11 JULY NEW ZEALAND GAZETTE 1769

Statement of Financial Performance for the Year Ended 31 March 1996

1995 $ 1996 $
787,500 Income— 1,181,250
506,666 Dividends, Trust Bank New Zealand Limited ... 60,953
157,471 Interest—Tower Corporation Holdings Limited ... 741,274

•          Grant returned ...                                                                             800

• Other income ... 573
  1,451,637 Total income ... 1,984,850

Expenditure—
141 Accident compensation ... 252
4,140 Accounting fee ... 11,430
6,859 Advertising ... 6,307
1,783 Auditors’ fee ... 1,698
720 Computer expenses ... 2,487
387 Depreciation ... 1,160
4,972 Functions ... 3,941
454 General expenses ... 901
1,213 Grants related expenses ... 4,732
721 Insurance ... 1,244
373 Photocopying/faxing ... 1,875
894 Printing and stationery ... 2,534
455 Postage ... 963
23,158 Professional fees—other ... 9,494
5,865 Professional fees—Tower ... 38,094
10,000 Rent ... 17,835
11,217 Salaries ... 31,667
487 Secretarial services ... -

•        Telephone and tolls ...                                                                       1,609

• Travelling expenses ... 947
  12,910 Trustees’ fees ... 14,690

92,211 Total expenditure ... 153,860
1,359,426 Net income before grants ... 1,830,990
(627,076) Less grants ... (942,859)
$732,350 Net Profit transferred to trust fund ... $888,131

Statement of Financial Position as at 31 March 1996

1995 $ 1996 $
$30,065,829 Trust funds— $37,478,960
Trust fund as per
Statement of movements in equity ...

         Represented by:

3,012 Current assets—
622,283 Debtors and prepayments ... 2,072
5,896 Deposits—Trust Bank Wellington Limited ... 787,725
28,996 Interest receivable ... 6,082
Cash at bank—Trust Bank Wellington Limited ... 4,716
660,18 Total current assets ... 800,595

20,386 Less current liabilities—
Sundry creditors ... 13,511
639,801 Working capital ... 787,084
29,422,248 Investments (Note 3) ... 36,689,257
3,780 Fixed assets (Note 1) ... 2,619
$30,065,829 Net assets ... 37,478,960

Signed on behalf of the board of trustees:

W. A. BRIEN, Chairperson.

P. J. WILLIS, Trustee.

Dated this 21st day of June 1996.

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