✨ Financial Statements and Notes
10 AUGUST
NEW ZEALAND GAZETTE
2135
| Note | 1995 $ | 1994 $ |
|---|---|---|
| Cash was applied to: | ||
| Investment in Government stock | (467,554) | (554,475) |
| Purchase of fixed assets | — | (6,188) |
| Eastern & Central Community Trust Charities Limited | (1,101,942) | — |
| Net investing cash flows | (1,092,732) | (560,663) |
| Net increase (decrease) in cash held | (78,988) | 177,223 |
| Add cash at 1 April | 544,422 | 367,199 |
| Cash at 31 March | 5 $465,434 | $544,422 |
(The notes to the financial statements form part of and are to be read in conjunction with the above accounts.)
Notes to the Financial Statements for the Period Ended 31 March 1995
1. Statement of Accounting Policies
Reporting Entity
Trust Bank Eastern and Central Community Trust Incorporated is a charitable trust incorporated in accordance with the provisions of the Trustee Banks Restructuring Act 1988.
The financial statements have been prepared in accordance with applicable financial reporting standards and other generally accepted accounting practices in New Zealand.
Measurement Base
The going concern concept has been adopted in the preparation of these financial statements. Unless otherwise stated the measurement base applied is that of historical cost. Accrual accounting is used to match expenses and revenues.
Specific Accounting Policies
The following are the particular accounting policies which have a material effect on the measurement of results and financial position:
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Dividend income from Trust Bank New Zealand Limited is included in the statement of financial performance when it is received.
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Donations made are included in the statement of financial performance when paid.
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Depreciation is charged to write off the cost of fixed assets over their expected economic lives using the straightline method
Computer equipment 3 years
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Shares held in Trust Bank New Zealand Limited are stated at initial public offer value.
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Government securities are purchased primarily with the intention of holding them until maturity. They are valued on a yield to maturity basis.
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Income tax is not provided as the trust has charitable status for tax purposes therefore its income is not subject to taxation.
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G.S.T. inclusive accounting has been adopted as the trust is not registered for G.S.T. purposes.
Changes in Accounting Policies
There have been no changes in accounting policy. All policies have been consistently applied.
2. Dividends
| 1995 $ | 1994 $ | |
|---|---|---|
| Dividends received from Trust Bank New Zealand Limited— | ||
| Final dividend for year ended 31 March 1994 | 783,000 | 732,279 |
| Interim dividend for year ended 31 March 1995 | 1,392,000 | 522,000 |
| $2,175,000 | $1,254,279 |
3. Donation commitments
Donations approved but not paid—
| 1995 $ | 1994 $ | |
|---|---|---|
| Unconditional | 60,000 | 90,000 |
| Conditional | 146,000 | 3,500 |
| $206,000 | $93,500 |
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VUW Te Waharoa —
NZ Gazette 1995, No 77
NZLII —
NZ Gazette 1995, No 77
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Trust Bank Eastern and Central Community Trust Inc. Financial Performance Statement
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💰 Finance & Revenue14 July 1995
Trust Bank, Financial Performance, Income, Expenditure, 1995