✨ Financial Statements
NEW ZEALAND GAZETTE
No. 83
The trust printed a new application form for those requesting donations and also a brochure which explains the procedure required and the general criteria considered by the trustees in dealing with all applications.
Review of Results and Financial Position of Trust: The main income of the trust was received by way of dividends from Trust Bank New Zealand Limited, totalling $389,259 and after adding the investment income the total gross income was $414,125. The net income (before donations) was $365,863 and after deducting the donations to community groups the surplus transferred to undistributed funds was $168,933.
Restructuring costs have been an abnormal expense for the trust in this financial year relating to events prior to the share float by Trust Bank New Zealand Limited. The total of $6,959 includes the cost of obtaining expert opinion and legal expenses arising from the restructuring process.
Prior to the share float the trust received a bonus issue of 2,700,000 shares from Trust Bank New Zealand Limited bringing the total shareholding of the trust to 10,800,000 after conversion from $1 to 50 cent shares. Consequently it is expected that the dividends available in the future will reflect an increase due to our increased shareholding.
It is expected that our trust will continue to play a vital part in assisting many community groups in Mid and South Canterbury districts.
Income and Expenditure Account for the Year Ended 31 March 1994
| 1994 | 1993 | |
|---|---|---|
| $ | $ | |
| Income— | ||
| Interest | 24,866 | 20,958 |
| Dividends | 389,259 | 252,963 |
| Total income | 414,125 | 273,921 |
| Less expenditure— | ||
| Auditors’ fees | 197 | 152 |
| Accounting fees | — | 175 |
| Advertising | 3,939 | 1,711 |
| Printing and stationery | 4,647 | 2,696 |
| Restructuring expenses | 6,959 | — |
| Secretarial services | 6,750 | 6,188 |
| Trustees’ fees | 14,340 | 14,712 |
| Travelling expenses | 4,235 | 5,018 |
| Typing and computer services | 3,274 | 2,825 |
| General expenses | 1,279 | 908 |
| Depreciation—marquees | 2,642 | 1,321 |
| Total expenditure | 48,262 | 35,706 |
| Net income before donations | 365,863 | 238,215 |
| Less donations paid | 196,930 | 143,556 |
| Surplus transferred to the trust fund | $168,933 | $94,659 |
(The notes to the financial statement form part of and are to be read in conjunction with the above account.)
Balance Sheet as at 31 March 1994
| 1994 | 1993 | |
|---|---|---|
| $ | $ | |
| Trust funds— | ||
| Capital | 4,689,000 | 4,689,000 |
| Bonus issue of shares | 2,700,000 | — |
| 7,389,000 | 4,689,000 | |
| Undistributed income | 606,397 | 437,464 |
| Balance as at 31 March 1994 | $7,995,397 | $5,126,464 |
Represented by current assets—
| Bank— | ||
|---|---|---|
| Current account | 19,518 | 11,099 |
| Prime call account | 533,470 | 371,720 |
| Disaster relief fund | 3,054 | 3,144 |
| Sundry debtors | 12,000 | 2,405 |
| 568,042 | 388,368 | |
| Less current liabilities— | ||
| Sundry creditors | 22,895 | 26,796 |
| Total current liabilities | 22,895 | 26,796 |
| Working capital | 545,147 | 361,572 |
| Add long term assets— | ||
| Long term advances | 52,000 | 64,000 |
| Investments— | ||
| Shares in Trust Bank New Zealand Limited | 7,389,000 | 4,689,000 |
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VUW Te Waharoa —
NZ Gazette 1994, No 83
NZLII — 🌐 NZ Gazette 1994, No 83
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Trust Bank South Canterbury Community Trust Inc. Trust Particulars
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💰 Finance & RevenueCharitable Trust, Trustee Banks Restructuring Act 1988, Trustees, Auditors, Secretary, Financial Statements, Income and Expenditure, Balance Sheet