New Zealand Gazette – 1995 – No. 69

Page 1865

✨ Financial Statements



13 JULY NEW ZEALAND GAZETTE 1865

Grants made are included in the revenue statement when committed.
Shares in Trust Bank New Zealand Limited are stated at cost.

2. Dividend

1995 $ 1994 $
Dividends received from Trust Bank New Zealand Limited. Final dividend (declared in respect of the financial year ended 31 March 1994 and received 8 April 1994) ... 1,251,000 1,169,963
This brings the total dividend received to $2,085,000 of which $834,000 was received last year.
Interim dividend in respect of the financial year ended 31 March 1995, received on 20 December 1994 ... 2,281,143 834,000
$3,532,143 $2,003,963

3. Taxation
For taxation purposes the trust is deemed to be a charitable organisation. It's income is not subject to taxation.

4. Goods and Services Tax
The trust is not registered for goods and services tax purposes. Accordingly the financial statements are stated on a G.S.T. inclusive basis.

5. Shares in Trust Bank New Zealand Limited
The trust holds 57 028 571 shares in Trust Bank New Zealand Limited, which had a market price of $1.89 per share as at 31 March 1995.

6. Investment Reserve

1995 $ 1994 $
Balance 1 April 1994 ... 3,000,000 973,562
20 percent of 1993-94 dividend ... 0 233,993
20 percent of 1994-95 interim dividend ... 0 166,800
Interest ... 0 85,724
Transfer from undistributed surplus ... 0 1,539,921
Balance 31 March 1995 ... $3,000,000 $3,000,000

7. Undistributed Surplus

1995 $ 1994 $
Balance 1 April 1994 ... -203,159 470,329
Net surplus for the year ... 2,245,830 866,433
Transfer to investment reserve ... 0 -1,539,921
Balance 31 March 1995 ... $2,042,671 ($203,159)

8. Grants Not Paid

1995 $ 1994 $
Committed grants not yet disbursed:
ICC—swimming pool ... 750,000 666,000
Southland Competitions Society ... 1,000 0
Southland District Council ... 10,000 0
Southland Polytechnic bursaries ... 3,750 3,750
Southland Promotions Inc ... 5,000 0
St John's Central Southland ... 10,000 0
Wakatipu Environmental Society ... 1,000 1,000
$780,750 $670,750

9. Reconciliation of Net Surplus to Operating Activities

1995 $ 1994 $
Net surplus for the year ... 2,245,830 1,352,950
Increase (decrease) in other liabilities ... 116,836 9,359
(Increase) decrease in other assets ... -2,506,200 -2,015,567
Net movement in investing activities ... -1,175,282 -177,147
Net cash flow from (used in) operating activities ... ($1,318,816) ($830,405)


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✨ LLM interpretation of page content

💰 Notes to the Financial Statements for the Year Ended 31 March 1995 (continued from previous page)

💰 Finance & Revenue
Dividend, Taxation, Goods and Services Tax, Shares, Investment Reserve, Undistributed Surplus, Grants