✨ Financial Statements
3 AUGUST 2006
NEW ZEALAND GAZETTE, No. 91
2747
Statement of Cash Flows for the Year Ended 31 March 2006
Notes
Operating activities—
Cash was provided from:
Interest income received
Dividend income received
Cash was applied to:
Donations paid
Operating expenditure
Net cash inflow/(outflow) from operating activities
Investing activities—
Cash was applied to:
Net increase in investment securities
Property, plant and equipment purchased
Net cash inflow/(outflow) from investing activities
Net increase/(decrease) in cash
Add opening cash brought forward
Ending cash carried forward
Cash balances in balance sheet:
Petty cash
Bank
Ending cash carried forward
2006
$
2005
$
364,250
6,540,000
6,904,250
249,005
5,290,000
5,539,005
5,165,807
344,566
5,510,373
1,393,877
4,444,314
282,588
4,726,902
812,103
1,420,000
11,288
1,431,288
(1,431,288)
(37,411)
84,982
47,571
780,000
59,780
839,780
(839,780)
(27,677)
112,659
84,982
54
47,517
47,571
195
84,787
84,982
Notes to the Financial Statements for the Year Ended 31 March 2006
1. Statement of Accounting Policies
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 System
The measurement system adopted is that of historical cost.
Particular Accounting Policies
The following is a summary of the significant accounting policies adopted by the trust in the preparation of these financial statements.
Property, Plant, Equipment and Depreciation
Property, plant and equipment are recorded at cost and will be depreciated on a straight line basis over four years.
Taxation
From 1 April 2004, section CB4 (1) (m) of the Income Tax Act (1994) exempts the trust from income tax.
Accounts Receivable
Accounts receivable are stated at their estimated realisable value.
Investments
The TSB Bank Limited shares are stated at the value when gifted on 20,000,000 fully paid shares at 50 cents representing $10,000,000. The net asset backing at 31 March 2006 was $9.66 per share.
Goods and Services Tax
The financial statements have been prepared on a GST inclusive basis.
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 Limited, accrued charges and donations payable. As stated above, the shares in TSB Bank Limited are carried at their value when gifted.
Cashflow
For the purpose of the statement of cashflow, cash includes cash on hand and deposits held on call with banks.
Changes in Accounting Policies
There have been no changes in accounting policies. All policies have been applied on bases consistent with those used in previous years.
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2006, No 91
Gazette.govt.nz —
NZ Gazette 2006, No 91
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Financial Statements of TSB Community Trust
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