New Zealand Gazette – 1991 – No. 116

Page 2542

✨ Financial Statements



2542
NEW ZEALAND GAZETTE
No. 116

Bank of New Zealand ... 36,626 -
Postbank ... 7,161 -
Rural Bank ... 6,865 -
... 481,030 156,174
Resident withholding tax adjustment 1989–90 ... 42 -
... 481,072 156,174

Less expenditure—
Advertising ... 961 429
Audit fees ... 1,488 385
Bank fees ... 175 24
Catering ... - 286
Consultancy fees re sale shares ... 440 23,400
Depreciation (see notes) ... - -
Employer ACC levy ... 330 138
General expenses ... - 194
Hall hire ... 35 1,078
Photocopying ... 875 235
Publishing—Gazette ... 248 625
Postages ... 391 13,227
Remuneration ... 6,936 1,097
Secretarial fees ... 5,681 153
Stationery ... 256 110
Tolls ... 12 4,859
Travelling expenses ... 2,463 -
Total cash expenses ... 20,291 46,240
Excess of income over expenditure ... $460,781 $109,934

The attached notes form part of these financial statements.

Distribution Statement for the Year Ended 31 March 1991

Excess income over expenditure ... $460,781 $109,934
Less grants distributed ... 121,455 43,787
Less 1989–90 grants never cashed:
Ross Pony Club ... 150 -
4 H Club ... 50 -
Karamea Culture ... 85 -
... 285 -
Retained surplus ... $339,611 $66,147

The attached notes form part of these financial statements.

Notes to the Financial Statements for the Period Ended 31 March 1991

Statement of Accounting Policies

  1. The Westland Bank Community Trust (“the trust”) was formed on 30 May 1988 through the creation of a trust deed in compliance with the Trustee Banks Restructuring Act 1988. Under the terms of the trust deed the trust was settled with 2 000 000 $1 fully paid ordinary shares in Westland Bank Limited representing 100 percent of the issued capital of the bank. These shares were sold for $3,000,000 to the ASB Bank Limited on 28 September 1989.

General Accounting Policies

  1. Investments—Investments are valued at cost price.

  2. Committed Grants—Committed grants are the amounts estimated to be disbursed to charitable organisations after providing for any expenditure expected to be incurred in the near future.

  3. Dividends and Interest—Dividends and interest are recognised as income when they are earned by the trust.

Changes in Accounting Policies—There is a change in policy as compared to last year. This year’s financial accounts have been prepared on an accrual accounting basis whereas last year’s financial statements were prepared on a cash accounting basis. Any difference in the financial statements as a result of the change in policy is insignificant.

Depreciation

  1. Depreciation has been charged on a straight line basis on the typewriter based on an estimated life of 5 years. Depreciation is calculated as follows:


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✨ LLM interpretation of page content

💰 Income and Expenditure Statement for the Year Ended 31 March 1991

💰 Finance & Revenue
Income, Expenditure, Bank Fees, Remuneration, Westland Bank

💰 Distribution Statement for the Year Ended 31 March 1991

💰 Finance & Revenue
Grants, Surplus, Ross Pony Club, 4H Club, Karamea Culture

💰 Notes to the Financial Statements for the Period Ended 31 March 1991

💰 Finance & Revenue
Accounting Policies, Investments, Grants, Depreciation, Westland Bank