✨ Financial Statements
18 JULY NEW ZEALAND GAZETTE 1849
Fixed assets
Note 7
1996
$
100,865
Total assets
329,685,095
Current liabilities
Accounts payable
92,425
Accrued charges
28,310
Committed special project donations
3,682,522
Committed donations
159,700
Committed community loans
120,000
Total liabilities
4,082,957
Net assets
$325,602,138
1995
$
97,191
254,827,942
39,048
24,000
462,176
19,000
315,000
859,224
$253,968,718
The notes to the financial statements form part of and are to be read in conjunction with these financial statements.
Consolidated Statement of Cash Flows for the Year Ended 31 March 1996
Cash was provided by (used for):
Operations
Dividend from Trust Bank New Zealand Limited
12,600,000
Income from investments
642,887
Refund from disaster relief fund
-38,601
Payments to suppliers and employees
(658,517)
Payments to trustees
(102,389)
Payments of taxation
(77,721)
Payments of goods and services tax
(5,776)
Donations to the community
(9,510,104)
2,888,380
Investing
Sale of Government securities
300,000
Sale of local authorities securities
Sale of Armstrong Jones Investment
1,164,625
Purchase of Armstrong Jones Investment
(148,539)
Purchase of investment property
(150,656)
Community loans
(54,858)
Purchase of fixed assets
28,500
(1,558,490)
Increase in cash
1,329,890
Cash at beginning of year
109,070
Cash at end of year
$1,438,960
1995
$
7,725,000
1,105,364
(388,869)
(81,736)
(7,076,591)
1,321,769
104,000
540,000
19,341,336
(21,000,000)
(58,545)
(97,447)
(1,170,656)
151,133
(42,043)
$109,070
Represented by:
Trust Bank New Zealand Limited Current Account
71,180
Trust Bank New Zealand Limited On Call Account
1,367,780
$1,438,960
1995
109,070
$109,070
The notes to the financial statements form part of and are to be read in conjunction with these financial statements.
Notes to the Financial Statements for the Year Ended 31 March 1996
- Statement of Accounting Policies
General Accounting Policies
The following general accounting policies have been adopted in the preparation of the financial statements.
(i) Trust Bank Canterbury Community Trust Inc. was incorporated as a charitable trust in accordance with the provisions of the Trustee Banks Restructuring Act 1988. These financial statements have been prepared in accordance with applicable financial reporting standards.
(ii) The measurement base adopted is that of historical cost, except for the revaluation of investments. Reliance is placed on the fact that the trust is a going concern.
(iii) The matching of revenue earned and expenses incurred using accrual accounting concepts.
Specific Accounting Policies
Depreciation
Depreciation has been charged in the financial statements using rates which will write off the cost of assets less their estimated residual value over their estimated economic lives. The depreciation rates used are:
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VUW Te Waharoa —
NZ Gazette 1996, No 73
NZLII —
NZ Gazette 1996, No 73
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Trust Bank Canterbury Community Trust Inc. Financial Statements for the Year Ended 31 March 1996
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💰 Finance & Revenue28 May 1996
Financial Statements, Trust Bank, Canterbury, Community Trust, Balance Sheet, Cash Flow, Accounting Policies