ALEXANDER TURNBULL LIBRARY ENDOWMENT TRUST BOARD

Turnbull Library Record, Volume XII, Issue 1, 1 May 1979, Page 64

ALEXANDER TURNBULL LIBRARY ENDOWMENT TRUST BOARD

Balance Sheet as at 31 March 1978

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NOTES TO ANNUAL ACCOUNTS

1. Statement of Accounting Policies; General Principles The general accounting principles appropriate for the measurement and reporting of income and expenditure under the historical cost method, as set out in the New Zealand Society of Accountants’ statements have been adopted by the Board in so far as they apply to the business of the Board. 2. Valuation of Investments Investments in shares are stated at cost and have not been written down where market value is lower.

3. Debentures $40,000 invested with UDC Holdings Ltd at 12 percent p.a. redeemable 1981. 4. Shares Company Number of Value at Market Value shares cost 31.3.78 Preference shares: NZ Insurance Co 4000 $4,637 $5,280 TNL Group Holdings 5000 4,206 3,250 Ordinary Shares: Fletcher Holdings 3000 6,650 5,940 Independent Newspapers 2500 4,998 3,700 NZ Forest Products 2225 7,506 4,695 NZ Insurance Co 1166 3,250 2,973 NZ Motor Corporation 4000 4,400 4,200 South British Insurance 1200 3,150 3,468 TNL Group Holdings 1000 540 780 $39,337 $34,286 5. Profit on sales of reproductions 1975176 1976177 1977178 Fox $626 $304 $351 Barraud 328 124 62 Harris 747 711 1,158 Maplestone 1,190 937 1,087 Bridge 362 230 188 Thermal 2,012 541 177 Mein Smith 1,339 1,635 1,767 Fox Portfolio 815 780 830 Angas 905 (765) 2,658 Gully 4,756 2,212 1,659 Colonial Wellington 4,501 2,565 2,432 Gold Heaphy TOTAL $17,581 $12,322 $17,545 The stock of Angas prints at 31.3.77 was understated resulting in a reported loss for 1976/77 and a correspondingly higher profit in 1977/78. Over the three years Angas prints showed a profit of $2798, or $933 per year.

6. Loss on sale of publications 1975176 1976177 1977178 Turnbull Biography SSO $(74) sl3 Wakefield Journal (43) 149 30 Duperrey (9) 78 81 $(2) $153 $124 The loss was due to sales of publications by both ‘Friends of the Library’ and the Endowment Trust. 7. Grants Grants were received from: Lottery Board $24,000 Sir John Ilott Trust 400 Todd Foundation 500 $24,900 8. Purchases Purchases are an expense item. The articles purchased become part of the National Library Collections. 1975176 1976177 1977178 Paintings, drawings, maps $19,606 $44,379 $25,123 Books, papers, letters Manuscripts 2,209 6,661 6,159 $21,815 $51,040 $31,282

REPORT OF THE AUDIT OFFICE The Audit Office, by arrangement, has audited the accounts of the Alexander Turnbull Library Endowment Trust Board. The audit was conducted in accordance with generally accepted auditing standards and practices comprising such auditing procedures considered necessary in terms of section 25, Public Finance Act 1977 and included: a review of accounting procedures and controls examination and tests of accounting records and other supporting information. All the information and explanations have been obtained. In the opinion of the Audit Office, the attached financial statements fairly reflect, in accordance with applicable accounting principles, the financial position as at 31 March 1978 and the results of the financial operations for the year. W. R. Blaikie 9 October 1978 for Controller and Auditor-General