New Zealand Gazette – 1997 – No. 73

Page 1795

✨ Financial Statements



NEW ZEALAND GAZETTE

17 JULY

Statement of Cash Flows for the Year Ended 31 March 1997

Note Trust and Group 1997 $ Trust and Group 1996 $
Cash flows from operating activities—
Cash was derived from:
Sundries 0 1,629
Cash was disbursed to:
Administration expenses (637,480) (141,659)
Grants to the community (3,400,601) (2,267,355)
(4,038,081) (2,409,014)
Net (outwards) cash flows from operating activities 7 (4,038,081) (2,407,385)

Cash flows from investing activities—
Cash was received from:
Sale of investment in Trust Bank New Zealand 2 162,603,993 0
Other investments 0 2,500,000
Interest and dividends 15,718,318 6,403,863
178,322,311 8,903,863
Cash was disbursed to:
Investments 180,219,921 0
Fixed assets 111,187 16,317
180,331,108 16,317
Net inwards (outwards) cash flows from investing activities (2,008,797) 8,887,546
Net increase (decrease) in cash held (6,046,878) 6,480,161
Cash held at beginning of year 6,807,255 327,094
Cash held at end of year 760,377 6,807,255
Net increase (decrease) in cash held (6,046,878) 6,480,161

Notes to the Financial Statements for the Year Ended 31 March 1997

1. Statement of accounting policies

General

The financial statements presented here are for the reporting entity the Trust Bank Southland Community Trust Inc. The trust prepares the financial statements on the basis of historical cost and in accordance with generally accepted accounting principles.

Consolidation

The trust and its wholly owned company Southland Community Trust Charities Limited form a group. The trust uses the purchase method of consolidation.

Investments

The trust states its equity investments at market value, and report unrealised gains or losses on holding these investments in the statement of financial performance. The trust intends to hold bank deposits until maturity and states these investments at cost.

Fixed Assets

The trust states motor vehicles and office equipment at cost less depreciation, calculated on a straight line basis so as to allocate the cost of the assets over their useful lives. The trust allocates costs over the following periods:

  • Motor vehicles ... 5 years
  • Computers and software ... 3 years
  • Other office equipment ... 7 years

Accounts Receivable

The trust states these at expected realisable value.

Grants

The trust brings these to account when approved by trustees.

Income Tax

The trust provides for income tax on its net income after adjusting for tax accounting differences and any beneficiaries income determinations made pursuant to section OB1 (226) of the Income Tax Act.

Goods and Services Tax

The trust is not registered for the goods and services tax. The statement of financial performance and the statement of cash flows are prepared so that all components are stated inclusive of G.S.T.



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NZLII — 🌐 NZ Gazette 1997, No 73




✨ LLM interpretation of page content

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

💰 Finance & Revenue
9 June 1997
Financial Performance, Trust Bank, Dividends, Income, Expenditure

💰 Statement of Cash Flows for the Year Ended 31 March 1997

💰 Finance & Revenue
Cash Flows, Financial Statements, Trust Bank Southland Community Trust

💰 Notes to the Financial Statements for the Year Ended 31 March 1997

💰 Finance & Revenue
Accounting Policies, Financial Statements, Trust Bank Southland Community Trust