New Zealand Gazette – 2005 – No. 108

Page 2602

✨ Financial Statements



2602 NEW ZEALAND GAZETTE, No. 108 14 JULY 2005

Net increase/(decrease) in cash and cash equivalents (27,677) 34,994
Add cash and cash equivalents at beginning of the year 112,659 77,665
Cash and cash equivalents at year end 84,982 112,659

Reconciliation of Net Surplus After Tax to Net Cash Flows from Operating Activities for the Year Ended 31 March 2005

Notes 2005 $ 2004 $
Net surplus after taxation 1,536,969 1,164,485
Add non-cash items:
Depreciation 24,710 10,257
Suspension of loan 100,000 –
Add/(deduct) movements in working capital:
Increase (decrease) in sundry creditors 135,993 (456,377)
(Increase) decrease in sundry debtors (985,569) (38,299)
Net cash flow from operating activities 812,103 680,066

Notes to the Financial Statements for the Year Ended 31 March 2005

1. Statement of Accounting Policies

Reporting Entity

TSB Community Trust is a trust established by trust deed dated 30 May 1988, and has adopted a revised deed on 8 February 2001.
These 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.

Accounts receivables are stated at their estimated net realisable value.

The TSB Bank Limited shares are stated at the value when gifted of 20,000,000 fully paid shares at 50 cents each, representing $10,000,000. The net asset backing at 31 March 2005 was $8.43 per share.

Property, plant and equipment are recorded at cost and will be depreciated on a straight line basis over four years.

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.

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 Limited, accrued charges and donations payable. As stated above, the shares in TSB Bank Limited are carried at their value when gifted.

For the purpose of the statement of cashflow, cash includes cash on hand and deposits held on call with banks.

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. Property, Plant and Equipment

Cost $ Accumulated Depreciation $ 2005 Book Value $
Buildings 2,070 1,036 1,034
Fixtures and fittings 8,818 832 7,986
Office equipment 114,253 50,498 63,755
125,141 52,366 72,775
Cost $ Accumulated Depreciation $ 2004 Book Value $
Buildings 2,070 518 1,552
Office equipment 63,291 27,137 36,154
65,361 27,655 37,706


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Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2005, No 108


Gazette.govt.nz — PDF NZ Gazette 2005, No 108




✨ LLM interpretation of page content

🏢 TSB Community Trust Financial Position Statement (continued from previous page)

🏢 State Enterprises & Insurance
23 June 2005
Financial Statement, TSB Community Trust, Assets, Liabilities, Cash Flow, Accounting Policies, Property, Plant and Equipment