New Zealand Gazette – 1991 – No. 116

Page 2536

✨ Financial Statements



2536

NEW ZEALAND GAZETTE

No. 116

Sundry debtors and accrual ... 1,741 1,482
Total current assets ... 743,678 154,132
Less current liabilities—
Sundry creditors ... 500 500
Grants yet to be disbursed ... 222,500 -
Working capital ... 520,678 153,632
Add long-term assets—
Investments—
Shares in Trust Bank New Zealand Limited ... 5 21,281,000 21,281,000
Trust Bank Southland Limited term deposits ... 59,621 53,025
Trust Bank Wellington Limited disaster fund ... 13,707 11,830
Net assets ... $21,875,006 $21,499,487

Signed on behalf of the board of trustees:
R. J. SIMPSON, Chairperson.
C. J. B. ROWLEY, Trustee.

Statement of Cash Flows for the 12 Months Ended 31 March 1991

Cash flows from investing activities
Cash was provided from:
Dividend from Trust Bank New Zealand Limited ... 1,177,052 569,900
Interest on investment ... 96,080 28,548
... 1,273,132 598,448

Cash was applied to:
Investment in Trust Bank Southland Limited ... 6,596 53,025
Investment in Trust Bank Wellington Limited disaster fund ... 1,876 11,830
... 8,472 64,855
Net cash flows from investing activities ... 1,264,660 533,593

Cash flows from operating activities
Cash was provided from—
Other ... 23,000 23,100
... 23,000 23,100

Cash was disbursed to—
Advertising ... 118 520
Cheque book (stamp duty) ... 6 8
Trustees remuneration ... 18,355 21,412
Trustees expenses ... 1,782 2,593
Grants to the community ... 667,550 344,380
Legal expenses ... - 816
Administration expenses ... 10,000 10,000
Audit fees ... 562 -
... 698,373 379,729
Net cash flows from operating activities ... (675,373) (356,629)
Net increase in cash on hand ... 589,287 176,964
Add cash at 1 April 1990 ... 152,650 (24,314)
Cash at 31 March 1991 ... $741,937 $152,650

Notes to the Financial Statements for the 12 Months 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 Limited is included in the income and expenditure account when it is received.



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✨ LLM interpretation of page content

💰 Trust Bank Southland Community Trust Financial Statements (continued from previous page)

💰 Finance & Revenue
Financial Statements, Balance Sheet, Cash Flows, Accounting Policies
  • R. J. Simpson, Chairperson
  • C. J. B. Rowley, Trustee