New Zealand Gazette – 1992 – No. 130

Page 2852

✨ Financial Statements and Notes



2852 NEW ZEALAND GAZETTE No. 130

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

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

2. Dividends

1992 1991
$ $

Dividends received from Trust Bank New Zealand Limited. Final dividend (declared in respect of the financial year ended 31 March 1991 and received 5 July 1991) ... 917,400 924,350
This brings the total dividend received to $1,170,102 of which $252,702 was received last year.
Interim dividend in respect of the financial year ended 31 March 1992, received on 13 December 1991 ... 440,352 252,702
Total ... $1,357,752 $1,177,052

3. Taxation

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

4. Goods and Services Tax

The trust is not registered for goods and services tax purposes. Accordingly the financial statements are stated on a G.S.T. inclusive basis.

5. Shares in Trust Bank New Zealand Limited

The trust holds 13.9 percent shareholding in Trust Bank New Zealand Limited $21,281,000.

6. Investment Reserve

1992 1991
$ $
Balance 1 April 1991 ... 337,739
20 percent of 1990-91 dividend ... 183,480
20 percent of 1991-92 interim dividend 88,070 50,540
Interest 42,480 27,174
Balance 31 March 1992 $651,769 $337,739

The trust has resolved that 20 percent of dividends is retained by the trust for future investments together with interest.

7. Undistributed Surplus

1992 1991
$ $
Balance 1 April 1991 ... 256,267
Net surplus for the year (47,541) 90,805
Balance 31 March 1992 $208,726 $256,267

8. Grants Not Paid

Committed grants not yet disbursed:

  • Southland Rescue Helicopter Trust ... 15,000
  • Southland Cycling Trust ... 5,000
  • Southland Polytechnic Bursaries ... 2,500
  • ICC—swimming pool ... 333,000

Total ... $355,500

9. Commitments

The trust has agreed to grant a further $667,000 over the next 2 years towards a swimming pool in Invercargill. This brings the total committed to $1 million. This commitment is made subject to availability of funds.

Auditors' Report to the Members of Trust Bank Southland Community Trust Incorporated

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 community trust and cashflows for the year ended on that date.

DELOITTE ROSS TOHMATSU, Chartered Accountants.
Invercargill, New Zealand.

Dated this 26th day of May 1992.
gn7637

PUBLISHED BY AUTHORITY OF DEPARTMENT OF INTERNAL AFFAIRS
GP PRINT LIMITED, WELLINGTON, NEW ZEALAND—1992

ISSN 0111-5650

Price $3.20 (inc. G.S.T)


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✨ LLM interpretation of page content

💰 Notes to the Financial Statements for Trust Bank Southland Community Trust (continued from previous page)

💰 Finance & Revenue
26 May 1992
Accounting Policies, Financial Statements, Grants, Dividends, Taxation, Investment Reserve, Undistributed Surplus, Auditors' Report
  • DELOITTE ROSS TOHMATSU, Chartered Accountants