✨ Financial Statements
NEW ZEALAND GAZETTE
No. 76
| 1996 $ | 1995 $ | |
|---|---|---|
| SCHE | 505,000 | 0 |
| Southland Polytechnic Bursaries | 9,000 | 3,750 |
| Southland Competitions Society | 0 | 1,000 |
| Southland District Council | 10,000 | 10,000 |
| Southland Promotions | 0 | 5,000 |
| St Johns Central Southland | 0 | 10,000 |
| TBS Art Foundation | 25,000 | 0 |
| Tourism Spirit of a Nation | 25,000 | 0 |
| Waipahi Rowing Club | 25,000 | 0 |
| Wakatipu Environmental Society | 0 | 1,000 |
| Total | 1,540,780 | 780,750 |
9. Reconciliation of Net Surplus to Operating Activities
| 1996 $ | 1995 $ | |
|---|---|---|
| Net surplus for the year | 3,256,462 | 2,245,830 |
| Increase (decrease) in other liabilities | 748,547 | 116,836 |
| (Increase) decrease in other assets | 2,475,152 | -2,506,200 |
| Net movement in investing activities | -8,887,546 | -1,175,282 |
| Net cash flow from (used in) operating activities | (2,407,385) | (1,318,816) |
10. Fixed Assets
Fixed assets are recorded at cost less accumulated depreciation:
| Cost $ | Accumulated Depreciation $ | Book Value 1996 $ | |
|---|---|---|---|
| Equipment | 18,387 | 3,298 | 15,089 |
11. Depreciation
Depreciation has been charged in the financial statements using rates which will write off the cost of the assets less their estimated residual value over their estimated economic lives. The depreciation rates used are:
Equipment: 10–30 percent c.p.
12. Financial Investments
Credit Risk
Financial investments which potentially subject the trust to credit risk consist of bank balances, shares and accounts receivable.
Concentration of credit risk due to client balances are high due to the trust having all its cash investments and shares with Trust Bank New Zealand Limited.
Maximum exposures to credit risk as at balance date are:
| 1996 $ | 1995 $ | |
|---|---|---|
| TRUST Bank Southland—current account | 207,255 | 27,094 |
| TRUST Bank Southland—money market account | 6,600,000 | 2,800,000 |
| Shares in Trust Bank New Zealand Limited | 24,281,000 | 24,281,000 |
Fair Value
The following methods and assumptions were used to estimate the fair value of each class of financial instrument.
Cash receivables, short-term deposits, payables.
The fair value amount of the financial instruments which have been disclosed is considered to be the same as determined in accordance with the accounting policies as disclosed in the financial instruments.
13.
Subsequent to balance date the trust has agreed to sell its share in Trust Bank New Zealand to Westpac for $2.92 per share realising approximately $166 million to the trust.
Audit Report to the Members of Trust Bank Southland Community Trust Incorporated
We have audited the financial report. The financial report provides information about the past financial performance of the trust and its financial position as at 31 March 1996. This information is stated in accordance with the accounting policies as outlined.
Trust Responsibilities
The Trust Bank Southland Community Trust is responsible for the preparation of a financial report which gives a true and fair view of the financial position of the trust as at 31 March 1996 and of the results of operations and cash flows for the year ended 31 March 1996.
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VUW Te Waharoa —
NZ Gazette 1996, No 76
NZLII —
NZ Gazette 1996, No 76
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Trust Bank Southland Community Trust Financial Statements
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💰 Finance & RevenueFinancial Statements, Trust Funds, Revenue, Expenses, Investments