7 NOVEMBER
NEW ZEALAND GAZETTE
3525

ACC levy ........................................................................................................... $287 $280
Advertising ........................................................................................................ 3,128 1,853
Audit fees ........................................................................................................... 761 743
General expenses ................................................................................................... 902 95
Professional fees .................................................................................................. 10,581 817
Secretarial expenses ............................................................................................... 16,466 0
Travelling expenses ................................................................................................ 6,030 1,554
Trustees fees ........................................................................................................ 26,070 30,062
Total expenses ...................................................................................................... 64,225 35,404
Net income before grants ..........................................................................................1,168,541 538,654
Less grants—
Paid out ........................................................................................................... 446,825 326,825
Provided for ........................................................................................................ 1,635 11,475
Total grants .......................................................................................................... 448,460 338,300
Surplus income ....................................................................................................... 720,081 200,354

These accounts are to be read in conjunction with the notes set out below.

Statement of Cash Flows for 12 Months Ended 31 March 1991

Cash flows from operating activities—
Cash was provided from:
Dividend from Trust Bank New Zealand Limited ............................................................ 1,143,180 553,500
Interest on investments ........................................................................................... 90,511 15,950
Other ................................................................................................................... 0 1,813
1,233,691 571,263

Cash was disbursed to:
Suppliers of goods and services ................................................................................. 30,287 2,672
Trustees ............................................................................................................ 32,100 54,320
Grants to the community ......................................................................................... 443,450 324,800
505,837 381,792
Net cash flows from operating activities ....................................................................... 727,854 189,471

Cash flows from investing activities—
Cash was provided from:
Maturing fixed interest investments ...........................................................................2,940,164 817,000
Cash was applied to:
Fixed interest investments .....................................................................................3,050,000 990,664
Call account—NDRF ................................................................................................ 1,635 0
3,051,635 990,664
Net cash flows from investing activities ..................................................................... -111,471 -173,664
Net increase in cash held ........................................................................................... 616,383 15,807
Add cash held at 31 March 1990 ................................................................................. 12,862 2,945
Cash held at 31 March 1991 ....................................................................................... 629,245 12,862

These accounts are to be read in conjunction with the notes set out below.

Auditor’s Report, Trust Bank Otago Community Trust Inc.

We have examined the accompanying balance sheet, income and expenditure account and statement of cash flows and have obtained all the information and explanations we have required.

In our opinion, the balance sheet and accounts respectively give a true and fair view of the financial position of the trust as at 31 March 1991 and of the results and the cash flows for the year ended on that date.

Dated at Dunedin this 21st day of June 1991.

KPMG Peat Marwick, Chartered Accountants.

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.
• Revenues earned and expenses incurred are matched using accrual accounting, except that dividends received are accounted for on a receipts basis.