✨ Financial Statements
20 JUNE NEW ZEALAND GAZETTE 1599
Specific Accounting Policies
The following specific accounting policies which materially affect the measurement of financial performance and financial position have been applied.
Investments
The TSB Bank Limited shares are stated at par value when gifted:
20 000 000 fully paid shares at 50 cents ... $10,000,000
The net asset backing at 31 March 1996 was $2.52 per share.
Fixed Assets
Fixed assets are recorded at cost, office equipment will be depreciated on a straight-line basis over 4 years.
Income Tax
Income tax will include the current years provision and the tax effect of timing differences using the liability method. Timing differences will be accounted for applying the comprehensive basis.
Differential Reporting
The trust qualifies for differential reporting as it is not large as defined in the framework for differential reporting. The trust has taken advantage of all differential reporting exemptions except that a cash flow statement has been prepared.
Changes in Accounting Policies
There have been no changes in accounting policies. All policies have been applied on bases consistent with those used in the previous years.
2. Dividend
The dividend includes $625,000 relating to the final instalment received from the bank for the year ended 31 March 1995 and $300,000 interim dividend for the year ended 31 March 1996.
3. Commitments
At balance date $106,250.00 has been approved for donations in the 1996-97 financial year.
4. Publishing Requirements
A comprehensive list, itemising all recipients, was published in the Taranaki Daily News on the following dates:
First round ... 10 August 1995
Second round ... 16 November 1995
Third round ... 8 April 1996
A copy of the list of grants is available to anyone upon request (P.O. Box 31, Oakura, Taranaki).
5. Fixed Assets
| 1996 $ | 1995 $ | |
|---|---|---|
| Office equipment at cost | 12,389.00 | 12,389.00 |
| Accumulated depreciation | 7,025.00 | 3,928.00 |
| $5,364.00 | $8,461.00 |
6. Statement of Movement in Equity
| 1996 $ | 1995 $ | |
|---|---|---|
| Equity at 1 April 1995 | 10,476,143 | |
| Retained surplus for the year | 45,456 | 150,335 |
| Equity at 31 March 1996 | $10,521,559 | $10,476,143 |
7. Income Tax
There are taxation losses amounting to $41,376 (1995: $31,776) available to carry forward and set off against future assessable income.
Auditors’ Report to the Trustees of TSB Community Trust
We have audited the financial statements. The financial statements provide information about the past financial performance of the trust and its financial position as at 31 March 1996. This information is stated in accordance with the accounting policies set out.
Trustees’ Responsibilities
The trustees are responsible for the preparation of financial statements which fairly reflect the financial position of the trust as at 31 March 1996 and the results of operations and cash flows for the year ended on that date.
Auditor’s Responsibilities
It is our responsibility to express an independent opinion on the financial statements presented by the trustees and report our opinion to you.
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VUW Te Waharoa —
NZ Gazette 1996, No 63
NZLII —
NZ Gazette 1996, No 63
✨ LLM interpretation of page content
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Notes to the Financial Statements for the Year Ended 31 March 1996
(continued from previous page)
💰 Finance & RevenueAccounting Policies, Investments, Fixed Assets, Income Tax, Dividend, Commitments, Publishing Requirements, Statement of Movement in Equity