✨ Financial Statements of Community Trusts
22 JUNE
NEW ZEALAND GAZETTE
2767
(b) Grants: Grants made are included in the income and expenditure account when paid.
(c) Investments: Shares held in Trust Bank New Zealand Limited are stated at cost.
2. Investments
| $ | |
|---|---|
| Shares in Trust Bank New Zealand Limited | |
| 14 300 000 ordinary shares of $1 each, fully paid | 21,316,622 |
3. Taxation
For taxation purposes the trust is deemed to be a charitable organisation. Its income is not subject to taxation.
4. Goods and Services Tax
The trust is not registered for Goods and Services Tax purposes. Accordingly these financial statements are stated on a G.S.T. inclusive basis.
5. Incorporation
The Trust Bank Waikato Community Trust was incorporated on 5 August 1988.
Auditors' Report to the Trustees of the Trust Bank Waikato Community Trust
We have audited the financial statements in accordance with accepted auditing standards, and have carried out such procedures as we considered necessary.
In our opinion the financial statements give, using the historical cost method, a true and fair view of the financial position of the trust as at 31 March 1989 and the results of its activities for the period ended on that date.
DELOITTE HASKINS & SELLS, Chartered Accountants.
Hamilton, New Zealand.
Dated this 30th day of May 1989.
Schedule of Distribution of Income by Way of Grants for the Period Ended 31 March 1989
| Name of Organisation or Persons | Amount Distributed |
|---|---|
| No distributions were made in this financial year. |
gn9518
Trust Bank Southland Community Trust
Income and Expenditure Account for the Period 10 Months Ended 31 March 1989
| Note | $ | |
|---|---|---|
| Income- | ||
| Interest | 3,457 | |
| Other income | 5 | 54,605 |
| Total income | 58,062 | |
| Less expenditure- | ||
| Other expenses | 1 | |
| Trustees' remuneration | 25,113 | |
| Travelling expenses | 1,862 | |
| Total expenditure | 26,976 | |
| Net income before grants | 31,086 | |
| Less grants | 55,400 | |
| Net loss transferred to the trust fund | $24,314 |
Balance Sheet as at 31 March 1989
| Note | $ | |
|---|---|---|
| Trust funds- | ||
| Funds introduced | 6 | 21,281,000 |
| Net loss for the year | 24,314 | |
| Balance 31 March 1989 | $21,256,686 | |
| Current liabilities- | ||
| Trust Bank Southland Limited— | ||
| current account | 24,314 | |
| Working capital | -24,314 | |
| Add long-term assets— | ||
| Investments— | ||
| Shares in Trust Bank New Zealand Limited | 2 | 21,281,000 |
| Net assets | $21,256,686 |
Signed on behalf of the Board of Trustees:
B. SIMPSON, Chairperson.
D. E. H. SOPER, Trustee.
Dated this 29th day of May 1989.
Statement of Cash Flows for the 10 Months Ended 31 March 1989
| Note | $ | |
|---|---|---|
| Cash flows from operating activities | ||
| Cash was provided from: | ||
| Interest on investments | 3,457 | |
| Other | 5 | 54,605 |
| 58,062 | ||
| Cash was disbursed to: | ||
| Cheque book (stamp duty) | 1 | |
| Trustees remuneration | 25,113 | |
| Trustees expenses | 1,862 | |
| Grants to the community | 55,400 | |
| 82,376 | ||
| Net cash flows from operating activities | -24,314 | |
| Cash flows from investing activities— | ||
| Cash was provided from: | ||
| Sale of shares | 7 | 6,324,000 |
| 6,324,000 | ||
| Cash was applied to: | ||
| Investment in shares | 8 | 6,324,000 |
| Net cash flow from investing activities | — | |
| Net decrease in cash on hand | -24,314 | |
| Add cash at 1 April 1988 | — | |
| Cash at 31 March 1989 | -$24,314 |
Notes to the Financial Statements for the 10 Months Ended 31 March 1989
1. Statement of Accounting Policies
General Accounting Policies
The general accounting policies adopted in the preparation of these financial statements are:
-
The measurement base adopted is the historical cost basis.
-
Reliance has been placed on the fact that the entity is a going concern.
-
The matching of revenues earned and expenses incurred using accrual accounting except that dividend income is accounted for on a receipts basis.
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VUW Te Waharoa —
NZ Gazette 1989, No 107
NZLII —
NZ Gazette 1989, No 107
✨ LLM interpretation of page content
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Trust Bank Waikato Community Trust Financial Statements
(continued from previous page)
💰 Finance & Revenue30 May 1989
Financial Statements, Income and Expenditure, Investments, Taxation, Goods and Services Tax, Incorporation, Auditors' Report, Grants, Trust Funds
- DELOITTE HASKINS & SELLS, Chartered Accountants
💰 Trust Bank Southland Community Trust Financial Statements
💰 Finance & Revenue29 May 1989
Financial Statements, Income and Expenditure, Balance Sheet, Cash Flows, Investments, Grants, Trust Funds
- B. SIMPSON, Chairperson
- D. E. H. SOPER, Trustee