2462

NEW ZEALAND GAZETTE

No. 110

Government stock .. .. .. .. .. .. .. .. .. .. Note 1992 1991
$ $
Net assets .. .. .. .. .. .. .. .. .. .. 107,830 50,797
$9,702,560 $9,400,777

Signed on behalf of the board of trustees:
H. P. JONES, Chairperson.
J. M. SEDDON, Trustee.
Dated this 21st day of May 1992.
(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 1992

Cash flows from operating activities—
Cash was provided from:
Dividend from Trust Bank New Zealand Limited .. .. .. .. .. .. .. .. .. 732,600 635,100
Interest received .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. 52,383 48,064
Other .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. 213 2
Cash was disbursed to:
Suppliers of goods and services .. .. .. .. .. .. .. .. .. .. .. 26,665 15,692
Trustees .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. 28,235 16,512
Grants to the community .. .. .. .. .. .. .. .. .. .. .. .. 429,300 390,809
R Dillon scholarships .. .. .. .. .. .. .. .. .. .. .. .. 7,500 1,800
Net cash flows from operating activities .. .. .. .. .. .. .. .. 293,496 258,353
Cash flows from investing activities—
Cash was provided from:
N/A .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. - -
Cash was applied to:
Net increase in investments .. .. .. .. .. .. .. .. .. .. 58,654 -
Net cash flows from investing activities .. .. .. .. .. .. .. .. (58,654) -
Increase (decrease) in cash held .. .. .. .. .. .. .. .. .. 234,842 258,353
Add cash at 1 April 1991 .. .. .. .. .. .. .. .. .. .. 335,743 77,390
Cash at 31 March 1992 .. .. .. .. .. .. .. .. .. .. .. $570,585 $335,743

Notes to the Financial Statements For the Period Ended 31 March 1992

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.

(b) Grants: Grants made are included in the income and expenditure account when paid.

(c) Investments: Shares held in Trust Bank New Zealand Limited are stated at cost.

Government stocks are stated at cost less discounts or premiums amortised over the term of the investment on a straight-line basis.

Changes in Accounting Policies

There have been no changes in accounting policies. All policies have been applied on bases consistent with those used in the previous year.

2. Dividends

Dividends received from Trust Bank New Zealand Limited .. .. .. .. .. .. 495,000 498,750
Interim dividend (declared in respect of the financial year ended 31 March 1992 and received 13 December 1991) .. .. .. .. .. .. .. .. .. .. .. 237,600 136,350