NEW ZEALAND GAZETTE

18 AUGUST

General

Accounting Standards Review Board

Financial Reporting Act 1993

Notice (3) of Approval of Financial Reporting Standards

Notice is hereby given, pursuant to section 29 of the Financial Reporting Act 1993 ("the Act") that the Accounting Standards Review Board has approved, for the purposes of the Act, the following financial reporting standards:

• FRS14: Accounting for Construction Contracts.
• FRS19: Accounting for Goods and Services Tax.

And an amendment to:

• FRS7: Extraordinary Items and Fundamental Errors.

which have been submitted to it by the New Zealand Society of Accountants.

Financial Reporting Standards 14 and 19 apply to all reporting entities (as defined in the Act), the Crown and all departments, Offices of Parliament and Crown entities (each of which is defined in the Act) other than as expressly exempted by the terms of that standard, for application to accounting periods and interim accounting periods that end on or after 31 December 1994.

The approved amendment to Financial Reporting Standard 7 is the insertion into the third line of paragraph 5.1 of the word "recognised" between the words "all revenues".

Copies of the above-mentioned standards may be purchased from the office of the New Zealand Society of Accountants, Willbank House, 57 Willis Street (P.O. Box 11-342), Wellington.

Dated at Wellington this 16th day of August 1994.

JOHN C. HAGEN, Chairman, Accounting Standards Review Board.

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Trust Bank South Canterbury Community Trust Inc.

Trustee Banks Restructuring Act 1988

Trust Bank South Canterbury Community Trust Inc.

Trust Particulars

The Trust Bank South Canterbury Community Trust Inc. was incorporated as a charitable trust in accordance with the provisions of the Trustee Banks Restructuring Act 1988. The purpose of the community trust is to provide charitable, cultural, philanthropic and recreational benefits to the community.

Trustees:
Mr A. F. McLay (Chairperson), Mr A. H. Carlton, Ms R. A. Carruthers, Mr L. K. Cooney, Mr R. B. McCully, Mr A. R. McKay, Mrs J. J. Rayne, Mr C. P. Sparrow, Mr J. R. Sutton, Mr J. E. Thompson, Mr D. B. Timpany, Mr R. J. Underdown.

Bankers:
Trust Bank South Canterbury Limited, 243 Stafford Street, Timaru.

Auditors:
Martin Wakefield, Chartered Accountants, 26 Canon Street, Timaru.

Secretary:
K. A. Churcher, Chartered Accountant, P.O. Box 591, 39 George Street, Timaru.

Trustees’ Report for the Period Ended 31 March 1994

Objectives of the Trust: The trust’s objectives are to provide financial assistance to organisations carrying on charitable, cultural, philanthropic and recreational work which is of benefit to the community, principally in the regions of South Canterbury and Mid Canterbury.

Policies and Structure of the Trust: All purposes of the trust are deemed to be charitable, to administer capital and to distribute income for charitable purposes in the Mid and South Canterbury areas.

The community trust now comprises 12 trustees who are representative of the Mid and South Canterbury communities. Trustees are appointed by the Minister of Finance and reside in either Mid or South Canterbury.

Trustees retire by rotation and during the past year the terms of office expired on 31 May 1993 for Mrs P. P. Cornelius and Mr A. J. Srhoy. Mrs Cornelius and Mr Srhoy were replaced by Ms R. A. Carruthers and Mr A. R. McKay. We are grateful to Mrs Cornelius and Mr Srhoy for their contribution as trustees since the inception of the trust.

Activities of the Trust: The past year was indeed a very busy one for the trustees. Apart from the usual pursuit of the objects of the trust which is considering the many applications for financial assistance from community organisations of a very diversified nature, considerable time was spent studying and discussing the propositions with reference to the restructuring of Trust Bank New Zealand Limited. In common with the other 8 community trusts who are shareholders in the bank it has been pleasing to find that the eventual share float itself was very successful.