✨ Trust Financial Report
1920 NEW ZEALAND GAZETTE No. 71
Activities of the Trust:
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. The 1995 dividend income totals $1,897,857, which is higher than the previous year by $816,582 if one disregards last year’s 1:1 bonus share dividend from Trust Bank New Zealand Limited. This increase in dividend income is due primarily to the increased shareholding of the trust in Trust Bank New Zealand, effected last year. A consequence of these increased dividends is that the trust has donated to community organisations throughout the Bay of Plenty, a record total of $654,660.
Review of Results and Financial Position of the Trust:
Total gross income of the trust for the financial year ended 31 March 1995 is $2,016,221 against which operating costs of $110,819 have been incurred. The net surplus after deduction of donations and scholarship payments is $1,240,242 and this is added to the trust’s accumulated funds.
During the year, the trust established investment policies which resulted in the purchase of additional Government stock totalling $749,787. Whilst the year’s results reflect primarily the additional dividends stemming from the increased number of shares held, it is noted that the very good results of Trust Bank New Zealand Limited have also been a factor in the record result achieved. The trust’s increased operating costs are caused mainly by the first full year operating an independent administrative structure and the greater work load on trustees during the year.
Income and Expenditure Account for the Year Ended 31 March 1995
| Note | 1995 $ | 1994 $ |
|---|---|---|
| Income— | ||
| Dividends | 2 | 1,897,857 |
| Interest | 86,956 | |
| Donation (1994) refunded | 10,000 | |
| Other | 21,408 | |
| 2,016,221 |
| Less expenditure— | | |
| Advertising | | 9,535 | 11,751 |
| Audit fees | | 1,687 | 338 |
| Interest/bank fees | | 9,203 | 50 |
| Other expenses | | 23,308 | 20,258 |
| Secretarial fee | | 20,500 | 7,500 |
| Trustees’ honoraria and meeting fees | | 33,775 | 28,585 |
| Travelling expenses | | 12,811 | 8,441 |
| | | 110,819 | 76,923 |
| Net income before donations | | 1,905,402 | 8,602,826 |
| Donations | | 654,660 | 511,535 |
| R. Dillon scholarships | | 10,500 | 10,500 |
| Net surplus transferred to the trust fund | | $1,240,242 | $8,080,791 |
(The accompanying notes form part of these financial statements.)
Balance Sheet as at 31 March 1995
| Note | 1995 $ | 1994 $ |
|---|---|---|
| Trust Funds: | ||
| Balance as at 1 April | 18,058,956 | |
| Net surplus for period | 1,240,242 | |
| 19,299,198 |
| Investment Revaluation Reserve | 4 | 40,079,476 | — |
| Balance as at 31 March | | $59,378,674 | $18,058,956 |
| Represented By: | | |
| Current assets— | | |
| Trust Bank Bay of Plenty— | | |
| Current account | | 17,264 | 33,234 |
| Call account | | 217 | — |
| Deposit accounts | | 111,055 | 10,000 |
| | | 128,536 | 43,234 |
| Accounts receivable | | 35,416 | 5,771 |
| Current liabilities— | | |
| Short term deposit | | — | 370,000 |
| Accounts payable | | 1,942 | 16,518 |
| Working capital | | 162,010 | (337,513) |
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VUW Te Waharoa —
NZ Gazette 1995, No 71
NZLII —
NZ Gazette 1995, No 71
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Trust Bank Bay of Plenty Community Trust Financial Report
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💰 Finance & RevenueFinancial report, Income, Expenditure, Donations, Scholarships, Trust Funds, Investments, Bay of Plenty