2,215,464 1,452,621
Less expenditure—
Administration fees 10,000 10,000
Auditor’s fees 10 2,320 1,165
Donation 1,390 0
Other expenses 19,688 16,348
Travelling expenses 3,404 5,167
Trustees’ remuneration 24,752 23,585
Total expenditure 61,554 56,265
Net surplus before grants 2,153,910 1,396,356
Less grants 800,960 812,960
Net surplus for the year $1,352,950 $583,396
Distributed to:
Investment reserve 486,517 321,793
Undistributed surplus 866,433 261,603
$1,352,950 $583,396

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

Balance Sheet for the Year Ended 31 March 1994

Trust funds— Note 1994 $ 1993 $
Funds introduced 6 21,281,000 21,281,000
Investment reserve 7 3,000,000 973,562
Undistributed surplus –203,159 470,329
$24,077,841 $22,724,891

Represented by:

Current assets—

Trust Bank Southland Limited—

| Current account | | 628 | 6,010 |
| Money market account | | 470,000 | 1,117,876 |
| Accounts receivable | | 250 | 15,355 |
| Total current assets | | 470,878 | 1,139,241 |

Less current liabilities—

| Accounts payable | 8 | 19,009 | 10,900 |
| Grants yet to be disbursed | | 670,750 | 669,500 |
| Total current liabilities | | 689,759 | 680,400 |
| Net current assets | | –218,881 | 458,841 |

Investments—

| Shares in Trust Bank New Zealand Limited | 5 | 21,281,000 | 21,281,000 |
| Shares in Trust Bank New Zealand Limited | 5 | 3,000,000 | 0 |
| Trust Bank Southland Limited—money market | | 0 | 968,866 |



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✨ LLM interpretation of page content

💰 Auditors’ Report to the Members of TSB Community Trust (continued from previous page)

💰 Finance & Revenue
17 May 1994
Financial Statements, Audit, TSB Community Trust, Revenue, Expenditure, Balance Sheet
  • ERNST & YOUNG, Chartered Accountants

💰 Trust Bank Southland Community Trust Inc. Revenue Statement for the Year Ended 31 March 1994

💰 Finance & Revenue
Revenue, Expenditure, Grants, Investment Reserve, Undistributed Surplus, TSB Bank Southland