Income and Expenditure Account for the Year Ended 31 March 1994 1993$ 1994$ Income 351,337 Dividends, Trust Bank New Zealand Limited540,638 16,816 Interest26,926 368,153 Total income567,564 Expenditure 101 Accident compensation117 2,968 Advertising4,824 631 Auditor's fees759 Brokerage96,142 Functions1,489 422 General expenses98 Postages323 803 Professional fees5,628 Printing546 5,045 Secretarial services7,139 10,065 Trustee fees12,390 Travelling expenses33 20,035 Total expenditure129,488 348,118 Net income before grants438,076 Profit on sale of shares6,637,500 348,118 7,075,576 303,465 Less grants459,338 $44,653 Net profit transferred to the trust fund$6,616,238 (The notes to the financial statement form part of and are to be read in conjunction with the above accounts.) Balance Sheet as at 31 March 1994 1993$ 1994$ Trust funds 5,140,746 Balance as at 1 April 19935,185,399 44,653 Net income for year6,616,238 Revaluation Reserve19,894,342 $5,185,399 Balance as at 31 March 1994$31,695,979 Represented by: Current assets 185,000 Deposits Trust Bank Wellington Limited8,048,858 4,365 Deposits National Disaster Relief Fund4,240 9,623 Interest receivable14,431 24,088 Trust Bank Wellington Limited current account13,681 223,076 Total current assets8,080,210 Less current liabilities 5,835 Sundry creditors10,231 217,241 Working capital8,070,979 Add long term assets 4,968,158 Shares in Trust Bank New Zealand Limited (Note 2)23,625,000 $5,185,399 Net assets$31,695,979 Signed on behalf of the board of trustees: F. D. O'FLYNN, Chairperson. W. A. BRIEN, Trustee. Dated this 1st day of June 1994. (The notes to the financial statement form part of and are to be read in conjunction with the above accounts.) Statement of Cash Flows for the Year Ended 31 March 1994 1993$ 1994$ Cash flows from operating activities Cash was provided from: 351,337 Dividends from Trust Bank New Zealand Limited540,638 12,630 Interest on investments22,118 Cash was disbursed to: (5,025) Suppliers of goods and services(112,662) (10,025) Trustees(12,430) (303,465) Grants to the community(459,338) 45,452 Net cash flows from operating activities(21,674) Cash flows from investing activities Cash was provided from: Sale of investments7,875,000 168,001 Add opening cash balance as at 1 April 213,453 $213,453 Cash at 31 March 1994$8,066,779 Shown in balance sheet as 185,000 Deposits Trust Bank Wellington Limited8,048,858 4,365 Deposit National Disaster Relief Fund4,240 24,088 Bank account13,681 $213,453 $8,066,779 Notes to the Financial Statements For the Year Ended 31 March 1994 1. Statement of Accounting Policies General Accounting Policies The general accounting policies adopted in the preparation of these financial statements are: * The measurement base adopted is the historical cost basis, with the exception of investments in Trust Bank New Zealand Limited, which are recorded at the value established at the time of the public issue in March 1994. * Reliance has been placed on the fact that the entity is a going concern. * The matching of revenues earned and expenses incurred using accrual accounting except that dividend income and grants are accounted for on a cash basis. Particular Accounting Policies The following are the particular accounting policies which have a material effect on the measurement of results and financial position: (a) Dividend Income: Dividend income from Trust Bank New Zealand Limited is included in the income and expenditure account when it is received. (b) Grants: Grants made are included in the income and expenditure account when paid. (c) Shares: Shares held in Trust Bank New Zealand Limited are stated at the price established at the time of the public issue in March 1994. Changes in Accounting Policies As a result of the recent Trust Bank New Zealand Limited share issue, the trust has been able to accurately determine the market value of its shares in Trust Bank New Zealand Limited for the first time. Previously, the shares were recorded at cost. The effect of this change is shown in the revaluation reserve. There have been no other material changes in accounting policies since the previous annual financial statements. All other policies have been applied on a basis consistent with those used in the previous years annual financial statements. 