1872

NEW ZEALAND GAZETTE

No. 75

Trust Bank Wellington Community Trust

Trustee Banks Restructuring Act 1988

Statement of Financial Performance for the Year Ended 31 March 1997

Income—
Interest—trust bank money market ........................... 104,528 60,953
Tower Portfolio Management Limited ....................... 8,852,529 1,922,524
Other .................................................. 785 573
Donations returned ..................................... 1,500 800
Profit on sale of Trust Bank New Zealand shares ......... 22,708,563 -
Total income ......................................... $31,667,905 $1,984,850

Less expenses—
Staff expenses:
Accident compensation levy ........................... 1,206 252
Consultants/contract employees ....................... 7,668 11,430
Travel expenses .................................... 146 -
Wages and salaries ................................. 40,000 31,667
Other staff expenses ............................... 754 -
Total staff expenses ............................... 49,774 43,349
Operating expenses:
Auditors’ fees ..................................... 1,975 1,698
Computer expenses .................................. 946 2,487
Depreciation ....................................... 1,175 1,160
Insurance—office ................................... 344 1,244
Photocopying/faxing ................................ 2,974 1,875
Printing and stationery ............................ 1,944 2,534
Professional fees ................................ 39,736 -
Rent ............................................. 17,428 17,835
Subscriptions .................................... 169 -
Telephone ........................................ 2,010 1,609
Travel expenses .................................. 24 -
Other operating expenses ........................... 5,786 901
Total operating expenses ........................... 75,628 32,306
Trustee expenses:
Meeting expenses ................................. 1,209 -
Travel expenses .................................. 991 947
Trustee fees ..................................... 22,257 14,690
Other trustee expenses ........................... 2,819 -
Total trustee expenses ........................... 27,276 15,637
Donation expenses:
Advertising ...................................... 10,820 6,307
Presentations and functions ........................ 2,181 3,941
Other donation expenses .......................... 7,636 4,732
Total donations expenses ......................... 20,637 14,980
Fund management expenses:
Professional fees—
Tower .......................................... 121,878 38,094
Other .......................................... 52,898 9,494
Other fund management expenses ................... 8,016 -
Total fund management expenses ................... 182,792 47,588
Total expenses ..................................... $356,107 $153,860

Total income ....................................... 31,667,905 1,984,850
Less total expenses ................................ 356,107 153,860
Net surplus before donations ......................... 31,311,798 1,830,990