2976 NEW ZEALAND GAZETTE No. 141

1992
$
138,304

1991
$
616,383

Net increase in cash held ...
Add cash held at 31 March 1991 ...
629,245
12,862

Cash held at 31 March 1992 ...
767,549
629,245

These accounts are to be read in conjunction with the notes set out below.

Trust Bank Otago Community Trust Inc.

Notes to and Forming Part of the Financial Statements for the 12 Months 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.
• Revenues earned and expenses incurred are matched using accrual accounting, except that dividends received are 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 the financial position:

(a) Dividend income from Trust Bank New Zealand Limited is included in the income and expenditure account when it is received.

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

(c) Investments, which comprise shares held in Trust Bank New Zealand Limited are stated at cost.

Changes in Accounting Policies

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

2. Dividends

Dividends were received from Trust Bank New Zealand Limited comprised:

(a) 1991 final dividend of $891,000 received 5 July 1991.

(b) 1992 interim dividend of $427,680 received 3 December 1991.

3. Investment

Shares in Trust Bank New Zealand Limited, which are stated at cost, have a market value of not less than cost, in the opinion of the trustees.

4. Taxation

For taxation purposes, the trust is deemed to be a charitable organisation. Its income is not subject to taxation.
The trust is not registered for goods and services tax purposes. Accordingly, these financial statements are stated on a GST inclusive basis.

The trust has been registered as exempt from interest and dividend PAYE and holds a current certificate of exemption.

5. Contingent Liabilities

There are no contingent liabilities at 31 March 1992 (1991: $0).

6. Contingent Asset

Donations made during the year include a payment of $125,000 to the Otago Excursion Train Trust. In the event that the OETT, within the next 10 years, ceases to function and operate as it does currently, then a specified proportion is refundable on demand. The Dunedin City Council act as guarantors in respect of this arrangement.

Auditor's Report, Trust Bank Otago Community Trust Inc.

We have examined the accompanying balance sheet, income and expenditure account and statement of cashflows and have obtained all the information and explanations we have required.

In our opinion, the balance sheet and accounts respectively give a true and fair view of the financial position of the trust as at 31 March 1992 and of the results and the cashflows for the year ended on that date.

Dated at Dunedin this 2nd day of July 1992.
KPMG PEAT MARWICK, Chartered Accountants.
gn8020

DEPARTMENT OF INTERNAL AFFAIRS
TE TARI TAWHETE
PUBLISHED BY AUTHORITY OF DEPARTMENT OF INTERNAL AFFAIRS:
GP PRINT LIMITED, WELLINGTON, NEW ZEALAND - 1992
ISSN 0111-6650
Price $3.20 (inc. G.S.T.)