13 JULY NEW ZEALAND GAZETTE 1859

Note 1995 $ 1994 $
Committed special project donations... 462,176 —
Committed donations... 19,000 857,873
Committed community loans... 315,000 —
859,224 949,506

Total liabilities... 859,224 949,506
Net assets... $253,968,718 $300,736,492

The notes to the financial statements form part of and are to be read in conjunction with these financial statements.

Consolidated Statement of Cash Flows for the Year Ended 31 March 1995

                    1995 $      1994 $

Cash was provided by (used for):
Operations—
Dividend from Trust Bank New Zealand Limited... 7,725,000 4,685,525
Income from investments... 1,105,364 343,284
Refund from disaster relief fund... 38,601 —
Rent... (1,430) —
Payments to suppliers and employees... (388,869) (160,252)
Payments to trustees... (81,736) (72,008)
Brokerage... — (256,378)
Donations to the community... (7,076,591) (3,123,789)
1,321,769 1,417,812

Investing—
Sale of Government securities... 104,000 500,000
Sale of local authorities securities... 540,000 100,000
Sale of shares... — 21,000,000
Term deposit... 19,341,336 (22,876,948)
Purchase of Government securities... — (632,861)
Purchase of Armstrong Jones Investment... (21,000,000) —
Community loans... (58,545) 149,067
Purchase of fixed assets... (97,447) —
(1,170,656) (1,760,742)

Increase(decrease) in cash... (42,043) 342,930
Cash at beginning of year... 151,113 (300,887)
Cash at end of year... $109,070 $(42,043)

Represented by:
Trust Bank Canterbury Limited current account... $109,070 $(42,043)

The notes to the financial statements form part of and are to be read in conjunction with these financial statements.

Notes to the Financial Statements for the Year Ended 31 March 1995

1. Statement of Accounting Policies

General Accounting Policies

The following general accounting policies have been adopted in the preparation of the financial statements.

(i) Trust Bank Canterbury Community Trust Inc. was incorporated as a charitable trust in accordance with the provisions of the Trustee Banks Restructuring Act 1988. These financial statements have been prepared in accordance with applicable financial reporting standards.

(ii) The measurement base adopted is that of historical cost, except for the revaluation of investments. Reliance is placed on the fact that the trust is a going concern.

(iii) The matching of revenue earned and expenses incurred using accrual accounting concepts.

Specific Accounting Policies

Depreciation—Depreciation has been charged in the financial statements using rates which will write off the cost of assets less their estimated residual value over their estimated economic lives. The depreciation rates used are:

Office equipment... 6–30 percent p.a.
Motor vehicles... 18–20 percent p.a.

Fixed Assets—Fixed assets are recorded at cost less accumulated depreciation.

Investments—Investments held as managed funds are shown at market value. Net income including realised and unrealised gains or losses from holding or trading these investments are recorded in the income and expenditure account.

Other investments represent assets to be held to maturity or as long term strategic investments and are shown at market value.