New Zealand Gazette – 1996 – No. 76

Page 1973

✨ Financial Statements



25 JULY NEW ZEALAND GAZETTE 1973

Swiss franc equivalents ... 1996 $ 1995 $
266,931 –
$149,413,345 $115,600,705

All financial instruments are disclosed at fair value. No undisclosed credit risk exists.
At 31 March 1996 the trust had entered in forward exchange contracts to purchase the equivalent of SNZ2,397,000 (1995 $2,027,000) in foreign exchange currency during 1996.

  1. Cash flow Reconciliation

                     1996 $      1995 $

    Net surplus ... 5,484,054 3,146,363
    Adjust for non cash items—
    Depreciation ... 4,890 –
    Increase in market value of investment ... (1,366,656) –
    Movements in working capital—
    Increase in accounts payable ... 58,380 3,008
    Increase in donations payable ... 135,550 49,450
    193,930 52,458

Net cash flow from operating activities ... $4,316,218 $3,198,821

  1. Trust Bank New Zealand Limited

The trust’s investment in Trust Bank New Zealand Limited is valued at market value $2.47 at 31 March 1996 (1995 $1.89).
This value is subject to normal market fluctuations of the share price.

  1. Subsequent Events

On 8 May 1996 the trust agreed to sell its shares in Trust Bank New Zealand Limited to Westpac Bank for an effective price of $2.92 per share.

  1. Changes in Accounting Policies

There have been no changes in accounting policies since the previous annual financial statements. All policies have been applied on a basis consistent with those used in the previous years annual financial statements.
These financial statements must be read in conjunction with the notes shown.
A full list of the donations made by the Trust Bank Waikato Community Trust during the year is available on request, by writing to the Executive Manager, Trust Bank Waikato Community Trust (Inc), P.O. Box 391, Hamilton.

Trust Bank Southland Community Trust Inc.

Trustee Banks Restructuring Act 1988

Revenue Statement for the Year Ended 31 March 1996

                    Note    1996 $  1995 $

Revenue—
Dividends ... 2 5,988,000 3,532,143
Interest ... 422,284 149,589
Other income ... 1,629 23,000

Total revenue ... 6,411,913 3,704,732

Less expenditure—
Administration fees ... 33,141 10,000
Advertising ... 6,856 0
Auditor’s fees ... 2,644 1,838
Depreciation ... 3,298 0
Legal ... 1,627 0
Levies and subs ... 33,763 0
Other expenses ... 5,295 27,416
Travelling ... 18,809 7,676
Trustees ... 36,133 28,960

Total expenditure ... 141,566 75,890

Net surplus before grants ... 6,270,347 3,628,842
Less grants ... 3,013,885 1,383,012

Net surplus for the year ... $3,256,462 $2,245,830



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✨ LLM interpretation of page content

💰 Trust Bank Waikato Community Trust Financial Statements (continued from previous page)

💰 Finance & Revenue
20 June 1996
Financial Statements, Trust Funds, Donations, Audit Report, Hamilton

💰 Trust Bank Southland Community Trust Revenue Statement

💰 Finance & Revenue
Revenue Statement, Trust Funds, Dividends, Interest, Expenses