Notice Type
General Notices
Income and Expenditure Account and Retained Funds Statement for the Year Ended 31 March 1996 1996 1995 Notes $ $ Income Dividend from TSB Bank Limited2 925,000 850,000 Interest received 48,290 34,000 973,290 884,000 Less expenses Audit fees 1,511 1,439 Solicitors fees Professional services 3,163 Trustees' honoraria 25,087 29,513 Trustees' expenses 3,495 7,475 Secretary/treasurer fees 14,320 12,825 Secretary/treasurer mileage 503 491 Stationery and postage 1,805 3,485 Advertising 2,108 1,819 Promotional expenses 458 6,153 Sundry expenses 315 272 Telephone and P.O. Box 672 622 Depreciation 3,097 2,771 56,534 66,865 Funds available for distribution 916,756 817,135 Donations during the year 871,300 666,800 Excess income over expenditure 45,456 150,335 Plus retained funds at beginning of year 476,043 325,708 $521,499 $476,043 Balance Sheet as at 31 March 1996 1996 1995 Notes $ $ Accumulated funds Capital 100 100 Initial gift1 10,000,000 10,000,000 10,000,100 10,000,100 Retained funds 521,499 476,043 Total funds $10,521,599 $10,476,143 Represented by: Current assets Petty cash 10 5 TSB Bank Limited 67,166 71,035 Accrued interest 5,182 3,826 72,358 74,866 Less current liabilities Accrued charges 6,123 7,184 66,235 67,682 Fixed assets5 5,364 8,461 Investments Shares in TSB Bank Limited1 10,000,000 10,000,000 TSB Bank Limited Investments 450,000 400,000 $10,521,599 $10,476,143 For and on behalf of the trustees: D. E. WALTER, Chairperson. Statement of Cash Flows for the Year Ended 31 March 1996 1996$ 1995$ Cash flows from operating activities Cash was provided from: Dividends from TSB Bank925,000 850,000 Interest received46,934 37,727 971,934 887,727 Cash was applied to: Donations871,300 666,800 Payments to suppliers and trustees54,498 63,479 925,798 730,279 Net cash flows from operating activities46,136 157,448 Cash flows from investing activities Cash was provided from: Principal from investments300,000 50,000 Cash was applied to: Purchase of fixed assets 3,139 Investments350,000 200,000 Net cash flows from investing activities(50,000) (153,139) Net increase/(decrease) in cash held(3,864) 4,309 Plus opening 1 April 199571,040 66,731 Closing cash balance 31 March 1996$67,176 $71,040 Notes to the Financial Statements for the Year Ended 31 March 1996 1. Statement of Accounting Policies Reporting Entity TSB Community Trust is a charitable trust formed by a trust deed dated 30 May 1988. The financial statements are a general purpose report which has been prepared in accordance with generally accepted accounting practice as required by clause 17 of the trust deed. Measurement Base 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. Specific Accounting Policies The following specific accounting policies which materially affect the measurement of financial performance and financial position have been applied. 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 1996 was $2.52 per share. Fixed Assets Fixed assets are recorded at cost, office equipment will be depreciated on a straight-line basis over 4 years. Income Tax Income tax will include the current years provision and the tax effect of timing differences using the liability method. Timing differences will be accounted for applying the comprehensive basis. Differential Reporting The trust qualifies for differential reporting as it is not large as defined in the framework for differential reporting. The trust has taken advantage of all differential reporting exemptions except that a cash flow statement has been prepared. 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. Dividend The dividend includes $625,000 relating to the final instalment received from the bank for the year ended 31 March 1995 and $300,000 interim dividend for the year ended 31 March 1996. 3. Commitments At balance date $106,250.00 has been approved for donations in the 199697 financial year. 4. Publishing Requirements A comprehensive list, itemising all recipients, was published in the Taranaki Daily News on the following dates: First round10 August 1995 Second round16 November 1995 Third round 8 April 1996 A copy of the list of grants is available to anyone upon request (P.O. Box 31, Oakura, Taranaki). 5. Fixed Assets 1996 1995 $ $ Office equipment at cost12,389.00 12,389.00 Accumulated depreciation7,025.00 3,928.00 $5,364.00 $8,461.00 6. Statement of Movement in Equity 1996 1995 $ $ Equity at 1 April 1995 10,476,143 10,325,808 Retained surplus for the year 45,456 150,335 Equity at 31 March 1996 $10,521,559 $10,476,143 7. Income Tax There are taxation losses amounting to $41,376 (1995: $31,776) available to carry forward and set off against future assessable income. Auditors' Report to the Trustees of TSB Community Trust We have audited the financial statements. The financial statements provide information about the past financial performance of the trust and its financial position as at 31 March 1996. This information is stated in accordance with the accounting policies set out. Trustees' Responsibilities The trustees are responsible for the preparation of financial statements which fairly reflect the financial position of the trust as at 31 March 1996 and the results of operations and cash flows for the year ended on that date. Auditor's Responsibilities It is our responsibility to express an independent opinion on the financial statements presented by the trustees and report our opinion to you. Basis of Opinion An audit includes examining, on a test basis, evidence relevant to the amounts and disclosures in the financial statements. It also includes assessing: the significant estimates and judgements made by the trustees in the preparation of the financial statements; and whether the accounting policies are appropriate to the trusts circumstances, consistently applied and adequately disclosed. We conducted our audit in accordance with generally accepted auditing standards in New Zealand. We planned and performed our audit so as to obtain all the information and explanations which we considered necessary in order to provide us with sufficient evidence to give reasonable assurance that the financial statements are free from material misstatements, whether caused by fraud or error. In forming our opinion we also evaluated the overall adequacy of the presentation of information in the financial statements. Other than in our capacity as auditor we have no relationship with, or interest in, the trust. Unqualified Opinion We have obtained all the information and explanations we have required. In our opinion, the financial statements present a true and fair view of the financial position of the trust as at 31 March 1996 and the results of its operations and cash flows for the year ended on that date. Out audit was completed on 26 April 1996 and our unqualified opinion is expressed as at that date. ERNST & YOUNG, New Plymouth.2
Publication Date
20 Jun 1996

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