1770

NEW ZEALAND GAZETTE

No. 70

Statement of Cash Flows for the Year Ended 31 March 1996

1995 $ 1996 $

Cash flows from operating activities
Cash was provided from:
787,500 Dividends from Trust Bank New Zealand Limited .......................... 1,181,250
515,202 Interest on investments ............................................ 60,766

•      Grant returned and other income ...................................... 1,373

Cash was disbursed to:
(70,335) Suppliers of goods and services .................................... (144,468)
(12,700) Trustees ........................................................... (14,900)
(627,076) Grants to community ................................................ (942,859)

592,591 Net cash flows from operating activities (Note 6) ..................... 141,162

Cash flows from investing activities

•      Cash was distributed to

  (4,167) Purchase of fixed assets ........................................... -
  (8,003,924) Purchase of investments .......................................... -

(8,008,091) Net cash flow from investing activities ............................. -
(7,415,500) Net movement in cash over the year .................................. 141,162
8,066,779 Add opening cash balance as at 1 April .............................. 651,279

$651,279 Cash at 31 March 1996 ............................................ 792,441

Shown in statement of financial position as:
622,283 Deposits—Trust Bank Wellington ..................................... 787,725
28,996 Cash at bank—Trust Bank Wellington ................................. 4,716

$651,279 792,441

Statement of Movements in Equity as at 31 March 1996

1995 $ 1996 $

Trust funds—
31,695,979 Opening balance .................................................. 30,065,829
732,350 Net income for the year .......................................... 888,131
(2,362,500) Movements in revaluation reserve .................................. 6,525,000

$30,065,829 Closing trust funds ............................................ $37,478,960

17,531,842 Represented by:
12,533,987 Revaluation reserve ............................................ 24,056,842
Trust fund ..................................................... 13,422,118

$30,065,829 $37,478,960

Notes to the Financial Statements for the Year Ended 31 March 1996

1. Statement of Accounting Policies

Reporting Entity

Trust Bank Wellington Community Trust is an incorporated charitable trust under the Charitable Trusts Act 1957. The financial statements have been prepared using generally accepted accounting practice.

Measurement Base

The financial statements have been prepared on the basis of historical cost with the exception of certain items for which specified accounting policies are identified.

Specific Accounting Policies

Specific accounting policies which materially affect the measurement of surplus and financial position have been applied as follows:

(a) Dividend Income: Dividend income from Trust Bank New Zealand Limited is included in the income and expenditure account when it is received.

(b) Grants: Grants made are included in the income and expenditure account when paid.

(c) Shares and Investments: Shares held in Trust Bank New Zealand Limited and other investments are stated at the market value. The investment in Trust Bank New Zealand Limited is currently held as a core holding. Changes in this investment’s market value are taken to the revaluation reserve. Changes in the market value of other investments are taken to the statement of financial performance.

(d) Depreciation of Fixed Assets: Depreciation is provided on a straight line basis at rates that will write off the cost of assets over their estimated lives.