New Zealand Gazette – 1992 – No. 110

Page 2477

✨ Trust Financial Statements

16 JULY NEW ZEALAND GAZETTE

V. S. BUCK, Chairperson.
R. J. TODD, Trustee.
Dated this 17th day of June 1992.

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

Statement of Cash Flows for the Year Ended 31 March 1992

	1992 $	1991 $
Cash was provided by (used for):
Operations
Dividend from Trust Bank New Zealand Limited	3,174,600	2,752,100
Interest on investments	198,041	138,922
Rent	5,421	0
Payments to suppliers and employees	(110,517)	(53,706)
Trustees	(77,224)	(39,600)
Grants to the community	(2,449,999)	(1,482,358)
	740,322	1,315,358

| Investing | | |
| Investment in Government stock | (292,859) | (564,781) |
| Investment in local authority stock | (791,504) | (101,289) |
| Investment in shares | (130,000) | 0 |
| Term deposit | 519,228 | (728,066) |
| Community trust loans | (15,807) | (3,000) |
| Purchase of fixed assets | (19,199) | 0 |
| | (730,141) | (1,397,136) |

| Increase (decrease) in cash | 10,181 | (81,778) |
| Cash at beginning of year | 81,896 | 163,674 |
| Cash at end of year | 92,077 | 81,896 |

Represented by:
| Call account | 112,998 | 52,433 |
| Current account | (20,921) | 29,463 |
| | 92,077 | 81,896 |

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

Notes to the Financial Statements for the Year Ended 31st March 1992

1. Statement of Accounting Policies

General Accounting Policies

The following general accounting policies have been adopted in the preparation of the financial statements.

(i) The measurement base adopted is that of historical cost, except for the revaluation of fixed interest Government and local authority stock and reliance is placed on the fact that the business is a going concern.

(ii) The matching of revenue earned and expenses incurred using accrual accounting concepts.

Specific Accounting Policies

Depreciation: Depreciation has been charged in the financial statements using rates which will write off the cost of assets less their estimated residual value over their estimated economic lives. The depreciation rates used are:

Plant and equipment ... 20% c.p.
Motor vehicles ... 20% c.p.

The computer was acquired near year end and because it was not fully operational, it has not been depreciated.

Fixed Assets: Fixed assets are recorded at cost less accumulated depreciation.

Dividend Income: Dividend income from Trust Bank New Zealand Limited is included in the income and expenditure statement when it is received.

Grants: Grants are included in the income and expenditure statement when paid whereas in prior years grants made were included in the income and expenditure statement when approved by the trustees.

Investments: Shares held in Trust Bank New Zealand Limited are stated at cost. Government and local authority stock is shown at market value.

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

Goods and Services Tax: The trust is not registered for G.S.T. purposes and therefore the financial statements have been prepared on a G.S.T. inclusive basis.

Changes in Accounting Policies

The board has resolved that it is more appropriate to account for grants paid to the community on a cash basis rather than an accruals basis as was previously the case.

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VUW Te Waharoa — NZ Gazette 1992, No 110

NZLII — NZ Gazette 1992, No 110

The Executive Wing of Parliament (depicted) is universally known as The Beehive. It was completed in 1977 and remains the primary office for the elected Government of the day.

✨ LLM interpretation of page content

💰 Trust Bank Canterbury Community Trust Inc. Trust Directory for the Year Ended 31 March 1992 (continued from previous page)

Domain💰 Finance & Revenue
Dated17 June 1992
KeywordsTrust, Community Benefits, Financial Statements, Income, Expenditure, Balance Sheet
👩‍💼 Officials

V. S. Buck, Chairperson
R. J. Todd, Trustee

💰 Statement of Cash Flows for the Year Ended 31 March 1992

Domain💰 Finance & Revenue
KeywordsCash Flows, Dividends, Investments, Grants, Fixed Assets

💰 Notes to the Financial Statements for the Year Ended 31st March 1992

Domain💰 Finance & Revenue
KeywordsAccounting Policies, Depreciation, Fixed Assets, Dividend Income, Grants, Investments, Taxation, Goods and Services Tax

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