New Zealand Gazette – 1995 – No. 85

Page 2449

✨ Financial Statements



24 AUGUST

NEW ZEALAND GAZETTE

2449

1995 1994
$000 $000
Cash was disbursed to:
Payment to suppliers and staff 175 85
Fund management and advisory fees 59 29
Donations to voluntary organisations 2,034 1,471
2,268 1,585
Net cash flows from operating activities 2,805 462

Cash flows from investing activities—

Cash was provided from:
| Sale of shares | | 62,231 |
| Decrease in term deposits | 63,000 | — |
| | 63,000 | 62,231 |

Cash was disbursed on:
| Purchase of investment | 2,819 | 63,360 |
| Purchase of managed funds | 63,000 | — |
| Purchase of fixed assets | 6 | — |
| | 65,825 | 63,360 |

Net cash outflow from investing activities | (2,825) | (1,129) |

Net (decrease)/increase in cash held | (20) | (667) |
Add opening cash brought forward | 332 | 999 |
Ending cash carried forward | $312 | $332 |

Reconciliation of Reported Surplus to Net Cash Flow from Operating Activities

Note 1995 1994
$000 $000
Surplus for the period 42,677 52,467
Less:
Non-cash items:
Investment revaluation 35,937 —
Managed funds reinvested 1,984 —
37,921
Proceeds from investment disposal — 50,452
Committed donations 2,672 1,472
40,593 51,924

Movements in working capital items:
| Increase in creditors | | 18 | 9 |
| Increase in committed donations | | 638 | — |
| Decrease in grant provision | | (15) | — |
| Decrease/(increase) in debtors | | 65 | (90) |
| Decrease in other assets | | 15 | — |
| | | 721 | (81) |

Net cash flow from operating activities | | $2,805| $462 |

Notes to the Consolidated Financial Statements for the Year Ended 31 March 1995

Statement of Accounting Policies

These are the consolidated financial statements of Trust Bank Otago Community Trust and Otago Community Charities Limited. The accounts have been prepared to comply with the Companies Act 1955.

The Trust Bank Otago Community Trust (the trust) was formed on 30 May 1988 through the creation of a trust deed in compliance with the Trust Bank's Restructuring Act 1988. Under the terms of the trust deed the trust was settled with 13,500,000 $1 fully paid ordinary shares in Trust Bank New Zealand Limited. With the restructuring of Trust Bank New Zealand Limited, bonus shares and a share split resulted in a shareholding of 54,000,000 50 cent fully paid ordinary shares.

In March 1994 30,000,000 shares were sold as part of the public floatation of Trust Bank New Zealand for $50,452,000. This formed part of the settlement in December 1994 of $63,000,000 to Otago Community Charities Limited, a charitable company owned by the trust.

General Accounting Policies

The measurement base adopted is the historical cost adjusted for the revaluation of certain assets. Reliance is placed on the fact that the trust is a going concern. Accrual accounting is used to match income and expenditure.



Next Page →

PDF embedding disabled (Crown copyright)

View this page online at:


VUW Te Waharoa — PDF NZ Gazette 1995, No 85


NZLII — PDF NZ Gazette 1995, No 85




✨ LLM interpretation of page content

💰 Trust Bank Otago Community Trust Inc. Financial Statements (continued from previous page)

💰 Finance & Revenue
Financial Statements, Trust Funds, Cash Flows, Surplus, Investments