2. Investments Shares in Trust Bank New Zealand Limited held at the beginning of the year comprised: 3 750 000 ordinary shares of $1 each, fully paid. A one for one bonus issue and then a two for one share split took place on 1 February 1994 as part of Trust Bank New Zealand Limited's capital reconstruction. In March 1994, as part of a Trust Bank Wellington Limited share issue, the trust sold 3 750 000 (25 percent) of the shares held in Trust Bank New Zealand Limited for $2.10 each. The share issue resulted in the Trust Bank Community Trusts selling 11.1 percent of their Trust Bank New Zealand Limited shares and new shares being issued to enable 21.6 percent public ownership of Trust Bank New Zealand Limited. The proceeds of $7,875,000 received by the trust have been invested for future use to meet the purposes of the trust. The trust's investment in Trust Bank New Zealand Limited is valued at $2.10 at 31 March 1994. This being the issue price of the shares and this value is deemed to be their value. The shares now held in Trust Bank New Zealand Limited comprise: 11 250 000 ordinary shares of 50 cents each fully paid. 1994$ 1993$ Shares at original value3,730,658 4,968,158 Revaluation Reserve19,894,342 $23,625,000 $4,968,158 Regional community trusts have agreed to an embargo on any sale of their shares (other than as part of the offer or among the participating community trusts) for at least 12 months following flotation. The 9 regional community trusts will together hold approximately 78 percent of the capital of Trust Bank New Zealand Limited. This means that, as a group, they will retain control of the trust bank group. The Trust Bank Wellington Community Trust holds 2000 shares outright and 11 248 000 are held by Community Trust Nominees Limited which acts as a bare trustee and has legal ownership of these shares while the community trust retains beneficial ownership. This holding of 11 250 000 shares represents 3.33 percent of the total shareholding in Community Trusts Investments Limited and Community Trusts Nominees Limited. Community Trusts Nominees Limited is required to act for the participating community trusts, including in the exercise of the voting rights attached to the shares, in the manner directed by Community Trusts Investments Limited. The directors of Community Trusts Investments Limited and Community Trusts Nominees Limited are the same. Community Trusts Investments Limited is owned by the participating community trusts in proportion to their present individual shareholdings in Trust Bank New Zealand Limited. The articles of Community Trusts Investments Limited, together with a deed of trust entered into by the participating community trusts, are the mechanisms adopted to regulate the ongoing relationship of the participating community trusts and to manage their collective shareholding in Trust Bank New Zealand Limited. 3. Taxation For taxation purposes the trust is deemed to be a charitable organisation. Its income is not subject to taxation. 4. Goods and Services Tax The trust is not registered for goods and services tax purposes. Accordingly these financial statements are stated on a G.S.T. inclusive basis. 