✨ Financial Statements
28 AUGUST
NEW ZEALAND GAZETTE
3231
Cashflows
For the purpose of the statement of cashflow, cash includes cash on hand and deposits held on call with banks.
Goods and Services Tax
The financial statements have been prepared on a G.S.T. inclusive basis.
Changes in Accounting Policies
Dividend income is now recognised when the bank provides for an obligation to pay the dividend. This change in accounting policy has resulted in additional dividend income of $3,515,000 being included in the current year, leading to an increase in trust equity and dividends receivable of the same amount. All other policies have been applied on bases consistent with those used in the previous years.
2. Dividend
The dividend includes $3,315,000 relating to the final instalment received from the bank for year ended 31 March 2002, $1,270,000 interim dividend for the year ended 31 March 2003 and, for the first time, the $3,515,000 final dividend receivable from the bank for the year ended 31 March 2003.
3. Financial Instruments
Financial instruments that potentially have credit risk are cash, accrued interest and accrued charges.
The maximum credit risk exposure at balance date is the carrying value of bank, accrued interest and accrued charges. This is also the fair value.
4. Income Tax
The company has income tax losses of $377,524 (2002 – $309,078) available to be carried forward and set off against future assessable income.
5. Commitments and Contingent Liabilities
At balance date, $560,000 has been approved for donations in the 2003/2004 financial year (2002 – $523,800).
6. Publishing Requirements
A comprehensive list itemising all recipients was published in Taranaki’s The Daily News on the following dates:
1st round 18 September 2002
2nd round 12 March 2003
3rd round 9 May 2003
A copy of the list of grants is available to anyone upon request (P.O. Box 667, New Plymouth).
7. Property, Plant and Equipment
| 2003 | 2002 | |
|---|---|---|
| Office equipment at cost | $21,288 | $19,646 |
| Accumulated depreciation | $17,398 | $15,315 |
| $3,890 | $4,331 |
8. Segment Information
The company operates predominately in one industry – investment. All operations are carried out within New Zealand.
9. Reconciliation of Net Surplus With Net Cashflows From Operating Activities
| 2003 | 2002 | |
|---|---|---|
| Net surplus— | $3,904,008 | $200,126 |
| Add/(less): | ||
| Depreciation | 2,083 | 1,640 |
| Movements in working capital items: | ||
| (Increase)/decrease in receivables | (3,526,496) | (7,347) |
| Increase/(decrease) in payables | 688,729 | 213,035 |
| Net cashflows from operating activities | 1,068,324 | 407,454 |
10. Cash Balances in the Statement of Financial Position
| 2003 | 2002 | |
|---|---|---|
| Petty cash | $151 | $134 |
| TSB Bank Ltd | $77,514 | $10,849 |
| $77,665 | $10,983 |
11. Related Party Transactions
The trust paid donations throughout the year to community organisations of which the trustees may be members. These donations were made on normal terms and conditions. There were no amounts outstanding at 31 March relating to these transactions.
12. Transactions at Nil or Nominal Value
Professional services have been provided to the trust during the year at no cost.
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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