22 SEPTEMBER NEW ZEALAND GAZETTE 2943

Trust Bank Otago Community Trust Inc.

Statement of Cash Flows for the Year Ended 31 March 1994

Cash flows from operating activities—
Cash was provided from:
Dividend from Trust Bank New Zealand Limited ........................................... 1,946,295 1,264,815
Interest on investments .............................................................. 100,719 88,842
———————— ————————
2,047,014 1,353,657

Cash was disbursed to:
Suppliers of goods and services ..................................................... 84,994 71,070
Fees to trustees ................................................................. 29,181 32,100
Donations to the community ......................................................... 1,471,264 918,918
———————— ————————
1,585,439 1,022,088
Net cash flows from operating activities .............................................. 461,575 331,569

Cash flows from investing activities—
Cash was provided from:
Maturing fixed interest investments ................................................ 0 450,000
Sale of shares in Trust Bank New Zealand Limited ................................... 62,230,868 0
———————— ————————
62,230,868 450,000

Cash was applied to:
Fixed interest investments ....................................................... 63,360,308 550,000
Net cash flows from investing activities ............................................. -1,129,440 -100,000
Add cash held at 31 March 1993 ..................................................... -667,865 231,569
Cash held at 31 March 1994 .......................................................... 999,118 767,549
———————— ————————
$331,253 $999,118

These accounts are to be read in conjunction with the notes set out below.

Trust Bank Otago Community Trust Inc.

Notes to and Forming Part of the Financial Statements for the Year 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 trust is a going concern.

– revenues earned and expenses incurred are matched using accrual accounting, except that dividends received are 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 the financial position:

(a) Dividend income from Trust Bank New Zealand Limited is included in the income and expenditure account when it is received.

(b) Donations made are included in the income and expenditure account when paid.

(c) Investments, which comprise shares held in Trust Bank New Zealand Limited are stated at cost.

Changes in Accounting Policies

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

2. Dividends

Fully imputed dividends received from Trust Bank New Zealand Limited comprised:

(a) 1993 final dividend of $1,136,295 plus imputation credits received 2 July 1993.

(b) 1994 interim dividend of $810,000 plus imputation credits received 3 December 1993.

3. Investment in Trust Bank New Zealand Limited

During the year the trust sold 55 percent of its shareholding in Trust Bank New Zealand Limited. This was achieved in conjunction with a public offering of shares by Trust Bank New Zealand Limited to raise additional equity capital.