1924 NEW ZEALAND GAZETTE No. 56

1994 $

This brings the total dividend received to $1,734,164 of which $564,201 was received last year.
Interim dividend in respect of the financial year ended 31 March 1994, received on 3 December 1993 .......................................................................................... 834,000

1994 $
2,003,963

1993 $
564,201
1,302,291

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 16.889 percent shareholding in Community Trusts Nominees Limited, having purchased a further 1 428 571 shares at the time of the public share float in March 1994 at the strike price of $2.10, giving total shares held of 57 028 571.

6. Investment Reserve

1994 $

Balance 1 April 1993 .......................................................................................... 973,562
20 percent of 1992–93 dividend ........................................................................ 233,993
20 percent of 1993–94 interim dividend .......................................................... 166,800
Interest .................................................................................................................. 85,724
Transfer from undistributed surplus .............................................................. 1,539,921
Balance 31 March 1994 .................................................................................. 3,000,000

1993 $
651,769
147,618
112,840
61,335
0
973,562

7. Undistributed Surplus

1994 $

Balance 1 April 1993 .......................................................................................... 470,329
Net surplus for the year ................................................................................... 866,433
Transfer to investment reserve ........................................................................ –1,539,921
Balance 31 March 1994 .................................................................................. (203,159)

1993 $
208,726
261,603
–
470,329

8. Grants Not Paid
   Committed grants not yet disbursed:
   Wakatipu Environmental Society ........................................................................ 1,000
   Southland Polytechnic bursaries ........................................................................ 3,750
   ICC—swimming pool .......................................................................................... 666,000

1994 $
1,000
3,750
666,000
670,750

1993 $
1,000
2,500
666,000
669,500

9. Commitments
   The trust has agreed to grant a further $334,000 over the next year towards a swimming pool in Invercargill. This brings the total committed to $1 million. This commitment is made subject to availability of funds.

10. Donation
    A payment was made from the National Disaster Fund to the Kaikoura Flood Relief appeal and this amount represents the community trust’s portion.

11. Reconciliation of Net Surplus to Operating Activities

1994 $

Net surplus for the year ....................................................................................... 1,352,950
Increase (decrease) in other liabilities ............................................................ 9,359
(Increase) decrease in other assets ............................................................... –2,015,567
Net movement in investing activities ............................................................ –177,147
Net cash flow from (used in) operating activities ...................................... (830,405)

1993 $
583,396
322,064
–409,918
–1,019,703
(524,161)

Auditors’ Report to the Members of Trust Bank Southland Community Trust Incorporated
We have audited the financial statements in accordance with accepted auditing standards, and have carried out such procedures as we considered necessary.