7 JULY NEW ZEALAND GAZETTE 2237

Notes to the Financial Statements for the Period Ended 31 March 1994

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.

A 1:1 bonus share issue during the year is included at a deemed cost of $7,500,000.

Government Stocks are stated at cost less discounts or premiums amortised over the term of the investment on a straight-line basis.

Changes in Accounting Policies

There have been no changes in accounting policies. All policies have been applied on bases consistent with those used in the previous year.

2. Dividends

Dividends received from Trust Bank New Zealand Limited

3. Investments

Shares in Trust Bank New Zealand Limited:

During the year, the Trust Bank New Zealand Limited shareholdings were restructured. As a result the regional Trust Bank Community Trusts were able to hold 2000 shares directly in Trust Bank New Zealand Limited and all other shares were required to be held through Community Trust Nominees Limited, as Trustee for the regional Trust Bank Community Trusts.

The market value of shares held in Trust Bank New Zealand Limited, post balance date, 7 May 1994, at $2.04 per share, totals $62,365,715.

Government stocks are shown at cost price adjusted by amortised discount/premium to date

4. Taxation

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

5. 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.

Auditors Report to the Trustees of the Trust Bank Bay of Plenty Community Trust Inc.

We have obtained all the information and explanations that we have required. In our opinion proper accounting records have been kept by the trust so far as appears from our examination of those records.

In our opinion, according to the best of our information and the explanations given to us and as shown by the said records, the financial statements are properly drawn up so as to give, under the historical cost convention, a true and fair view of the state of the trust’s affairs as at 31 March 1994 and the results of its business and the cash flows for the year ended on that date.

In all other respects, according to the information and explanations given to us, the financial statements are presented in accordance with the requirements of the trust deed dated 30 May 1988.

INGHAM MORA MALCOLM & RASSELL, Chartered Accountants.

Dated this 9th day of May 1994.

Tauranga.