5. Off Balance Sheet Item There were not any grants approved which had not been uplifted as at 31 March 1994. 6. Financial Instruments All financial instruments are disclosed at fair value. No undisclosed credit exists. No undisclosed financial instrument exists. Auditors' Report to the Trustees of Trust Bank Wellington 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 give, using the historical cost method, a true and fair view of the financial position of the trust as at 31 March 1994 and the results of its activities and cash flows for the year ended on that date. DELOITTE TOUCHE TOHMATSU, Chartered Accountants. Wellington, New Zealand. Dated this 31st day of May 1994. Schedule of Distribution of Income by Way of Grants for the Year Ended 31 March 1994 AmountDistributed$ 5 Star Supporters Club Incorporated500 Action for Environment Incorporated1,000 Adelaide Child Care Centre605 Adult Reading and Learning3,000 Air Training Corps of NZ Inc (Petone Branch)750 Amnesty International, New Zealand Incorporated500 Aotea Scout Group500 Arakura Kindergarten1,000 Arakura Primary School1,200 Arohanui Trust500 Ascot Park Kindergarten500 Averrett Relief500 Balgownie Trust1,000 Barnardo's New Zealand5,285 Berhampore After School Care Group3,500 Birth Wise New Zealand (Incorporated)500 Birthright (Kapiti) Inc1,500 Body and Soul National Care Network Trust1,000 Brooklyn Community Association Inc1,500 Brooklyn Community Creche Inc1,500 Brooklyn Kindergarten500 Brooklyn Toy Library500 Brown Owl Kindergarten500 Camp Elsdon Incorporated2,000 Cannons Creek Opportunity Centre1,600 Capital City Amateur Swimming Club (Inc)1,000 Capital Discovery Place Te Aho a Maui10,000 Capital Districts Harness Club500 Capital Girls Gym Club990 Casualty Simulation500 Catacombs Incorporated1,000 Catholic Social Services Wellington5,000 Central Southern Region Karate Do Organisation500 Centurions Rugby Football Club (Inc)750 Challenges Outward Bound500 Charisma Touch Club500 Churton Park Kindergarten1,000 Churton Park Tennis & Recreation Club Inc2,000 Citizen Advocacy Wellington - The National Advocacy1,500 City Kids Co-Operative Childcare Centre1,000 City of Wellington Pipe Band (Inc)2,000 Clyde Quay Kindergarten1,000 Coasters Incorporated1,000 College Old Boys Victoria University Rugby Football Club Inc500 Community Health Volunteers Inc1,000 Cook Island Womens Community Group1,000 Crossroads Christian Community Trust1,000 Cystic Fibrosis Association of NZ Inc1,000 Diabetes Youth Wellington Inc1,500 Doris Nicholson Kindergarten1,000 Eastern Surburbs Citizen's Advice Bureau1,000 Epuni School Parent - Teachers' Association1,500 Establishment Committee for Adventure Kindergarten1,000 Fantail City Square & Round Table Dance Club500 Five Star Trust1,500 Fraser Park Squash Club Inc750 Friends in Retirement300 Friends of Mount Street Cemetery (Inc)1,000 Gain Wellington1,200 Girl Guides Association Wainuiomata Division500 Glenview Primary School1,000 Grenada Village Community Association Inc2,000 Harbour City Clean Team Incorporated2,500 Hataitai Community House1,000 Hataitai Kindergarten Association500 Hataitai Scout Group500 Head Injury Society Wellington Inc800 Hearing Association Inc (Kapiti Sub-Branch)500 Heretaunga Old Girls Netball Club1,345 Holy Apostolic Catholic Assyrian Church500 Houghton Valley Playcentre1,000 Hutt Advisory Committee for the Visually Disabled500 Hutt City Aria Incorporated1,700 Hutt City United Softball Club Inc2,500 Hutt Language Group Inc1,000 Hutt Rape Counselling Network1,000 Hutt Repertory Theatre Inc2,000 Hutt Union and Community Health Service (Inc)3,000 Hutt Valley Badminton Association Inc3,000 Hutt Valley Ex Prisoners of War Association500 Hutt Valley Indoor Bowls Association Inc750 Hutt