NEW ZEALAND GAZETTE

10 AUGUST

TRUST BANK OTAGO COMMUNITY TRUST INC.

TRUSTEES’ REPORT FOR THE PERIOD ENDED 31 MARCH 1989

Review of Results and Financial Position

This is the formative year of the trust and no income has been received from its investments as at 31 March 1989. The establishment of the trust and trustees’ deliberations in relation to the structure of its investment have necessitated a number of meetings. In the main, this has been the major activity of the trust to date.

The trust expects its maiden dividend from Trust Bank New Zealand Ltd. in the immediate future, from which the trust will implement its philanthropic role of distributing grants, a role previously played by Trust Bank Otago.

INCOME AND EXPENDITURE ACCOUNT

FOR THE PERIOD ENDED 31 MARCH 1989

| LESS EXPENDITURE | | |
| Advertising | | 248 |
| Auditors’ Fees | | 275 |
| Other Expenses | | 465 |
| Trustees’ Fees | | 20,375 |
| Travelling Expenses | | 4,682 |
| TOTAL EXPENDITURE | | 26,045 |

| NET INCOME BEFORE GRANTS | (26,045) |
| LESS GRANTS | — |
| EXCESS EXPENDITURE OVER INCOME | |
| TRANSFERRED TO ACCUMULATED TRUST FUND | (26,045) |

BALANCE SHEET

AS AT 31 MARCH 1989

| REPRESENTED BY: | |
| CURRENT ASSETS | |
| Less CURRENT LIABILITIES | |
| Sundry Creditors | 23,000 |
| Trust Bank Otago Ltd. — Current Account | 2,945 |
| WORKING CAPITAL | (25,945) |

| ADD LONG TERM ASSETS | |
| Investments | |
| Shares in Trust Bank New Zealand Limited | Note 3 |
| | 21,202,352 |
| NET ASSETS | 21,176,407 |

AUDITORS’ REPORT

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, according to the best of our information and the explanations given to us, the Financial Statements are properly drawn up so as to give a true and fair view of the financial position of the Trust Bank Otago Community Trust Inc. as at 31 March 1989 and the results of its activities for the year ended on that date.

PEAT MARWICK
CHARTERED ACCOUNTANTS

26 May 1989
DUNEDIN

NOTICE OF PUBLIC MEETING

The First Annual Public Meeting of the Trust Bank Otago Community Trust Inc. is to be held on Monday, 10 July 1989, at 2 p.m. in the Dunningham Room on the fourth floor of the Dunedin Public Library.

Business

Presentation of the Trustees Report and Financial Accounts for the period to 31 March 1989.

P. R. GEORGE
SECRETARY

19 June 1989
DUNEDIN

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDING 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 timing of revenue earned and expenditure incurred is on an accrual basis 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 Ltd. 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 Ltd. are stated at cost.

2. DIVIDENDS
   No dividends were received from Trust Bank New Zealand Ltd. The first dividend from that company is expected to be declared in June 1989.

3. INVESTMENTS
   Shares in Trust Bank New Zealand Ltd. 13,500,000 ordinary shares of $1 each, fully paid $21,202,352
   In the opinion of the trustees, the market value of this investment is not less than the cost as shown in the financial statements.

4. TAXATION
   For taxation purposes the Trust is deemed to be a charitable organisation. Its income is not subject to taxation.

5. GOODS AND SERVICES TAX
   The Trust is not registered for Goods and Services Tax purposes. Accordingly, these financial statements are stated on a GST inclusive basis.

6. INCORPORATION
   The Trust Bank Otago Community Trust was incorporated under the Charitable Trust Act 1957 on 5 August 1988.

7. CONTINGENT LIABILITY
   The Trust has announced that if the hospice proposal as presented proceeds it will make a grant of $250,000 to the Otago Community Hospice Trust. $125,000 of this amount would be paid during 1989 and the remainder by 31 December 1990.