New Zealand Gazette – 1996 – No. 68

Page 1704

✨ Financial Statements



NEW ZEALAND GAZETTE

No. 68

Note 1996 $
1,246,773
Net increase (decrease) in cash held ... 586,577
Add cash at 1 April ... 42,155
Cash at 31 March ... $1,833,350

(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 1996

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

Unless otherwise stated the measurement base applied is that of historical cost.

Specific Accounting Policies

The following are the particular accounting policies which have a material effect on the measurement of results and financial position:

  • Dividend income from Trust Bank New Zealand Limited is included in the statement of financial performance when it is received.

  • Donations made are included in the statement of financial performance when paid.

  • Depreciation is charged to write off the cost of fixed assets over their expected economic lives using the straight line method:

    Computer equipment ... 3 years
    Fixtures and fittings ... 9 years
    Furniture ... 10 years
    Office equipment ... 5 years

  • Shares held in Trust Bank New Zealand Limited are stated at initial public offer value.

  • Government securities are purchased primarily with the intention of holding them until maturity. They are valued on a yield to maturity basis.

  • Income tax is not provided as the trust has charitable status for tax purposes therefore its income is not subject to taxation.

  • G.S.T. inclusive accounting has been adopted as the trust is not registered for G.S.T. purposes.

  • Consolidation of Eastern and Central Community Trust Charities Limited, a wholly owned subsidiary, has been achieved using the purchase method of consolidation.

Changes in Accounting Policies

There have been no changes in accounting policy. All policies have been consistently applied.

2. Dividends

1996 $ 1995 $
Dividends received from Trust Bank New Zealand Limited—
Final dividend for year ended 31 March 1995 ... 2,262,000 783,000
Interim dividend for year ended 31 March 1996 ... 1,392,000 1,392,000
$3,654,000 $2,175,000

3. Donation commitments

Donations approved but not paid—

1996 $ 1995 $
Unconditional ... 55,000 60,000
Conditional ... 172,000 146,000
$227,000 $206,000


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✨ LLM interpretation of page content

💰 Trust Bank Eastern and Central Community Trust Inc. Financial Performance (continued from previous page)

💰 Finance & Revenue
23 May 1996
Financial Performance, Dividends, Interest, Expenditure, Community Payments