Valley Junior Cricket Association2,500 Hutt Valley Junior Football Association (Inc)2,000 Hutt Valley Multiple Birth Club (Inc)500 Hutt Valley Old Folks Association2,000 Hutt Valley Special Olympics1,000 Inner City Ministry5,000 Island Bay Arts and Crafts Society Inc500 Island Bay Bowling Club (Inc)1,000 Island Bay Community Resource Centre600 Island Bay Kindergarten1,000 Johnsonville Community Centre Redevelopment2,500 Johnsonville Free Kindergarten500 Johnsonville Lawn Tennis Club (Inc)2,000 Johnsonville West Kindergarten500 Kahikatea Catholic Community Outreach1,000 Kapi Mana Advisory Committee, Royal NZ Foundation for Blind500 Kapi Mana School for Students With Disabilities1,500 Kapiti Abilities Resource Centre Inc1,000 Kapiti Abuse Intervention Programme1,200 Kapiti Brass Band1,000 Kapiti Citizens Advice Bureau1,000 Kapiti Coast Museum - Waikanae (Incorporated)500 Kapiti Crossroads Trust500 Kapiti Mana Victim Support Service500 Kapiti Parents Centre Inc750 Kapiti Players Inc500 Kapiti Round Table1,000 Kapiti Serenity Foundation Trust1,000 Kapiti Underwood Club500 Kapiti Women's Health Collective Inc500 Karori After School Care Ass Inc500 Karori Community Bus Incorporated500 Karori Community Toy Library Incorporated500 Karori Festival1,000 Karori Lighthouse Community Centre Incorporated500 Karori Senior Cricket Club1,000 Karori Youth Committee500 Katoa Kindergarten1,000 Khandallah Croquet Club (Inc)500 Kilbirnie Tennis Club Incorporated1,000 Kiwi Amateur Athletic Club (Inc)800 La Leche League Area III810 Laura Fergusson Trust3,000 Life Education Trust (Central Region NZ)2,000 Link With Carers Incorporated2,000 Lotus Yoga Centre and Retreat Inc500 Lower Hutt City Ballet Society500 Lower Hutt Foodbank2,000 Lower Hutt Free Kindergarten Association (Inc) - Riley Branch1,000 Lower Hutt Rock n Roll Society500 Lower Hutt Suffrage Centennial Scholarship Charitable Trust1,000 Lower Hutt Women's Centre (Inc)1,000 M G Hutt Valley (Inc)4,487 Mahora House Incorporated Society500 Maidstone Steppers (Leisure Marching)500 Malaghan Institute of Medical Research5,000 Mana Junior Soccer Association500 Mana Parents Centre Inc613 Mandarin Language Class500 Maraeroa Kindergarten700 Maranui Swimming Club1,000 Marsden Day Care Trust1,500 Maungaraki Kindergarten500 Miramar Tennis Club Incorporated2,000 Moira Gallagher Kindergarten1,000 Moriah Kindergarten750 Motu Kairangi Te Kohanga Reo1,000 Mungavin Kindergarten1,000 Muritai Yacht Club Incorporated500 Naenae Kindergarten1,000 Naenae Old Boys Cricket Club Inc2,000 Naku Enei Tamariki (Inc)1,000 National Society on Alcoholism & Drug Dependence NZ Incorporated5,000 New Horizons Ministries Incorporated500 New Mother Support Groups Wellington Incorporated500 New Players Theatre Company Inc3,000 New Zealand Association of Radio Transmitter - Branch 631,000 New Zealand Association of the Blind & Partially Blind (Inc)750 New Zealand CCS Wellington Inc1,600 New Zealand Family Planning Association Inc2,000 New Zealand Secondary Student's Choir5,000 New Zealand Small Game Shooters Sporting Assn, Kapiti Branch500 Newlands College Whanau Support Group500 Newlands Community House Incorporated500 Newlands Free Kindergarten500 Newlands Paparangi Horse Riding Society Incorporated500 Newlands Park Kindergarten1,000 Newlands Softball Club Inc500 Newtown Community & Cultural Centre Inc1,000 Newtown Kindargarten1,000 Newtown Playcentre1,000 Ngaio Kindergarten1,000 Ngaio Playcentre1,000 Ngaio Toastmasters Club620 Nothern United Rugby Football Club Inc500 Northland Kindergarten500 NZ Association of the Deaf Inc - Deaf Welfare Services Wgtn Committee500 NZ Red Cross Society Inc - Upper Hutt Branch500 Onslow Girl Guides600 Onslow Gymnastic Club Incorporated500 Onslow Rowing Support