TRUST’S PROFITS INCREASED

Press, Volume XCI, Issue 27698, 30 June 1955, Page 14

TRUST’S PROFITS INCREASED

ACCOUNTS PRESENTED AT ASHBURTON

A net profit of £18.921 was shown in the operations of the Ashburton Licensing Trust for the year ending March 31, 1955, according to the annual accounts placed before a meeting of the trust last evening. Last year’s net profit was £11,876. Figures supplied to the meeting showed that liquor sales returned £147,713 and accommodation £20,252. The gross profit was £68,352 and rent and other income amounted to £1461, making a total of £69.815, from which was to be deducted expenses and depreciation amounting to £50,894. After allowing for taxation (£6625) and special depreciation (£6269), there would be a surplus of £6028 for transfer to revenu? reserve. The bank overdraft at June 20 was £ 109,484, and unpresented cheques amounted to £.10,910 The subject of special depreciation had been gone into during the year and full concessions had been received from the Department of Inland Revenue in respect of all establishments, said the secretary-treasurer (Mr C. Moody) in his annual report. That had resulted in a credit of £5094 being received on last year’s tax account. Mr Moody said provided that the Government guarantee was not reduced from the original figure of £147,000, it was now apparent that the trust would have about £20,0J0 to carry on its programme of completing the Somerset Hotel without recourse to additional Government assistance. “This has been the most successful year yet experienced by the trust,” Mr Moody said. Comparative net profit figures for the last five years were £6230. £11.125, £13,069, £11,875 and £18.921. The net profit showed an increase ot nearly 58 per cent, on 1954. Turnover showed an increase of £7OOO. gross profit, £BOOO. and net profit, £7OOO. Total exoen ’ture had increased by only £640. Ordinary depreciation showed an increase of £520, wages and Hilaries an increase of £1760 and ail other expenses showed a decrease of £2280 The overall percentage of liquor on cost for 1954 was 56.25 and this vear it had been 57.1.