New Zealand Gazette – 1990 – No. 101

Page 2157

✨ Trust Bank South Canterbury Community Trust Financial Statements



21 JUNE NEW ZEALAND GAZETTE 2157

Signed on behalf of the board of trustees:
A. F. McLAY, Chairperson.
D. B. TIMPANY, Trustee.
Dated this 25th day of May 1990.
(The notes to the financial statement form part of and are to be read in conjunction with this balance sheet.)

Statement of Cash Flows for the Period Ended 31 March 1990

1990 1989
$ $
Cash flows from operating activities—
Cash was provided from:
Interest or deposits ... 2,387
Dividends 110,700 —
Cash was disbursed to:
Suppliers of goods and services 14,740 (83)
Donations and grants 52,405 —
Net cash flows from operating activities (45,942) (83)

| Cash flows from investing activities— | | |
| Sale of shares in Trust Bank South Canterbury Ltd. | — | 972,000|
| | | |
| Cash was applied to: | | |
| Investment in shares in Trust Bank New Zealand Ltd. | — | (972,000) |
| | | |
| Net cash flows from investing activities | — | — |
| Net cash flows from financing activities | — | — |

| Net increase (decrease) in cash held | 45,942 | (83) |
| Add opening cash, 31 March 1989 | (83) | — |
| Cash at 31 March 1990 | $45,859| ($83) |

Cash at 31 March 1990 comprises the current account, the prime call account and the disaster relief fund.

Notes to the Financial Statements for the Period Ended 31 March 1990

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 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. Shares in Trust Bank New Zealand Ltd.

2,700,000 ordinary shares in TBNZ Ltd., $4,689,000.

3. Undistributed Income

$
1989 net loss (8,998)
1990 net profit 47,709
$38,711

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 G.S.T. inclusive basis.



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💰 Trust Bank South Canterbury Community Trust Annual Report (continued from previous page)

💰 Finance & Revenue
25 May 1990
Annual report, Community trust, Charitable trust, Financial statements, Cash flows, Donations, Investments
  • A. F. McLAY, Chairperson
  • D. B. TIMPANY, Trustee