✨ Financial Statements
1794 NEW ZEALAND GAZETTE No. 73
Occupancy costs ................................. $6,700 $0
Communications ................................ $16,723 $0
Office expenses ............................... $26,385 $0
Legal and advisory fees ....................... $132,940 $1,627
Audit fees .................................... $6,558 $2,644
General expenses ............................ $45,674 $24,104
Vehicle expenses ............................ $4,923 $0
Grants advertising and promotion .............. $17,744 $6,856
Trustees’ fees .............................. $50,682 $36,133
Reporting and compliance expenses ........... $30,524 $0
Depreciation ................................ $17,407 $3,298
Total expenditure ........................... $627,950 $141,566
Net operating income ........................ $16,043,113 $6,270,347
Add: profit on sale of shares in Trust Bank New Zealand ($162,603,993 less cost of shares $24,281,000) .......................... 2 $138,322,993 $0
Net income .................................. $154,366,106 $6,270,347
Statement of Movements in Equity for the Year Ended 31 March 1997
Trust capital—
Beginning of year ........................... $29,580,133 $26,323,671
Add this year’s net income .................. $154,366,106 $6,270,347
Less grants approved ...................... $6,899,161 $3,013,885
Trust capital—
End of year ............................... $177,047,078 $29,580,133
Statement of Financial Position for the Year Ended 31 March 1997
Funds employed—
Trust capital ............................. $177,047,078 $29,580,133
Liabilities—
Creditors ................................. $42,064 $11,064
Grants committed but not paid ............... $5,039,340 $1,540,780
Total liabilities ........................... $5,081,404 $1,551,844
Total capital and liabilities ............... $182,128,482 $31,131,977
Assets—
Current assets:
WestpacTrust Bank cheque account .......... $609,377 $207,255
Sundry debtors and interest accrued ....... $2,109,236 $28,633
Total current assets ...................... $2,718,613 $235,888
Fixed assets (cost less depreciation) ....... $108,869 $15,089
Investment assets:
WestpacTrust Bank account ............... $151,000 $6,600,000
Trading bank deposits ................... $168,150,000 $0
Shares in Trust Bank New Zealand ........ $0 $24,281,000
TeNZ Fund 10 million units .............. $11,000,000 $0
Total investment assets ................. $179,301,000 $30,881,000
Total assets .............................. $182,128,482 $31,131,977
Signed on behalf of the board of trustees:
C. S. BALLANTYNE, Chairperson.
C. A. McCULLOCH, Trustee.
Dated this 9th day of June 1997.
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NZ Gazette 1997, No 73
✨ LLM interpretation of page content
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Trust Bank Southland Community Trust Financial Performance
(continued from previous page)
💰 Finance & Revenue9 June 1997
Financial Performance, Trust Bank, Dividends, Income, Expenditure
- C. S. Ballantyne, Chairperson
- C. A. McCulloch, Trustee