✨ Financial Statements
1408 NEW ZEALAND GAZETTE No. 60
3. Commitments and Contingent Liabilities
At balance date $26,000.00 has been approved for donations in the 1997–98 financial year (1996: $106,250). In addition the trust has pledged a further $100,000 contingent upon the applicant completing certain requirements set by the trust.
4. Publishing Requirements
A comprehensive list, itemising all recipients, was published in the Taranaki Daily News on the following dates:
First round ........................................................ 14 September 1996
Second round ................................................... 18 February 1997
Third round ......................................................... 8 April 1997
A copy of the list of grants is available to anyone upon request (P.O. Box 31, Okato, Taranaki).
5. Fixed Assets
| 1997 $ | 1996 $ | |
|---|---|---|
| Office equipment at cost | 12,389.00 | 12,389.00 |
| Accumulated depreciation | 10,122.00 | 7,025.00 |
| $2,267.00 | $5,364.00 |
6. Statement of Movements in Equity
| 1997 $ | 1996 $ | |
|---|---|---|
| Equity at 1 April 1996 | 10,476,143 | |
| Retained surplus for the year | 63,395 | 45,456 |
| Equity at 31 March 1997 | $10,586,994 | $10,521,599 |
7. Income Tax
There are taxation losses amounting to $119,918 (1996: $41,376) available to carry forward and set off against future assessable income.
8. Reconciliation of Net Surplus With Net Cash Flows From Operation Activities
| 1997 $ | 1996 $ | |
|---|---|---|
| Net surplus | 65,395 | 45,456 |
| Add/(less) depreciation | 3,097 | 3,097 |
| Movements in working capital items | ||
| (Increase)/decrease in receivables | (7,013) | (1,356) |
| Increase/(decrease) in payables | 4,274 | (1,061) |
| Net cash flows from operating activities | $65,753 | $46,136 |
9. Cash Balances in the Statement of Financial Position
| 1997 $ | 1996 $ | |
|---|---|---|
| Petty cash | 18 | 10 |
| TSB Bank Limited | 7,911 | 67,166 |
| $7,929 | $67,176 |
Auditors’ Report to the Trustees of TSB Community Trust
We have audited the financial statements. The financial statements provide information about the past financial performance of the trust and its financial position as at 31 March 1997. This information is stated in accordance with the accounting policies set out.
Trustees’ Responsibilities
The trustees are responsible for the preparation of financial statements which fairly reflect the financial position of the trust as at 31 March 1997 and the results of operations and cash flows for the year ended on that date.
Auditor’s Responsibilities
It is our responsibility to express an independent opinion on the financial statements presented by the trustees and report our opinion to you.
Basis of Opinion
An audit includes examining, on a test basis, evidence relevant to the amounts and disclosures in the financial statements. It also includes assessing:
- the significant estimates and judgments made by the trustees in the preparation of the financial statements; and
- whether the accounting policies are appropriate to the trust’s circumstances, consistently applied and adequately disclosed.
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VUW Te Waharoa —
NZ Gazette 1997, No 60
NZLII —
NZ Gazette 1997, No 60
✨ LLM interpretation of page content
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TSB Community Trust Notes to the Financial Statements for the Year Ended 31 March 1997
(continued from previous page)
💰 Finance & RevenueCommitments, Contingent Liabilities, Donations, Publishing Requirements, Fixed Assets, Equity, Income Tax, Cash Flows