23 JUNE
NEW ZEALAND GAZETTE
2105

5. Cash Flow Statement Reconciliation

Net surplus .................................................. 745,530 400,738
Decrease in sundry debtors .................................. 16,687 (24,427)
Increase in accounts payable ................................. 32,901 11,637
Add back depreciation ...................................... 617,227 230,000
Add back profit on sale of shares ........................... 5,467 5,467
Cash flow from operations .................................. $1,417,812 $613,773

6. Commitments
   There are no capital commitments (1993 nil).
   There is a commitment to advance community social loans of $20,000 (1993 nil).

7. Fixed Assets

                        Cost      Accumulated    1994 Book    1993 Book
                         $        Depreciation   Value $     Value $

   Plant and equipment ......... 699 338 361 501
   Computer .................. 8,135 3,254 4,881 6,508
   Motor vehicle ............. 18,500 9,872 8,628 12,328

   ---

                      $27,334     $13,464      $13,870     $19,337

8. Contingent Liabilities
   There are no contingent liabilities (1993 nil) apart from donation commitments as per note 3.

9. Segmental Reporting
   The trust operates as a charitable trust in the Canterbury, Marlborough and Nelson areas.

10. Related Party
    The trust’s bankers, Trust Bank Canterbury Limited, is a subsidiary of Trust Bank New Zealand Limited. In the normal course of business the trust has been paid $104,274 (1993 $61,848) of interest. At balance date the bank balances held at Trust Bank Canterbury Limited are $23,247,044 (1993 $688,401).

11. Financial Instruments

Fair Value of Assets and Liabilities
Investments are stated at estimated market value at balance date. Sundry debtors, accounts payable and donations approved not yet paid are stated at the amounts expected to be received or paid. Accordingly, the trustees consider that the fair value of each class of financial assets and financial liabilities is the same as the carrying value in the balance sheet.

Concentration of Credit Risk
Ninety-nine percent of the assets of the trust are represented by the investment in Trust Bank New Zealand Limited shares and term investments with Trust Bank Canterbury Limited.

12. Trust Bank Community Trusts Disaster Relief Fund
    Detailed below is the trust’s share of the disaster relief fund which was established by way of a donation in the 1990 financial year. Accordingly this fund is not reflected in the financial statements of the trust.

                        1994 $      1993 $

    Opening balance, 1 April 1993 37,834 35,383
    Interest earned ............. 2,168 2,451
    Kaikoura Relief Fund payment (3,250) –
    Closing balance, 31 March 1994 $36,752 $37,834

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

In our opinion the financial statements give, using the historical cost method, modified by the revaluation of investments, a true and fair view of the financial position of the trust as at 31 March 1994 and the results of its activities and cash flows for the year ended on that date.

DELOITTE TOUCHE TOHMATSU, Chartered Accountants.
Christchurch, New Zealand.
Dated this 24th day of May 1994.

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