✨ Financial Statements and Auditor's Report
2944 NEW ZEALAND GAZETTE No. 96
Changes in the trust’s shareholding of Trust Bank New Zealand Limited during the year are summarised as follows:
Number of fully paid $1 shares at 1 July 1993 ... 13 500 000
1:1 bonus issue in February 1994 ... 13 500 000
Share split in February 1994 ($1 to 50 cents) ... 27 000 000
Total number of 50 cent shares held prior to sale ... 54 000 000
Less sold in March 1994 ... 30 000 000
Balance of 50 cent shares held at 31 March 1994 ... 24 000 000
Owned and held directly ... 2 000
Owned and held through Community Trusts Nominees Limited ... 23 998 000
The shares listed on the New Zealand Stock Exchange on 30 March 1994.
Market value of the shareholding at 31 March 1994 is estimated to be $55,200,000 based upon Stock Exchange sales of $2.30 per share at close of trading on 31 March 1994.
4. Taxation
For taxation purposes, the trust is deemed to be a charitable organisation. Its income is not subject to taxation.
The trust is not registered for Goods and Services Tax purposes. Accordingly, these financial statements are stated on a G.S.T. inclusive basis.
The trust has been registered as exempt from interest and dividend PAYE and holds a current certificate of exemption.
5. Contingent Liabilities
There are no contingent liabilities at 31 March 1994 (1993: $0).
6. Reconciliation of Undistributed Income With Cash Inflow From Operating Activities
| 1994 $ | 1993 $ | |
|---|---|---|
| Undistributed income | 50,994,515 | 328,996 |
| Deduct item classified as investing activity— | ||
| Profit on sales of shares in Trust Bank New Zealand Limited | 50,451,783 | 0 |
| 542,732 | 328,996 |
Adjust for movements in working capital—
Increase in sundry creditors ... 8,684
Decrease (increase) in funds held in the National Disaster Relief Fund ... 450
(Increase) decrease in interest accrued ... (90,291)
Net cash flow from operating activities ... $461,575 | $331,569
Auditor’s Report, Trust Bank Otago Community Trust Inc.
We have examined the accompanying balance sheet, income and expenditure account and statement of cash flows and have obtained all the information and explanations we have required.
In our opinion, the balance sheet and accounts respectively give a true and fair view of the financial position of the trust as at 31 March 1994 and of the results and the cash flows for the year ended on that date.
Dated at Dunedin this 24th day of May 1994.
TAYLOR McLACHLAN & PARTNERS, Chartered Accountants.
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VUW Te Waharoa —
NZ Gazette 1994, No 96
NZLII —
NZ Gazette 1994, No 96
✨ LLM interpretation of page content
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Trust Bank Otago Community Trust Notes to Financial Statements
(continued from previous page)
💰 Finance & Revenue24 May 1994
Shareholding, Bonus issue, Share split, Market value, Taxation, Contingent liabilities, Reconciliation of income, Operating activities
- TAYLOR McLACHLAN & PARTNERS, Chartered Accountants