✨ Financial Statements
3 AUGUST
NEW ZEALAND GAZETTE
2107
TSB Community Trust Statement of Movements in Equity for the Year Ended 31 March 2000
| 2000 | 1999 | |
|---|---|---|
| $ | $ | |
| Equity at 1 April 1999 | 10,665,137 | 10,595,761 |
| Retained surplus/(deficit) for the year | (93,129) | 69,376 |
| Total recognised revenues and expenses | (93,129) | 69,376 |
| Equity at 31 March 2000 | 10,572,008 | 10,665,137 |
Notes to Financial Statements
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 have been prepared in accordance with the Community Trusts Act 1999.
Measurement base
The measurement base is that of historical cost.
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 the value when gifted:
20,000,000 fully paid shares at 50 cents each, representing $10,000,000.
The net asset backing at 31 March 2000 was $4.25 per share.
Fixed assets
Fixed assets are recorded at cost, office equipment will be depreciated on a straight line basis over four 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 those in respect of FRS.10: statement of cashflows.
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 $1,200,000 relating to the final instalment received from the bank for year ended 31 March 1999 and $500,000 interim dividend for the year ended 31 March 2000.
3. Commitments and contingent liabilities
At balance date $405,400 has been approved for donations in the 2000/2001 financial year (1999: $55,000).
4. Publishing requirements
A comprehensive list, itemising all recipients was published in the Taranaki Daily News on the following dates:
1st round 14/08/99
2nd round 11/02/00
3rd round 5/05/00
A copy of the list of grants is available to anyone upon request (P.O. Box 31, Oakura, Taranaki).
5. Fixed assets
| 2000 | 1999 | |
|---|---|---|
| $ | $ | |
| Office equipment at cost | 14,112 | 14,112 |
| Accumulated depreciation | 12,888 | 12,461 |
| 1,224 | 1,651 |
6. Income tax
There are taxation losses amounting to $213,100 (1999: $132,294) available to carry forward and set off against future assessable income.
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2000, No 86
Gazette.govt.nz —
NZ Gazette 2000, No 86
✨ LLM interpretation of page content
💰
TSB Community Trust Statement of Movements in Equity
(continued from previous page)
💰 Finance & RevenueEquity, Retained surplus, Financial statements, TSB Community Trust
💰 Notes to Financial Statements
💰 Finance & RevenueAccounting policies, Investments, Fixed assets, Income tax, Dividend, Commitments, Publishing requirements