New Zealand Gazette – 1997 – No. 83

Page 2031

✨ Financial Statements



NEW ZEALAND GAZETTE

7 AUGUST

2031

Notes | 1997 $ | 1996 $

--- | --- | ---
Less current liabilities—
Sundry creditors ... | 34,939 | 35,935
Donations approved not yet paid ... | 9 751,496 | 95,120

Total current liabilities ... | 786,435 | 131,055
Working capital ... | 28,885,706 | 1,291,295
Add non current assets—
Long term advances ... | 6 50,000 | —
Investments ... | 2 4,553,256 | 7,414,984
Fixed assets (after depreciation) – marquees ... | 8 — | 3,966

Net assets ... | $33,438,962 | $8,760,245

Signed on behalf of the board of trustees:
Chairperson: J. E. THOMPSON.
Trustee: R. A. CARRUTHERS.
Date: 7 July 1997.

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

1997 $ 1996 $

Cash flow from operating activities—
Cash was derived from:
Interest on deposits ... | 2,662,152 | 94,574
Dividends ... | — | 1,134,000
Cash was applied to:
Suppliers of goods and services ... | (116,495) | (64,053)
Donations paid ... | (1,835,974) | (662,773)
Contribution to endowment fund ... | — | (5,000)
Net cash flows from operating activities ... | 709,683 | 496,748

Cash flows from investing activities—
Cash was provided from:
Sale of Trust Bank New Zealand Limited shares ... | 32,087,148 | —
Loan repayments:
Timaru High Schools – hostel ... | — | 4,000
Mid Canterbury Basketball Association ... | 20,000 | —
Proceeds from endowment fund ... | 23,358 | —

Cash was applied to:
Purchase of New Zealand Government stock ... | (4,007,081) | —
Purchase of New Zealand shares ... | (2,009,724) | —
Purchase of New Zealand property shares ... | (546,861) | —
Purchase of Australian property shares ... | (449,798) | —
Reimbursement of contribution from endowment fund ... | (19,724) | —
Net cash flows from investing activities ... | (7,033,185) | 4,000

Net cash flows from financing activities ... | 25,097,318 | 4,000
Net increase in cash held ... | 25,807,001 | 500,748
Add opening cash 1 April 1996 ... | 1,391,561 | 890,813

Cash as at 31 March 1997 ... | $27,198,562 | $1,391,561

Cash at 31 March 1997 comprises the current account, the prime call account and the money market deposit account at Westpac Trust and deposits at National Bank of New Zealand and ANZ Banking Group.

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

1. Statement of Accounting Policies

Reporting Entity:—The Trust Bank South Canterbury Community Trust Inc. is a charitable trust incorporated under the Trustee Banks Restructuring Act 1988. The financial statements have been prepared in accordance with the Financial Reporting Act 1993 and generally accepted accounting policies.

General Accounting Policies
The general accounting policies adopted in the preparation of these financial statements are:

  • The measurement base adopted is that of historical cost, except for the revaluation of investments.
  • The matching of revenues earned and expenses incurred using accrual accounting except that dividend income is accounted for on a receipts basis.


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✨ LLM interpretation of page content

💰 Consolidated Statement of Financial Position as at 31 March 1997 (continued from previous page)

💰 Finance & Revenue
7 July 1997
Financial Position, Assets, Liabilities, Capital Fund, Trust Capital
  • J. E. THOMPSON, Chairperson
  • R. A. CARRUTHERS, Trustee

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

💰 Finance & Revenue
Cash Flows, Operating Activities, Investing Activities, Financing Activities

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

💰 Finance & Revenue
Accounting Policies, Reporting Entity, Historical Cost, Accrual Accounting