2002 NEW ZEALAND GAZETTE No. 73

St Vianney’s Home of Compassion .................................................. $30,000 $30,000
Timaru High Schools—hostel ...................................................... 2,000 2,000

                                                                     $52,000  $52,000

5. Taxation
   For taxation purposes the trust is deemed to be a charitable organisation. Its income is not subject to taxation.

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

7. Depreciation
   Marquees were purchased for use by organisations in the community free of charge for galas, fetes and other fund raising activities. Depreciation has been written off on the straight line basis the life of the asset being estimated at 5 years.

$
Marquees at cost—October 1992 ............................................ 13,213
Less depreciation to 31 March 1994 ...................................... 3,963

                                                              9,250

Less depreciation—current year .......................................... 2,642

Balance at 31 March 1995 $6,608

8. Donations Approved Not Yet Paid
   Approved donations not yet paid out include:

$
Mid Canterbury Arts Trust Inc. ........................................... 150,000
Sacred Heart Basilica renovation project ................................ 10,000
Task Force Green Community Employment Initiative ........................ 21,120
South Canterbury Integrated Rural Development—Richard Pearse Facility ... 5,000
Timaru Beautifying Society ............................................. 6,000

                                                              $192,120

9. Reconciliation of Net Surplus to Net Operating Cash Flow

1995 1994
$ $
Net surplus ......................................................... 147,600 168,933
Adjustments for non cash items in net surplus:
Depreciation ...................................................... 2,642 2,642
Adjustment for changes in working capital:
Decrease (increase) in accrued interest ............................. (21,036) 405
Increase (decrease) in accounts payable ............................. 13,445 (3,901)
Increase (decrease) in donations payable ............................ 192,120 —

Cash flow from operations ........................................... $334,771 $168,079

10. Capital Commitments
    There were no capital commitments (1994 nil).

11. Contingent Liabilities
    There are no contingent liabilities apart from donation commitments as per notes 1 and 8.

Audit Report
To the readers of the financial report of Trust Bank South Canterbury Community Trust Inc.—we have audited the financial report. The financial report provides information about the past financial performance of the trust and its financial position as at 31 March 1995. This information is stated in accordance with the accounting policies set out.

The Trustees Responsibilities:
The trustees are responsible for the preparation of a financial report which gives a true and fair view of the financial position of the trust as at 31 March 1995 and of the results of operations for the year ended 31 March 1995.

Auditors’ Responsibilities:
It is our responsibility to express an independent opinion on the financial report presented by the trustees and report our opinion to you.