✨ Financial Statements
NEW ZEALAND GAZETTE
1 AUGUST
2537
(b) Grants: Grants made are included in the income and expenditure account when committed.
(c) Investments: Shares held in Trust Bank New Zealand are stated at cost.
2. Dividend
| 1991 $ | 1990 $ | |
|---|---|---|
| Dividends received from Trust Bank New Zealand Limited. Final dividend (declared in respect of the financial year ended 31 March 1990 and received 28 June 1990) | 924,350 | 458,700 |
| This brings the total dividend received to $1,035,550 of which $111,200 was received last year. Interim dividend in respect of the financial year ended 31 March 1991, received on 14 December 1990 | 252,702 | 111,200 |
| 1,177,052 | 569,900 |
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 the financial statements are stated on a G.S.T. inclusive basis.
5. Shares in Trust Bank New Zealand Limited
The trust holds 13.9 percent shareholding in Trust Bank New Zealand Limited $21,281,000.
6. Investment Reserve
| 1991 $ | 1990 $ | |
|---|---|---|
| Balance 1 April 1990 | 53,025 | — |
| Initial allocation | — | 50,000 |
| 20 percent of 1989-90 dividend | 207,000 | — |
| 20 percent of 1990-91 interim dividend | 50,540 | — |
| Interest | 27,174 | 3,025 |
| 284,714 | 53,025 | |
| Balance 31 March 1991 | 337,739 | — |
The trust has resolved that 20 percent of dividends is retained by the trust for future investments together with interest.
7. Undistributed Surplus
| 1991 $ | 1990 $ | |
|---|---|---|
| Balance 1 April 1990 | — | (24,314) |
| Net surplus for the year | 90,805 | 189,776 |
| 256,267 | 165,462 |
8. Grants Not Paid
Committed grants not yet disbursed—
- Southland Hospice | 100,000
- Southland Cycling Trust | 5,000
- Southland Community Council on Substance Abuse Inc. | 40,000
- Amateur Athletic Association—Surrey Park Track | 75,000
- Southland Polytechnic Bursaries | 2,500
Total Grants Not Paid: $222,500
Auditors' Report to the Members of the Trust Bank Southland 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 year ended on that date.
DELOITTE ROSS TOHMATSU, Chartered Accountants.
Invercargill, New Zealand.
Dated this 30th day of May 1991.
gn/7664
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VUW Te Waharoa —
NZ Gazette 1991, No 116
NZLII —
NZ Gazette 1991, No 116
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Trust Bank Southland Community Trust Financial Statements
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💰 Finance & Revenue30 May 1991
Financial Statements, Balance Sheet, Cash Flows, Accounting Policies, Dividends, Taxation, Goods and Services Tax, Shares, Investment Reserve, Undistributed Surplus, Grants
- DELOITTE ROSS TOHMATSU, Chartered Accountants