New Zealand Gazette – 1993 – No. 126

Page 2569

✨ Financial Statements



26 AUGUST

NEW ZEALAND GAZETTE

2569

Trust Bank Otago Community Trust Inc.

Statement of Cash Flows for 12 Months Ended 31 March 1993

1993 $ 1992 $
Cash flows from operating activities—
Cash was provided from:
Dividend from Trust Bank New Zealand Limited 1,264,815 1,318,680
Interest on investments 88,842 93,450
1,353,657 1,412,130
Cash was disbursed to:
Suppliers of goods and services 71,070 51,560
Fees to trustees 32,101 24,868
Donations to the community 918,918 1,017,398
1,022,089 1,093,826
Net cash flows from operating activities 331,569 318,304

| Cash flows from investing activities— | | |
| Cash was provided from: | | |
| Maturing fixed interest investments | 450,000 | 520,000 |
| Cash was applied to: | | |
| Fixed interest investments | 550,000 | 700,000 |
| Net cash flows from investing activities | -100,000 | -180,000 |
| Net increase in cash held | 231,569 | 138,304 |
| Add cash held at 31 March 1992 | 767,549 | 629,245 |
| Cash held at 31 March 1993 | $999,118 | $767,549 |

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 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.
  • 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) 1992 final dividend of $716,850 received 3 July 1992.

(b) 1993 interim dividend of $547,965 received 4 December 1992.

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 G.S.T. 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 1993 (1992: $0).



Next Page →

PDF embedding disabled (Crown copyright)

View this page online at:


VUW Te Waharoa — PDF NZ Gazette 1993, No 126


NZLII — PDF NZ Gazette 1993, No 126




✨ LLM interpretation of page content

💰 Trust Bank Otago Community Trust Inc. Statement of Cash Flows for 12 Months Ended 31 March 1993 (continued from previous page)

💰 Finance & Revenue
26 August 1993
Cash Flows, Operating Activities, Investing Activities, Dividends, Donations

💰 Trust Bank Otago Community Trust Inc. Notes to and Forming Part of the Financial Statements for the 12 Months Ended 31 March 1993 (continued from previous page)

💰 Finance & Revenue
26 August 1993
Accounting Policies, Dividends, Investments, Taxation, Contingent Liabilities