New Zealand Gazette – 1996 – No. 76

Page 1975

✨ Financial Statements



25 JULY NEW ZEALAND GAZETTE

1996
$
16,317
1995
$
0

Investment in fixed assets ...
16,317
2,484,278

Net cash flow from investing activities ...
8,887,546
1,175,282

Net movement in cash ...
6,480,161
-143,534

Opening cash balance ...
327,094
470,628

Closing cash balance ...
$6,807,255
$327,094

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

1. Statement of Accounting Policies

The reporting entity is that entity known as the Trust Bank Southland Community Trust registered under the Incorporated Societies Act 1908.

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

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

  • Accounts receivable are valued at expected realisable value.
  • Dividend income from Trust Bank New Zealand Limited is included in the revenue statement when it is received.
  • Grants made are included in the revenue statement when committed.
  • Shares in Trust Bank New Zealand Limited are stated at cost.

2. Dividend

1996 $
Dividends received from Trust Bank New Zealand Limited. Final dividend (declared in respect of the financial year ended 31 March 1995 and received 11 August 1995) ... 3,706,857
Interim dividend in respect of the financial year ended 31 March 1996, received on 20 December 1995 ... 2,281,143

| Total | $5,988,000 | $3,532,143 |

3. Taxation

For taxation purposes the trust is deemed to be a charitable organisation. It’s income is not subject to taxation.

4. Goods and Service Tax

The trust is not registered for goods and services tax purposes. Accordingly the financial statements are stated on a G.S.T. inclusive basis.

5. Shares in Trust Bank New Zealand Limited

The trust holds 57,028,571 shares in Trust Bank New Zealand Limited, which had a market price of $2.56 per share as at 31 March 1996.

6. Investment Reserve

1996 $
Balance 1 April 1995 ... 3,000,000
Transfer from undistributed surplus ... 5,200,000
Balance 31 March 1996 ... $8,200,000
1995 $
3,000,000

7. Undistributed Surplus

1996 $
Balance 1 April 1995 ... 2,042,671
Net surplus for the year ... 3,256,462
Transfer to investment reserve ... (5,200,000)
Balance 31 March 1996 ... $99,133
1995 $
2,042,671
-203,159
2,245,830

8. Grants Not Paid

Committed grants not yet disbursed:

1996 $
Crops for Southland ... 41,780
ICC Swimming Pool ... 750,000
Queenstown Events Centre ... 150,000
1995 $
0
750,000
0


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

💰 Finance & Revenue
Financial Statements, Trust Funds, Revenue, Expenses, Investments