New Zealand Gazette – 1996 – No. 73

Page 1844

✨ Financial Statements and Notes

1844 NEW ZEALAND GAZETTE No. 73

(d) Depreciation: Depreciation is charged to write off the cost of fixed assets over their expected economic lives using the straight line method at 5 percent per annum.

(e) Accounts Receivable: Accounts receivable are recorded at their estimated realisable value.

(f) Financial Instruments: The trust includes all financial instrument arrangements in the balance sheet using the concept of accrual accounting. Financial instruments are valued as per note 1, measurement base. These instruments arise as a result of everyday operations and include bank, accounts receivable, accounts payable and investments. Revenues and expenses in relation to all financial instruments are recognised in the Income and Expenditure Account. Financial instruments are shown at their fair values.

Changes in Accounting Policies

There have been no changes in accounting policies. All policies have been applied on bases consistent with those used in previous years.

Dividends

	1996 $	1995 $
Dividends received from Trust Bank New Zealand Limited—
Final dividend for year ended 31 March 1995 received 11 August 1995...	1,987,143	675,000
Interim dividend for year ended 31 March 1996 received 20 December 1995...	1,222,857	1,222,857
Total	3,210,000	1,897,857

Investments

	1996 $	1995 $
Shares in Trust Bank New Zealand Limited:
Direct—2000 ordinary shares of 50c each, fully paid at market value of $2.49 each...	4,980	3,780
Through Community Trusts Nominees Limited, 30,569,429 ordinary shares of 50c each, fully paid at market value $2.49 each...	76,117,878	57,776,220
Total shares	76,122,858	57,780,000
New Zealand stocks are shown at assessed market value...	1,654,733	1,436,664
New Zealand stocks at cost price adjusted by amortised discount/premium to date...	1,675,910	1,411,188

General Fund

	1996 $	1995 $
Opening balance...	19,299,198	18,058,957
Net surplus for year...	2,041,082	1,240,241
Closing balance...	21,340,280	19,299,198

Investment Revaluation Reserve

During the year investments were revalued, increasing the investment revaluation reserve to $58,375,681, viz:

	1996 $	1995 $
Opening balance...		40,079,476
Revaluation for the year...	18,296,205
Closing balance...	58,375,681	40,079,476

Events Subsequent to Balance Date

Trust Bank Bay of Plenty Community Trust has agreed to accept a Westpac offer for the purchase of TBNZ shares, such offer including a bonus issue of 3 shares for every 11 held plus a special interim dividend. The gross amount received after early sales, totalled $89,197,442.

Financial Instruments

Credit Risk

Financial instruments which potentially subject the trust to credit risk principally consist of bank balances, bank term deposits and accounts receivable. Maximum exposure to credit risk as at balance date is:

	1996 $	1995 $
Bank balances...	156,347	128,536
Bank term deposits...	1,784,077	–
Accounts receivable...	58,042	35,416

Concentrations of Credit Risk

The bank balances are held with Trust Bank Bay of Plenty Limited. There are no other material concentrations of credit risk.

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VUW Te Waharoa — NZ Gazette 1996, No 73

NZLII — NZ Gazette 1996, No 73

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✨ LLM interpretation of page content

💰 Notes to the Financial Statements for the Year Ended 31 March 1996 (continued from previous page)

Domain💰 Finance & Revenue
KeywordsAccounting Policies, Fixed Assets, Depreciation, Accounts Receivable, Financial Instruments

💰 Changes in Accounting Policies

Domain💰 Finance & Revenue
KeywordsAccounting Policies, Consistency

💰 Dividends

Domain💰 Finance & Revenue
KeywordsDividends, Trust Bank New Zealand Limited

💰 Investments

Domain💰 Finance & Revenue
KeywordsInvestments, Shares, Trust Bank New Zealand Limited, New Zealand stocks

💰 General Fund

Domain💰 Finance & Revenue
KeywordsGeneral Fund, Net Surplus

💰 Investment Revaluation Reserve

Domain💰 Finance & Revenue
KeywordsInvestment Revaluation, Reserve

💰 Events Subsequent to Balance Date

Domain💰 Finance & Revenue
KeywordsTrust Bank Bay of Plenty Community Trust, Westpac Offer, Shares Purchase

💰 Financial Instruments

Domain💰 Finance & Revenue
KeywordsFinancial Instruments, Credit Risk, Bank Balances, Bank Term Deposits, Accounts Receivable

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Additional Sources

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