✨ Financial Statements
2564 NEW ZEALAND GAZETTE, No. 96 6 AUGUST 2010
TSB Community Trust
Notes to the Financial Statements
For the year ended 31 March 2010
12. Capital Management
The Trust’s capital consists of equity and retained earnings. The Trust manages its capital by effectively managing income and expenses, assets and liabilities and investments to ensure it achieves its charitable objectives and purpose. As a part of this process the Trust maintains a minimum reserve fund of $2m invested in NZ investment securities. The Trust has no externally imposed requirements.
13. Contingent Liabilities
| 2010 | 2009 | |
|---|---|---|
| $ | $ | |
| Grants approved but the distribution is subject to the donees’ meeting certain conditions | 868,500 | 1,073,700 |
| Multi-year commitments | 2,215,000 | 4,290,000 |
| 3,083,500 | 5,363,700 |
14. Capital Commitments
The company has no material capital commitments at balance date (2009: $Nil).
15. Subsequent Events
There were no material events subsequent to balance date.
16. Separate Financial Statements
The Trust has prepared these separate financial statements to provide more relevance to users, as the size and presentation of the consolidated financial statements does not facilitate a meaningful comparison of the Trust’s results by those users.
The Trust has 100% ownership of the TSB Bank Limited, a company incorporated in New Zealand. The Trust holds 100% of the voting power.
The investment is accounted for at cost.
The consolidated financial statements of the Trust can be obtained from the Trust Manager, PO Box 667, New Plymouth or by telephoning (06) 769-9471.
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NZ Gazette 2010, No 96
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TSB Community Trust Financial Statements
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💰 Finance & Revenue29 June 2010
Financial Statements, Community Trusts, TSB Community Trust, Financial Instruments, Sensitivity Analysis, Credit Risk, Fair Value