✨ Financial Statements
NEW ZEALAND GAZETTE
No. 118
Statement of Cashflows for the Year Ended 31 March 2003
| Notes | 2003 $ | 2002 $ |
|---|
Cashflow from operating activities—
Cash was provided from:
- Other income
- Dividends from TSB Bank
- Interest received
| | 19,600 | 550 |
| | 4,585,000 | 3,585,000 |
| | 126,073 | 86,479 |
| Total | 4,730,673 | 3,672,029 |
Cash was applied to:
- Donations
- Payments to suppliers and trustees
| | 3,513,650 | 3,128,000 |
| | 148,699 | 136,575 |
| Total | 3,662,349 | 3,264,575 |
Net cashflows from operating activities | 1,068,324 | 407,454 |
Cashflows from investing activities—
Cash was provided from:
- Principal from investments
| | – | 3,435,000 |
Cash was applied to:
- Investments
- Purchase of office equipment
| | 1,000,000 | 3,885,000 |
| | 1,642 | 2,098 |
| Total | 1,001,642 | |
Net cashflows from investing activities | (1,001,642) | (452,098) |
Net increase/(decrease) in cash held | 66,682 | (44,644) |
Plus opening cash 1 April 2002 | 10,983 | 55,627 |
Closing balance 31 March 2003 | 77,665 | 10,983 |
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Statement of Movements in Equity for the Year Ended 31 March 2003
| 2003 $ | 2002 $ | |
|---|---|---|
| Equity at 1 April 2002 | 10,949,003 | 10,748,877 |
| Retained surplus for the year | 3,904,008 | 200,126 |
| Total recognised revenues and expenses | 3,904,008 | 200,126 |
| Equity at 31 March 2003 | 14,853,011 | 10,949,003 |
Statement of Notes to the Accounts
1. Statement of Accounting Policies
Reporting Entity
TSB Community Trust is a charitable trust formed by a trust deed dated 30 May 1988. A new trust deed was adopted by the trust on 8 February 2001. The financial statements have been prepared in accordance with this deed and 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.
Receivables
Receivables are stated at their estimated realisable value.
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 2003 was $6.46 per share.
Property, Plant and Equipment
Property, plant and equipment are recorded at cost, office equipment will be depreciated on a straight line basis over four years.
Income Tax
The income tax expense charged to the statement of income includes both the current year's provision and the income tax effects of timing differences calculated using the liability method.
Tax effect accounting is applied on a comprehensive basis to all timing differences. A debit balance in the deferred tax account, arising from timing differences or income tax benefits from income tax losses, is only recognised if there is virtual certainty of realisation.
Financial Instruments
The financial instruments are recorded at their carrying value which is also the fair value of each of the classes of financial instruments consisting of cash, accrued interest, dividends receivable, investments other than shares in TSB Bank Ltd, accrued charges and donations payable. As stated above, the shares in TSB Bank Ltd are carried at their value when gifted.
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2003, No 118
Gazette.govt.nz —
NZ Gazette 2003, No 118
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TSB Community Trust Financial Statements
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💰 Finance & RevenueFinancial Performance, Financial Position, Revenue, Expenses, Donations, Investments