✨ Financial Statements and Notes
NEW ZEALAND GAZETTE
12 JUNE
Statement of Cash Flows for the Year Ended 31 March 1997
| Notes | 1997 $ | 1996 $ | |
|---|---|---|---|
| Cash flows from operating activities— | |||
| Cash was provided from: | |||
| Dividends from TSB Bank | 1,100,000 | 925,000 | |
| Interest received | 50,059 | 46,934 | |
| 1,150,059 | 971,934 | ||
| Cash was applied to: | |||
| Donations | 1,026,350 | 871,300 | |
| Payments to suppliers and trustees | 57,956 | 54,498 | |
| 1,084,306 | 925,798 | ||
| Net cash flows from operating activities | 8 | 65,753 | 46,136 |
| Cash flows from investing activities— | | | |
| Cash was provided from: | | | |
| Principal from investments | | 225,000 | 300,000 |
| Cash was applied to: | | | |
| Investments | | 350,000 | 350,000 |
| Net cash flows from investing activities| | (125,000) | (50,000) |
| Net increase/(decrease) in cash held | | (59,247) | (3,864) |
| Plus opening cash 1 April 1996 | | 67,176 | 71,040 |
| Closing cash balance 31 March 1997 | 9 | $7,929 | $67,176 |
Notes to the Financial Statements for the Year Ended 31 March 1997
1. Statement of Accounting Policies
Reporting Entity
TSB Community Trust is a charitable trust formed by a trust deed dated 30 May 1988. The financial statements are a general purpose report which has been prepared in accordance with generally accepted accounting practice as required by clause 17 of the trust deed.
Measurement Base
The measurement base is that of historical cost. Accrual accounting is used to match expenses and revenues. Reliance is placed on the fact that the trust is a going concern.
Specific Accounting Policies
The following specific accounting policies which materially affect the measurement of financial performance and financial position have been applied:
Investments
The TSB Bank Limited shares are stated at par value when gifted:
20,000,000 fully paid shares at 50 cents $10,000,000
The net asset backing at 31 March 1997 was $2.83 per share.
Fixed Assets
Fixed assets are recorded at cost, office equipment will be depreciated on a straight-line basis over 4 years.
Income Tax
Income tax will include the current year's provision and the tax effect of timing differences using the liability method. Timing differences will be accounted for applying the comprehensive basis.
Differential Reporting
The trust qualifies for differential reporting as it is not large as defined in the framework for differential reporting. The trust has taken advantage of all differential reporting exemptions except that a cash flow statement has been prepared.
Goods and Services Tax
The financial statements have been prepared on a G.S.T. inclusive basis.
Changes in Accounting Policies
There have been no changes in accounting policies. All policies have been applied on bases consistent with those used in the previous years.
2. Dividend
The dividend includes $750,000 relating to the final installment received from the bank for the year ended 31 March 1996 and $350,000 interim dividend for the year ended 31 March 1997.
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VUW Te Waharoa —
NZ Gazette 1997, No 60
NZLII —
NZ Gazette 1997, No 60
✨ LLM interpretation of page content
💰
TSB Community Trust Statement of Cash Flows for the Year Ended 31 March 1997
(continued from previous page)
💰 Finance & RevenueCash Flows, Operating Activities, Investing Activities, Dividends, Donations, Investments, TSB Community Trust
💰
TSB Community Trust Notes to the Financial Statements for the Year Ended 31 March 1997
(continued from previous page)
💰 Finance & RevenueAccounting Policies, Reporting Entity, Measurement Base, Investments, Fixed Assets, Income Tax, Differential Reporting, Goods and Services Tax, Dividend, TSB Community Trust