New Zealand Gazette – 1993 – No. 114

Page 2215

✨ Financial Statements



NEW ZEALAND GAZETTE

29 JULY

2215

1993 $ 1992 $
Investment in Trust Bank Wellington Limited Disaster Fund ... 1,049
423,605 488,116

Net cash flow from investing activities ...

Cash flows from operating activities—
Cash was provided from:
Other 23,000 23,000

Cash was disbursed to:
Trustees remuneration 24,625 18,552
Trustees expenses 6,401 2,862
Grants to the community 498,960 1,054,259
Administration expenses ... 10,000
Audit fees 827 562
Other expenses 16,348 1,241

Net cash flows from operating activities ...
| | (524,161) | (1,064,476)|

Net increase in cash on hand ...
| | 495,542 | (113,593) |

Add cash at 1 April 1993 ...
| | 628,344 | 741,937 |

Cash at 31 March 1993 ...
| | $1,123,886 | $628,344 |

Notes to the Financial Statements for the 12 Months Ended 31 March 1993

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 committed.

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

2. Dividends

Dividends received from Trust Bank New Zealand Limited. Final dividend (declared in respect of the financial year ended 31 March 1992 and received 2 July 1992) ...

1993 $ 1992 $
738,090 917,400

This brings the total dividend received to $1,178,442 of which $440,352 was received last year.

Interim dividend in respect of the financial year ended 31 March 1993, received on 4 December 1992 ...
| | 564,201 | 440,352 |

Total dividends ...
| | $1,302,291 | $1,357,752 |

3. Taxation

For taxation purposes the trust is deemed to be a charitable organisation. It's 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

1993 $ 1992 $
Balance, 1 April 1992 ... 651,769
20 percent of 1991–92 dividend ... 147,618


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✨ LLM interpretation of page content

💰 Statement of Cash Flows for Trust Bank Southland Community Trust Inc. (continued from previous page)

💰 Finance & Revenue
Cash Flows, Investing Activities, Dividends, Interest, Trustees Remuneration, Grants to the Community, Administration Expenses, Audit Fees