22 JUNE NEW ZEALAND GAZETTE 2769

Note $ 1989 $

Investments—
Shares in Trust Bank New Zealand Limited 2 56,235,000

Net assets $56,209,920

Signed on behalf of the Board of Trustees:

V. S. BUCK, Chairperson.
J. L. PALMER, Trustee.

Dated this 15th day of May 1989.

(The notes to the financial statement form part of and are to be read in conjunction with the above balance sheet.)

Statement of Cash Flows for the Period Ended 31 March 1989

| Cash flows from investing activities |
| Cash was provided from: |
| Sale of shares | 10,288,000
| Cash was applied to: |
| Investment in shares | 10,288,000
| Net cash flows from investing activities | (14,343)

| Net increase (decrease) in cash held | (14,343)
| Add cash at 1 April 1988 | –
| Cash at 31 March 1989 | (14,343)

Notes to the Financial Statements for the Period 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.

Particular Accounting Policies

The following are the particular accounting policies which have a material effect on the measurement of results and financial position:

(a) Dividend income: Dividend income from Trust Bank New Zealand Limited is included in the income and expenditure account when it is received.

(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 (28,000,000 ordinary shares of $1 each, fully paid, being 32.5 percent of the total issued capital)

Trust Bank Canterbury Community Trust has not equity accounted for this investment, as recommended by SSAP8 issued by the New Zealand Society of Accountants, as the trust does not have significant influence over Trust Bank New Zealand Limited at this time.

3. Taxation

For charitable 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. Accordingly these financial statements are stated on a G.S.T. inclusive basis.

Auditors’ Report to the Members of Trust Bank Canterbury 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.
Christchurch, New Zealand.

Dated this 16th day of May 1989.
g9305

Trust Bank South Canterbury

Trust Bank South Canterbury Community Trust

Income and Expenditure Account for the Period Ended 31 March 1989

(The notes to the financial statement form part of and are to be read in conjunction with the above account.)

Balance Sheet as at 31 March 1989

Represented by:
Current assets—