✨ Trust Bank Canterbury Financial Statements
3188 NEW ZEALAND GAZETTE No. 150
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 approved by the trustees.
(c) Investments: Shares held in Trust Bank New Zealand Limited are stated at cost.
(d) Changes in Accounting Policies—Grants made are included in the income and expenditure account when approved by the trustees. Previously grants were included when paid.
The effect of this change in policy in the current year is to increase grants by $40,600.
With this exception there have been no changes in the above accounting policies which have been applied on bases consistent with those used in the previous year.
2. Investments
Shares in Trust Bank New Zealand Limited (32,500,000 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 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. Grants
Total grants approved in the year ended 31 March 1990 ... $990,700
Less grants paid in the year ended 31 March 1990 ... $950,100
Grants approved but unpaid as at 31 March 1990 ... $40,600
The names of persons and organisations to whom distributions of income have been made by the community trust under section 21 of the Trustee Banks Restructuring Act 1988 during the financial year and the amounts distributed are shown in the appendix to the financial statements. A full list is available on application to the secretary of the community trust.
Auditors’ Report to the Members of the 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 1990 and the results of its activities and cash flows for the year ended on that date.
DELOITTE ROSS TOHMATSU, Chartered Accountants.
Christchurch, New Zealand.
Dated this 28th day of May 1989.
Summary of 1989 Grants Allocation
| Canterbury $ | Marlborough $ | Nelson $ | Total $ | |
|---|---|---|---|---|
| Education | 64,800 | 26,435 | 26,200 | 117,435 |
| Economic/employment | 68,000 | — | 2,300 | 70,300 |
| Music and cultural | 39,350 | 19,100 | — | 59,700 |
| Medically, physically and intellectually handicapped | 101,250 | 4,665 | 4,600 | 110,515 |
| Infants and children | 66,200 | 2,000 | 6,700 | 74,900 |
| Hospitals and medical | 91,000 | 28,000 | 25,800 | 144,800 |
| Youth | 56,000 | 4,000 | 4,500 | 64,500 |
| Sport and recreation | 47,300 | 5,100 | 5,000 | 57,400 |
| Welfare and social services | 117,500 | 8,700 | 8,700 | 134,900 |
| Miscellaneous | 136,950 | 5,350 | 3,200 | 145,500 |
| Unallocated | — | 10,750 | — | 10,750 |
| Total | 788,350 | 85,500 | 116,850 | 990,700 |
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VUW Te Waharoa —
NZ Gazette 1990, No 150
NZLII —
NZ Gazette 1990, No 150
✨ LLM interpretation of page content
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Notes to the Financial Statements for Trust Bank Canterbury
(continued from previous page)
💰 Finance & RevenueAccounting Policies, Dividend Income, Grants, Investments, Taxation, Goods and Services Tax
💰 Auditors’ Report for Trust Bank Canterbury Community Trust
💰 Finance & Revenue28 May 1989
Auditing, Financial Statements, Historical Cost Method, Trustee Banks Restructuring Act 1988
- DELOITTE ROSS TOHMATSU, Chartered Accountants
💰 Summary of 1989 Grants Allocation by Trust Bank Canterbury Community Trust
💰 Finance & RevenueGrants, Education, Economic/Employment, Music and Cultural, Handicapped, Infants and Children, Hospitals and Medical, Youth, Sport and Recreation, Welfare and Social Services, Miscellaneous, Canterbury, Marlborough, Nelson