Group1,000 Orongamai Playgroup500 Otaki Childrens Health Camp2,000 Otaki Gymnastic Club Inc500 Otaki Kindergarten1,000 Our Lady's Home of Compassion Hospital2,000 PPL Darts Club (formerly NZI Darts)750 Pablos Art Studios Incorporated500 Pacific Islands Resources Centre1,500 Pacifica Porirua Branch500 Paekakariki Playcentre1,000 Paparangi Kindergarten500 Paraparaumu District Girl Guides500 Paraparaumu Playcentre500 Paraparaumu Scout Group500 Paremata-Plimmerton Softball Club500 Parentline Wellington Inc3,000 Pauatahanui Early Childhood Education Society Inc1,000 Pencarrow Province, Girl Guides Association New Zealand500 Petone Cricket Club Inc500 Petone Rowing Club Inc2,000 Petone Senior Citizens Association Inc500 Petone Tennis Club Incorporated1,000 Phoenix Flyers Marching Club500 Pinestream Patchwork Quilters500 Plimmerton Croquet Club500 Plimmerton Free Kindergarten1,000 Plimmerton Pony Club513 Pomare School4,000 Porirua Citizens Advice Bureau Inc1,000 Porirua Ear Van Society Incorporated1,060 Porirua Language Project Incorporation800 Porirua Recreation Centre Inc1,000 Pregnancy Counselling Services (Inc)500 Pregnancy Help Inc1,000 Presbyterian Maori Pastorate, Wellington1,000 Presbyterian Support Services (Central)5,000 Rangimarie Municipal Tennis Club (Inc)2,000 Rahui Schoolboy Rugby Club864 Redwood Scout Group500 Richmond Fellowship (Wellington) Inc1,000 Rimutaka Forest Park Trust (Inc)3,400 Rimutaka Gymnastics Club Incorporated500 Rimutaka Maori Womens Welfare League500 Rongotai Air Scout Group500 Royal Forest and Bird Protection Society of NZ (Inc) Wgtn Branch Inc2,000 Royal New Zealand Foundation for the Blind500 Saint Leo's Scout Group500 Saints Womens Softball Club1,000 Samaritans of Wellington Incorporated1,000 Sathya Sai Centre of Wellington500 Schizophrenia Fellowship - Wellington Branch Inc2,470 Scottish Harriers & Amateur Athletics Clubs (Inc)1,000 Scout Association of New Zealand1,000 Sisters of Compassion - St Joseph's Relief Centre1,000 Society of St Vincent de Paul District Council (Vincent House Committee)3,000 Sonic Arts Society1,000 South East Mana District Girl Guides Association of New Zealand500 SPELD Wellington Central5,000 St Patrick's Parish Playgroup500 St Patrick's School Parent, Teachers and Friends Association1,000 St Peters Scout Group500 Stokes Valley Community House Inc2,500 Stokes Valley Community House Inc2,500 Strathmore Park Free Kindergarten1,000 Support in Sobriety Trust Inc500 Tairanga Kindergarten1,000 Tawa & District Highland Pipe Band Contest Committee300 Tawa Cricket Club Inc500 Te Ara Hou Tenants Committee700 Te Hou Ora (a division of Youth for Christ (Wgtn) Inc)1,000 Te Kainganui Parent Co-operative Childcare Centre1,203 Te Kupenga Society Inc1,000 Te Marua School Support Association500 Te Raupunga Social Services Inc2,000 The Boy's Brigade Camp Wainui Trust Board3,000 The Capital Boys and Mens Choir1,000 The Chelsea Day Trust500 The Company Domicillary Nursing Trust - Te Omanga Hospice, Lower Hutt4,260 The Dreams Trust500 The Drug Outreach Centre Trust1,000 The Eastern Suburbs Stroke Club940 The Karori Taekwondo Club660 The National Kidney Foundation of New Zealand5,000 The Northern Chorale1,000 The NZ Kidney Research Trust8,000 The Onslow Historical Society Incorporated500 The Order of St John, Wellington City Area1,000 The Paraparaumu Croquet Club Incorporated500 The Redwood Day Care Charitable Trust1,000 The Salvation Army - Divisional Headquarters - Youth Department500 The Salvation Army Lower Hutt Corps500 The Salvation Army Naenae Corps500 The Salvation Army Wellington City Corps5,000 The Technology Development Committee, Porirua College5,000 The Wellink Trust, on behalf of the Wellink Green Team500 Titahi Bay Amateur Athletic