✨ Financial Statements Notes
17 JULY
NEW ZEALAND GAZETTE
1801
Notes to the Consolidated Financial Statements for the Year Ended 31 March 1997
1. Statement of Accounting Policies
Basis of Reporting
The financial statements presented here are for Trust Bank Waikato Community Trust and its wholly-owned subsidiary Waikato Community Trust Charities Limited. They have been prepared in accordance with the requirements of the Institute of Chartered Accountants of New Zealand for the measurement and reporting of profit on an historical cost basis with the exception of certain items for which the specific accounting policies are identified.
Fixed assets
All fixed assets have been recorded at cost price less depreciation.
Donations and Distributions
Donations and distributions made are included in the statement of financial performance when approved by the trustees.
Taxation
Income tax expense recognises the current obligations payable to the Inland Revenue Department.
Goods and Services Tax
The trust is not registered for goods and services tax purposes. Accordingly, these financial statements are stated on a G.S.T. inclusive basis.
Investments
Investments are stated at market value. Adjustments to market value of investments are included in the statement of financial performance. Investment income is included in the statement of financial performance when it is received.
Basis of Consolidation
The purchase method of consolidation has been used in preparation of the financial statements.
2. Incorporation
The Trust Bank Waikato Community Trust was incorporated on 5 August 1988 with trust capital of $21,316,622.
3. Receivables
| 1997 Group $ | 1996 Group $ | 1997 Parent $ | 1996 Parent $ | |
|---|---|---|---|---|
| Accounts receivable | 8,630 | - | 8,630 | - |
4. Investments
| 1997 Group $ | 1996 Group $ | 1997 Parent $ | 1996 Parent $ | |
|---|---|---|---|---|
| Trust Bank New Zealand Limited (TBNZ Limited) shares | - | 120,091,400 | - | 120,091,400 |
| Forward exchange contracts | - | 43,708 | - | 43,708 |
| Cash | - | 1,383,257 | - | 1,383,257 |
| Fixed interest | 90,968 | 4,275,983 | 90,968 | 4,275,983 |
| Shares | 551,546 | 17,412,226 | 551,546 | 17,412,226 |
| New Zealand Government stock | - | 517,243 | - | 517,243 |
| Convertible notes | - | 2,528,991 | - | 2,528,991 |
| $642,514 | $146,252,808 | $642,514 | $146,252,808 |
5. Fixed Assets
| 1997 Group $ | 1996 Group $ | 1997 Parent $ | 1996 Parent $ | |
|---|---|---|---|---|
| Office equipment | ||||
| At cost | 7,917 | 7,917 | 7,917 | 7,917 |
| Additions | 4,689 | - | 4,689 | - |
| Accumulated depreciation | (6,851) | (2,369) | (6,851) | (2,369) |
| 5,755 | 5,548 | 5,755 | 5,548 |
| Motor vehicles | | | | |
| At cost | 31,440 | 31,440 | 31,440 | 31,440 |
| Accumulated depreciation| (9,461) | (2,520) | (9,461) | (2,520) |
| | 21,979 | 28,920 | 21,979 | 28,920 |
| | $27,734 | $34,468 | $27,734 | $34,468 |
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NZ Gazette 1997, No 73
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Notes to the Consolidated Financial Statements for the Year Ended 31 March 1997
(continued from previous page)
💰 Finance & RevenueAccounting Policies, Fixed Assets, Donations, Taxation, GST, Investments, Consolidation, Incorporation, Receivables