✨ Financial Statements and Audit Report
2474
NEW ZEALAND GAZETTE
No. 110
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.
(d) Investment Securities Investment Securities (including Government and Local Authority Securities) are purchased primarily with the intention of holding them until maturity. They are valued at cost adjusted by the amortisation of the discount or premium on purchase, over the term of the security, on an original purchase yield basis.
Changes in Accounting Policies
There have been no changes in accounting policy. All policies have been consistently applied.
2. Dividends
Dividends received from Trust Bank New Zealand Limited—
| 1992 $ | 1991 $ | |
|---|---|---|
| Final dividend for year ended 31 March 1991 | 574,200 | 578,550 |
| Interim dividend for year ended 31 March 1992 | 275,616 | 158,166 |
| $849,816 | $736,716 |
3. Investments
Shares in Trust Bank New Zealand Limited (8 700 000) ordinary shares of $1 each, fully paid $11,810,000 $11,810,000
4. Donations
Donations approved but not paid $5,000.00 $90,000.00
5. Taxation
For taxation purposes the trust is deemed to be a charitable trust. Its income is not subject to taxation.
6. 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 Eastern and Central 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 1992 and the results of its activities and cash flows for the period ended on that date.
DENT ROBERTSON & PARTNERS, Chartered Accountants.
Hastings, New Zealand.
Dated this 19th day of May 1992.
Schedule of Distributions of Income by Way of Grants for the Period Ended 31 March 1992
General donations (by region)—
| Amount $ | |
|---|---|
| Gisborne | 25,100.00 |
| Wairoa | 14,700.00 |
| Napier | 67,400.00 |
| Hastings | 50,762.50 |
| Central Hawke’s Bay | 19,600.00 |
| Dannevirke | 33,400.00 |
| Palmerston North | 77,400.00 |
| Feilding | 12,950.00 |
| Levin | 22,000.00 |
Next Page →
PDF embedding disabled (Crown copyright)
View this page online at:
VUW Te Waharoa —
NZ Gazette 1992, No 110
NZLII —
NZ Gazette 1992, No 110
✨ LLM interpretation of page content
💰
Notes to the Financial Statements for the Period Ended 31 March 1992
(continued from previous page)
💰 Finance & RevenueFinancial Statements, Accounting Policies, Dividends, Investments, Donations, Taxation, Goods and Services Tax
💰 Auditors’ Report to the Trustees of the Trust Bank Eastern and Central Community Trust Inc.
💰 Finance & Revenue19 May 1992
Audit Report, Financial Statements, Trust Bank Eastern and Central Community Trust
- DENT ROBERTSON & PARTNERS, Chartered Accountants
💰 Schedule of Distributions of Income by Way of Grants for the Period Ended 31 March 1992
💰 Finance & RevenueGrants, Income Distribution, Regional Donations