2492

NEW ZEALAND GAZETTE

No. 124

Purchase of marquees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Net cash flows from equipment purchases . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Net cash flows from financing activities—
Net increase in cash held . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Add opening cash at 31 March 1992 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Cash as at 31 March 1993 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Cash at 31 March 1993 comprises the current account, the prime call account and the disaster relief fund.

Notes to the Financial Statements for the Period 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) Donations: Donations 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.

(d) Fixed Assets: Fixed assets are recorded at cost and depreciated on the straight line method based on the estimated life of the assets.

2. Shares in Trust Bank New Zealand Limited

2 700 000 ordinary shares in Trust Bank New Zealand Limited . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $4,689,000

3. Undistributed Income

Balance brought forward . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Plus current year’s profits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

4. Long Term Advances

Mid Canterbury Basketball Association—debenture . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
St Vianney’s Home of Compassion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Timaru High schools—hostel . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

5. Taxation

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

6. 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.

7. Depreciation

Marquees were purchased in October for use by organisations in the community free of charge for galas, fetes and other fund raising activities. Depreciation has been written off on the straight line basis the life of the asset being estimated at 5 years. First year depreciation is 6/12 of $2,642 per annum:

Marquees as cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Less depreciation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
As per balance sheet . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .