20 JULY NEW ZEALAND GAZETTE 1921

Note 1995 $ 1994 $

Investments—
Shares in Trust Bank New Zealand Limited ... 3 57,780,000 17,726,000
Government stock ... 3 1,436,664 670,469

Net assets ... $59,378,674 $18,058,956

Signed on behalf of the board of trustees:
R. B. TAIT, Chairperson.
M. E. REX BENNER, Trustee.
Dated this 16th day of June 1995.
(The accompanying notes form part of these financial statements.)

Statement of Cash Flows for the Period Ended 31 March 1995

                    1995 $      1993 $

Cash flows from operating activities—
Cash was provided from:
Dividend from Trust Bank New Zealand Limited ... 1,897,857 1,081,275
Interest on investments ... 73,240 100,349
Other ... 31,672 22,500
2,002,769 1,204,124

Cash was disbursed to:
Suppliers of goods and services ... 83,235 38,435
Trustees ... 49,685 47,573
Donations to the community ... 654,660 511,535
R. Dillon scholarships ... 10,500 10,500
801,080 608,043

Net cash flows from operating activities ... 1,204,689 596,081

Cash flows from investing activities—
Cash was provided from:
Bridging finance (15 days)—share purchase ... – 370,000

Cash was applied to:
Repayment Bridging Finance ... 370,000 –
Net increase in investments ... 749,387 1,200,000

Net cash flows from investing activities ... (1,119,387) (830,000)

Increase (decrease) in cash held ... 85,302 (233,919)
Add cash at 1 April ... 43,234 277,153

Cash at 31 March ... $128,536 $43,234

(The accompanying notes form part of these financial statements.)

Reconciliation of Net Surplus Transferred to Trust Fund and Net Cash Flows from Operating Activities

                    1995 $      1994 $

Net surplus transferred to trust fund ... 1,240,242 8,080,791

Add (less) non-cash items:
Amortisation of Government stock ... 9,068 9,997
Dividend paid by bonus issue of shares ... – (7,500,000)

Add (less) items classified as investing activity:
Repayment of short term loan ... 370,000 –
Receipt of short term loan ... – (370,000)
Movement in working capital—
Increase in accounts receivable ... (29,645) 4,380
Increase in short term loan ... (370,000) –
Decrease in accounts payable ... (14,976) 913

Net cash flows from operating activities ... 1,204,689 596,081

(The accompanying notes form part of these financial statements.)

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

1. Statement of Accounting Policies

Reporting Entity
The Trust Bank Bay of Plenty Community Trust Incorporated is a charitable trust registered under section 14 (i) of the Trustee Banks Restructuring Act 1988.

The financial statements have been prepared as required by the Trustee Banks Restructuring Act 1988 and the trust deed dated 30 May 1988, and in accordance with generally accepted accounting practice.