✨ Trust Bank Canterbury Community Trust Financial Report
NEW ZEALAND GAZETTE
No. 69
Unrealised gains or losses from holding such investments are transferred directly to the revaluation reserve. These unrealised gains or losses when realised on subsequent disposal of investments are transferred from the revaluation reserve direct to the capital fund and expenditure account. Differences between the book value and sale proceeds of investments realised are recorded in the income and expenditure account.
Donations, Special Projects and Community Loans—Donations, special projects and community loans are accounted for on an accruals basis.
Dividend Income—Dividend income is included in the income and expenditure statement when it is received.
Taxation—No provision has been made for taxation.
Goods and Services Tax—The trust is not registered for G.S.T. purposes and therefore the financial statements have been prepared on a G.S.T. inclusive basis.
Basis of Consolidation—The Trust Bank Canterbury Community Trust and Canterbury Community Trust Charities Limited have been consolidated using the purchase method of consolidation.
Changes in Accounting Policies—There have been no changes in accounting policies. All policies have been applied on bases consistent with those used in the previous year.
2. Investments
| 1995 | 1994 | ||
|---|---|---|---|
| Face Value | Market Value | Cost Price | |
| $ | $ | $ | |
| Government securities | 880,000 | 902,570 | 952,351 |
| Local authorities securities | 540,000 | 551,975 | 584,230 |
| Community loans | 587,969 | 587,969 | 587,969 |
| Armstrong Jones (NZ) Limited—managed funds | ... | 21,819,559 | 21,748,145 |
| 23,862,073 | 23,872,695 | ||
| Trust Bank New Zealand Limited | No. | ||
| 2,000 | 3,780 | 865 | |
| Trust Bank New Zealand Limited (via Community Trust Nominees Limited) | 119,998,000 | 226,796,220 | 51,908,365 |
| 120,000,000 | 226,800,000 | 51,909,230 | |
| $250,662,073 | $75,781,925 |
The Trust Bank New Zealand Limited shares are valued at the market price of $1.89 on 31 March 1995.
Brief History
During 1994 the trust transferred 119,998,000 shares to Community Trust Nominees Limited (CTN) which holds the shares as bare trustee. Altogether CTN holds 337,654,000 Trust Bank New Zealand Limited shares as bare trustee for various community trusts through their investments in Community Trusts Investments Limited (CTIL). CTN has a share capital of $100 consisting of 100 $1 shares, and is wholly owned by CTIL. CTIL has a share capital of 100,000 1 cent shares of which the trust owns 35,539. At balance date the share capital of CTN and CTIL were unpaid.
3. Donations
The names of organisations to whom distributions of income have been made by the trust under section 21 of the Trustee Banks Restructuring Act 1988 during the financial year and the amounts distributed are shown in the annual report.
Donations and Special Projects
| 1995 | 1994 | |
|---|---|---|
| Canterbury | $5,594,588 | $2,883,143 |
| Nelson | $783,757 | — |
| Marlborough | $321,549 | $857,873 |
| Further committed donations | $6,699,894 | $3,741,016 |
Future donation commitments as at 31/3/95... $525,000 $1,047,666
Committed donations include donations approved but not yet paid out and donations not allocated to specific entities but available for distribution under the Trust Bank Canterbury Community Trust distribution policy. Funds carried forward as accumulated income are available for the payment of donations in the 1995/1996 year.
The distribution policy allows disposable income, being net trading surplus less an allowance for contingencies, to be distributed by way of donation. Donation funds unspent in the current year are provided for and carried forward to be distributed in the following year.
Future donation commitments represent donations approved in the current or previous years which are to be distributed from future disposable income.
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VUW Te Waharoa —
NZ Gazette 1995, No 69
NZLII —
NZ Gazette 1995, No 69
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Trust Bank Canterbury Community Trust Financial Statements and Report
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💰 Finance & RevenueTrust Bank Canterbury Community Trust, Financial Statements, Donations, Community Benefits, Audit Report, Investments, Dividend Income, Taxation, GST, Accounting Policies, Consolidation