New Zealand Gazette – 1994 – No. 83

Page 2598

✨ Financial Statements and Auditor's Report



2598

NEW ZEALAND GAZETTE

No. 83

  1. Undistributed Income

Balance brought forward .......................... $437,464 $342,805
Plus current year’s profits ...................... 168,933 94,659

                                        $606,397    $437,464
  1. Long Term Advances

Mid Canterbury Basketball Association—debenture ....... $20,000 $20,000
St Vianney’s Home of Compassion ..................... 30,000 40,000
Timaru High Schools—hostel ......................... 2,000 4,000

                                        $52,000    $64,000
  1. Taxation

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

  1. 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.

  1. Depreciation

Marquees were purchased for use by organisations in the community free of charge for galas, fetes and other fund raising activities. Depreciation has been written off on the straight line basis the life of the asset being estimated at 5 years.

Marquees at cost—October 1992 ..................... 13,213
Less depreciation to 31 March 1993 ................ 1,321

                                         11,892

Less depreciation—current year ................... 2,642

                                         $9,250
  1. Contingent Liabilities

The community trust has undertaken commitments to make donations to 4 organisations subject to the completion of fundraising for their projects. Details are as follows:

Mid Canterbury Arts Trust Inc (to be paid in 3 annual instalments) ............... $150,000
Sacred Heart Parish—Basilica renovation project (to be paid in 3 annual instalments) .. 15,000
Temuka & Districts Project Committee (to be made in 1 payment) ................... 10,000
Friends of the Aigantighe Art Gallery (to be made in 1 payment) .................. 10,000

                                        $185,000

Auditor’s Report to the Trustees of the Trust Bank South 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, a true and fair view of the financial position of the trust as at 31 March 1994 and the results of its activities for the year ended on that date.

MARTIN WAKEFIELD, Chartered Accountants.

Timaru, New Zealand.

Dated this 22nd day of June 1994.

The Hon. Minister of Finance has directed that the Trust Bank South Canterbury Community Trust Inc. need not publish the full list of its donations but a copy of the list is available to anyone upon request to the Chairperson, Trust Bank South Canterbury Community Trust Inc., P.O. Box 591, Timaru, or from the Secretary’s Office, 39 George Street, Timaru, or from any branch of Trust Bank South Canterbury Limited.

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✨ LLM interpretation of page content

💰 Notes to the Financial Statements for the Period Ended 31 March 1994 (continued from previous page)

💰 Finance & Revenue
Undistributed Income, Long Term Advances, Taxation, Goods and Services Tax, Depreciation, Contingent Liabilities

💰 Auditor's Report to the Trustees of the Trust Bank South Canterbury Community Trust Inc.

💰 Finance & Revenue
22 June 1994
Auditor's Report, Financial Statements, Trust Bank South Canterbury Community Trust Inc.
  • MARTIN WAKEFIELD, Chartered Accountants