✨ Trust Fund Financial Statements
2478 NEW ZEALAND GAZETTE No. 110
The effect of this change in policy has been to increase the surplus for the current year by $348,249 (1991, $948,493). Other than the above there have been no changes in accounting policy.
2. Trust Funds Brought Forward
The comparative figures have been restated to reflect the change in accounting policy as disclosed in Note 1. This has resulted in an increase in the opening balance of trust funds amounting to $988,666 (1991, $40,173).
3. Investments
| 1992 $ | 1991 $ | |
|---|---|---|
| Shares in Trust Bank New Zealand Limited | 56,235,000 | 56,235,000 |
32,500,000 ordinary shares of $1 each, fully paid, being 32.5 percent of the total issued capital. The trust has not equity accounted for this investment, as recommended by SSAP8 issued by the New Zealand Society of Accountants, as the trust does not have significant influence over Trust Bank New Zealand Limited, at this time.
| 1992 $ | 1991 $ | |
|---|---|---|
| Shares in Mount Cavendish Gondola Co Limited | 130,000 | 0 |
130,000 ordinary shares of $1 each, fully paid.
4. Grants
The names of persons and organisations to whom distributions of income have been made by the trust under section 21 of the Trustee Banks Restructuring Act 1988 during the financial year and the amounts distributed are shown in the appendix to the financial statements.
| 1992 $ | 1991 $ | |
|---|---|---|
| Total grants paid in the year ended 31 March 1992 | 2,449,999 | 1,482,358 |
| Future grant commitments as at 31 March 1992 | 1,336,849 | 988,666 |
5. Capital Investment Commitments
| 1992 $ | 1991 $ | |
|---|---|---|
| Saxton field development (due 1992–93) (by way of a community trust loan) | 250,000 | 0 |
6. Fixed Assets
| Cost $ | Accumulated Depreciation $ | 1992 Book Value $ | 1991 Book Value $ | |
|---|---|---|---|---|
| Plant and equipment | 699 | 58 | 641 | — |
| Computer | 8,135 | — | 8,135 | — |
| Motor vehicle | 18,500 | 2,472 | 16,028 | — |
| Total | 27,334 | 2,530 | 24,804 | — |
7. Segments
The trust operates predominantly as a charitable trust in the Canterbury, Marlborough and Nelson areas.
Auditors’ Report to the Members of Trust Bank Canterbury 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, the results of its activities and cash flows for the year ended on that date.
Dated this 17th day of June 1992.
DELOITTE ROSS TOHMATSU, Chartered Accountants.
Christchurch, New Zealand.
Trust Bank Canterbury Community Trust Incorporated
Depreciation Schedule for the Year Ended 31 March 1992
| Private Use | Date | Orig Cost $ | Open W.D.V. $ | Add’ns (Sales) $ | Profit/Loss on Sale $ | Cap. Gain $ | Dep Method | YTD Dep $ | Close W.D.V $ |
|---|---|---|---|---|---|---|---|---|---|
| Pentax zoom 105 camera | 1/11/91 | 699 | 699 | — | — | — | 20.00 P | 58 | 641 |
| Computer | 31/3/92 | 8,135 | — | 8,135 | — | — | E | — | 8,135 |
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 Year Ended 31st March 1992
(continued from previous page)
💰 Finance & RevenueAccounting Policies, Trust Funds, Investments, Grants, Fixed Assets, Depreciation, Auditors' Report
- DELOITTE ROSS TOHMATSU, Chartered Accountants