✨ Financial Statements and Audit Report
4 JULY
NEW ZEALAND GAZETTE
2251
| 1991 $ | 1990 $ | |
|---|---|---|
| Cash was disbursed to: | ||
| Suppliers of goods and services | -14,322 | -7,978 |
| Trustees | -16,198 | -22,605 |
| Grants to the community | -334,400 | -189,950 |
| Bursaries | -27,500 | -21,000 |
| Net cash flows from operating activities | 380,545 | 125,798 |
| Cash flows from investing activities | ||
| Cash was applied to: | ||
| Investment in registered stock | -152,030 | |
| Investment in other assets | -1,054 | -8,709 |
| Net cash flows from investing activities | -153,084 | -8,709 |
| Net increase (decrease) in cash held | 227,461 | 117,089 |
| Add cash at 1 April 1990 | 103,636 | -13,453 |
| Cash as at 31 March 1991 | $331,097 | $103,636 |
Notes to the Financial Statements for the Period Ended 31 March 1991
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.
Changes in Accounting Policies
There have been no changes in accounting policy. All policies have been consistently applied.
2. Dividends
| 1991 $ | 1990 $ | |
|---|---|---|
| Dividends received from Trust Bank New Zealand Ltd.— | ||
| Final dividend for year ended 31 March 1990 | 578,550 | 287,100 |
| Interim dividend for year ended 31 March 1991 | 158,166 | 69,600 |
| $736,716 | $356,700 |
3. Investments
Shares in Trust Bank New Zealand Ltd. (8,700,000) ordinary shares of $1 each, fully paid | $11,810,000 | $11,810,000 |
4. Taxation
For taxation purposes the trust is deemed to be a charitable trust. 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.
Auditors' Report to the Trustees of the Trust Bank Eastern and Central Community Trust Inc.
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 1991 and the results of its activities and cash flows for the period ended on that date.
DENT ROBERTSON & PARTNERS, Chartered Accountants.
Hastings, New Zealand.
Dated this 28th day of May 1991.
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VUW Te Waharoa —
NZ Gazette 1991, No 101
NZLII —
NZ Gazette 1991, No 101
✨ LLM interpretation of page content
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Statement of Cash Flows for the Period Ended 31 March 1991 for Trust Bank Eastern and Central Community Trust Inc.
(continued from previous page)
💰 Finance & Revenue28 May 1991
Cash Flows, Dividends, Interest, Operating Activities
- DENT ROBERTSON & PARTNERS, Chartered Accountants