Notice Type
General Notices
Income and Expenditure Account and Retained Funds Statement for the Year Ended 31 March 1994 1994 1993 Notes $ $ Income Dividend from TSB Bank Limited3 525,000 500,000 Interest received 24,994 28,976 549,994 528,976 Less expenses Audit fees 1,439 1,441 Solicitors fees 1,051 Trustees' honoraria 32,513 29,358 Trustees' expenses 5,381 3,542 Secretary/treasurer fees 11,587 11,000 Secretary/treasurer mileage 778 637 Stationery and postage 511 1,783 Advertising 1,446 1,768 Promotional expenses 1,847 Sundry expenses 164 Telephone and P.O. Box 493 Depreciation 1,157 55,305 52,591 Funds available for distribution 494,689 476,385 Donations during the year 548,183 531,851 Excess expenditure over income (53,494) (55,466) Plus retained funds at beginning of year 379,202 434,668 $325,708 $379,202 Balance Sheet as at 31 March 1994 1994 1993 Notes $ $ Accumulated funds Capital 100 100 Initial gift2 10,000,000 10,000,000 10,000,100 10,000,100 Retained funds 325,708 379,202 Total funds $10,325,808 $10,379,302 Represented by: Current assets Petty cash 8 5 TSB Bank Limited 66,765 29,791 Accrued interest 7,553 6,310 74,326 36,106 Less current liabilities Accrued charges 6,611 6,804 67,715 29,302 Fixed assets6 8,093 Investments Shares in TSB Bank Limited2 10,000,000 10,000,000 TSB Bank Limited investments 250,000 350,000 $10,325,808 $10,379,302 For and on behalf of the trustees: R. M. BARCLAY, Chairperson. Statement of Cash Flows for the Year Ended 31 March 1994 1994$ 1993$ Cash flows from operating activities Cash was provided from: Dividends from TSB Bank525,000 500,000 Interest received23,750 30,229 548,750 530,229 Cash was applied to: Donations548,183 531,851 Payments to suppliers and trustees54,382 54,840 602,565 586,691 Net cash flows from operating activities(53,815) (56,462) Cash flows from investing activities Cash was provided from: Principal from investments200,000 450,000 Cash was applied to: Purchase of fixed assets9,250 Investments100,000 500,000 Net cash flows from investing activities90,750 (50,000) Net increase/(decrease) in cash held36,937 (106,462) Plus opening 1 April 199329,794 136,256 Closing cash balance 31 March 1994$66,731 $29,794 Notes to the Financial Statements for the Year Ended 31 March 1994 1. General Policies The measurement base is that of historical cost. Accrual accounting is used to match expenses and revenues. Reliance is placed on the fact that the trust is a going concern. 2. Particular Accounting Policies Investments The TSB Bank Limited shares are stated at par value when gifted: 20 000 000 fully paid shares at 50 cents $10,000,000 The net asset backing at 31 March 1994 was $1.99 per share. Fixed Assets Fixed assets are recorded at cost, office equipment will be depreciated on a straight line basis over 4 years. 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. 3. Dividend The dividend includes $375,000 relating to the final instalment received from the bank for the year ended 31 March 1993 and $150,000 interim dividend for the year ended 31 March 1994. 4. Commitments At balance date $11,100 has been approved for donations in the 199495 financial year. 5. Publishing Requirements A comprehensive list, itemising all recipients was published in the Taranaki Daily News on the following dates: First round17 August 1993 Second round27 November 1993 Third round23 April 1994 A copy of the list of grants is available to anyone upon request (P.O. Box 31, Oakura, Taranaki). 6. Fixed Assets $ Office equipment9,250.00 Accumulated depreciation1,157.00 $8,093.00 Auditors' Report to the Members of TSB Community Trust We have audited the financial statements in accordance with accepted auditing standards, and have carried out such procedures as we considered necessary. In our opinion, the financial statements present a true and fair view under the historical cost convention of the state of the trust's affairs as at 31 March 1994 and the results of its activities and the cash flows for the year ended on that date. ERNST & YOUNG, Chartered Accountants. Dated at New Plymouth this 17th day of May 1994.
Publication Date
9 Jun 1994

Notice Number

1994-gn4139

Page Number

1920