Club Inc1,500 Titahi Bay School Home and School Association500 Upper Hutt Adult Reading and Learning1,000 Upper Hutt Branch of the Hutt Valley Pony Club500 Upper Hutt Citizens Advice Bureau1,000 Upper Hutt Croquet Club Incorporation500 Upper Hutt District Committee of Hutt Regional Mental Health Services Inc500 Upper Hutt Junior Cricket Club500 Upper Hutt Parents Centre1,000 Upper Hutt Workers Education Association500 Upper Valley Tramping Club (Incorporated)624 Victoria University of Wellington Cricket Club1,000 Vincents Art Workshop (Inc)500 Wadestown Community Creche500 Wadestown Toy Library Inc500 Waikanae Pony Club Inc1,000 Waikanae Wrestling Club & Gymnasium500 Wainui After School Care1,000 Wainuiomata Arts Society500 Wainuiomata Association Football Club Inc500 Wainuiomata Choir Inc2,000 Wainuiomata Cricket Club (Inc)1,000 Wainuiomata Historical Museum Society500 Wainuiomata Junior Cricket Club1,000 Wainuiomata Junior Soccer Club1,000 Wainuiomata Playcentre1,000 Wainuiomata Stroke Club1,000 Wainuiomata Toy Library500 Waitangirua Kindergarten1,500 Waiwhetu Community Friendship Centre1,000 Waterloo Kindergarten1,000 Wellington After - Care Association Inc1,168 Wellington Arts Centre Trust's New Moon Gallery500 Wellington Association For Deaf Children (Inc)1,583 Wellington Association for Disabled Skiers Incorporated2,000 Wellington Asthma Society4,000 Wellington Basketball Association Incorporated2,000 Wellington Boys Gym Club Inc1,000 Wellington Branch Air Training Corps500 Wellington Branch of the Institute of Registered Music Teachers of NZ4,000 Wellington Cadets and Calvinettes500 Wellington Centre NZAAA Track and Field Committee3,000 Wellington Community Child Care Association5,000 Wellington Community Interpreting Service500 Wellington Consumer Health Forum500 Wellington Cricket Association Inc1,500 Wellington D.A.R.E. Support Committee500 Wellington Deaf Society (Inc) Combined Sports1,000 Wellington Division, Parkinsonism Society of NZ Inc3,000 Wellington Early Intervention Trust5,200 Wellington Eating Disorder Support Collective3,000 Wellington Football Club (Inc) - Junior Rugby500 Wellington Football Club (Inc)500 Wellington Harrier Club (Incorporated)1,000 Wellington Home Birth Association Inc800 Wellington Home Tutor Language Project1,000 Wellington Huntingon's Disease Assn Inc1,000 Wellington Multiple Sclerosis Society Inc1,500 Wellington Male Voice Choir2,000 Wellington Ostomy Association2,000 Wellington Paralegic & Physically Disabled Association Incorporated2,000 Wellington Parent's Centre Incorporated1,000 Wellington Peoples Resources Centre Inc (WPRC)500 Wellington Polyhigh Community Childcare Centre1,000 Wellington Post-Natal Depression Support Group1,000 Wellington Sexual Abuse Help Foundation2,000 Wellington Social Service Council500 Wellington South Kindergarten500 Wellington Tongan Rugby Union750 Wellington Touch Association500 Wellington Toy Library Association for Children with Special Needs2,000 Wellington Victim Support Group1,000 Wellington Volunteer Centre500 Wellington Volunteer Coastguard Inc1,500 Wellington Women's Bowling Club (Inc)500 Wellington Women's Health Collective Inc2,000 Wellington Workers' Education Association Inc2,000 Wellington Youth Choir Incorporated2,350 Wellington Youth Orchestra (Inc)2,000 Western Hutt La Leche League763 Western Suburbs Junior Soccer Club1,000 Wgtn Junior Girl's Hockey Representative Travel1,000 Women for Life Wellington Central500 Women for Non-Violence Porirua (Te Roopu Rangimaarie) Inc500 Wrights Hill Fortress Restoration Society Inc500 Youthline (Wellington) Incorporated2,000 YMCA Hockey Club1,000 YMCA of Wellington and Hutt Valley Inc3,000 458,963 Grants - National Disaster Relief Fund375 Total$459,338