New Zealand Gazette – 1991 – No. 83

Page 1831

✨ Financial Statements



6 JUNE NEW ZEALAND GAZETTE 1831

Dated this 24th day of May 1991.

(The notes to the financial statements form part of and are to be read in conjunction with this balance sheet.)

Statement of Cash Flows for the Period Ended 31 March 1991

Cash flows from operating activities—
Cash was provided from:
Interest or deposits ... 13,328 2,387
Dividends ... 228,636 110,700
Cash was disbursed to:
Suppliers of goods and services ... (12,925) (14,740)
Donations ... (99,070) (52,405)
Net cash flows from operating activities ... 129,879 45,942

Cash flows from investing activities—
Cash was provided from:
Loan repayments:
Scout loan ... 4,000 -
Timaru High Schools—hostel ... 2,000 -
Cash was applied to:
Advance of loans to:
Timaru Boys’ High School—library ... (7,000) -
Timaru High Schools—hostel ... (10,000) -
Net cash flows from investing activities ... (11,000) -

Net cash flows from financing activities—
Net increase in cash held ... 118,879 45,942
Add opening cash 31 March 1990 ... 45,859 (83)
Cash at 31 March 1991 ... $164,738 $45,859

Cash at 31 March 1991 comprises the current account, the prime call account and the disaster relief fund.

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) Donations: Donations 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.

  1. Shares in Trust Bank New Zealand Ltd.

2 700 000 ordinary shares in TBNZ Ltd. $4,689,000

  1. Undistributed Income

                     1991       1990
                 $          $

    Balance brought forward 38,711 (8,998)
    Plus current years profits 126,603 47,709
    $165,314 $38,711

  2. Taxation

For taxation purposes the trust is deemed to be a charitable organisation. Its income is not subject to taxation.

  1. 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 South Canterbury Community Trust

We have audited the financial statements in accordance with accepted auditing standards, and have carried out such procedures as we considered necessary.



Next Page →

PDF embedding disabled (Crown copyright)

View this page online at:


VUW Te Waharoa — PDF NZ Gazette 1991, No 83


NZLII — PDF NZ Gazette 1991, No 83




✨ LLM interpretation of page content

💰 Trust Bank South Canterbury Community Trust Annual Report (continued from previous page)

💰 Finance & Revenue
Community Trust, Annual Report, Trustees, Charitable, Cultural, Philanthropic, South Canterbury, Mid Canterbury