Central Board’s Accounts

Press, Volume CIV, Issue 30725, 14 April 1965, Page 8

Central Board’s Accounts

A surplus of £18,224 in the Central Canterbury Electric Power Board’s net revenue account for the year ended March 31, 1965, was reported to the board yesterday by the secretary-manager (Mr V. G. Mason). The amount was £46,474 less than in the previous financial year, Mr Mason said.

The decrease could be more than accounted for, he said, by a reticulation loan repaid from revenue (£14,943), an increase in renewals and replacements (£10,285), a “freak” power peak during the cold spell of March 3 to 4 (at least £11,000), loss of revenue during power restrictions in

August and September, 1964 (at least £7000), yard development (£2000), and inspections (£4375). The inspections were previously charged to capital account. Trading sales for the financial year, at £32,258, were up by £4036 on the previous year. Profits, at £3876, were up by £6BB. The new Akaroa showroom contributed to the increases.

The cost of current bought during the year was £432,504, an increase of nine per cent over the previous year. The sale of current realised £690,346, an increase of six per cent. The board’s accumulated surplus at March 31 was £111,847, compared with £128,502 at March 31, 1964. During the year £33,379 was spent from this account on capital assets and £l5OO placed in the reserve for office machinery. The capital assets of the board at March 31 were valued at £1,802,752. Amounts, owing totalled £916,172, the difference being £886,580. A year earlier, the assets totalled £1,682,184 and £897,986 was owing, giving a net value of £784,198.