2420 NEW ZEALAND GAZETTE No. 122

1992 $ 1993 $
4,082 Deposits—National Disaster Relief Fund . . . . . . . . . . . . . 4,365
5,437 Interest receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,623
2,919 Trust Bank Wellington Limited—current account . . . . . . . . . . . 24,088
173,438 Total current assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 223,076
850 Less current liabilities—
Sundry creditors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,835
172,588 Working capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 217,241
4,968,158 Add long term assets—
Shares in Trust Bank New Zealand (Note 2) . . . . . . . . . . . 4,968,158
$5,140,746 Net assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $5,185,399

Signed on behalf of the board of trustees.
F. D. O’FLYNN, Chairperson.
M. F. DUNPHY, Trustee.
Dated this 31st day of May 1993.

(The notes to the financial statement form part of and are to be read in conjunction with the above accounts.)

Statement of Cash Flows for the Year Ended 31 March 1993

1992 $ 1993 $
366,300 Cash flows from operating activities—
Cash was provided from:
Dividends from Trust Bank New Zealand Limited . . . . . . . . 351,337
14,451 Interest on investments . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,630
(18,357) Cash was disbursed to:
Suppliers of goods and services . . . . . . . . . . . . . . . . . . . . . (5,025)
(8,310) Trustees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (10,025)
(309,214) Grants to the community . . . . . . . . . . . . . . . . . . . . . . . . . . (303,465)
44,870 Net cash flows from operating activities . . . . . . . . . . . . . . . 45,452
123,131 Add opening cash balance as at 1 April 1992 . . . . . . . . . . 168,001
$168,001 Cash at 31 March 1993 . . . . . . . . . . . . . . . . . . . . . . . . . . . $213,453

Shown in balance sheet as
161,000 Deposits—Trust Bank Wellington Limited . . . . . . . . . . . . . . 185,000
4,082 Deposit—National Disaster Relief Fund . . . . . . . . . . . . . . . 4,365
2,919 Bank account . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24,088
$168,001 $213,453

Notes to the Financial Statements For the Year 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 and grants are accounted for on a cash 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 paid.
(c) Investments: Shares held in Trust Bank New Zealand Limited are stated at cost.

2. Investments
   Shares in Trust Bank New Zealand Limited 3 750 000 ordinary shares of $1 each, fully paid $4,968,158.

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 these financial statements are stated on a G.S.T. inclusive basis.