The West Coast Community Trust gives notice that the Minister of Finance has directed each trust that it need not publish the full list of grants in the New Zealand Gazette, but will provide a copy of its lists of grants to anyone upon request from the Secretary, West Coast Community Trust, P.O. Box 190, Hokitika. Auditor's Report to the Trustees of West Coast Community Trust We have audited the financial statements in accordance with accepted auditing standards and in terms of the trust's trust deed, 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 for the year ended on that date. DEVLIN WILDING & CO., Hokitika. Dated this 16th day of May 1994. Balance Sheet as at 31 March 1994 This Year$ Last Year$ Current assets Westland Bank Limited38,368 2,770 Accrued interest71,330 96,463 109,698 99,233 Investments Bank of New Zealand Limited225,915 209,182 Westland Bank Limited1,235,000 1,140,000 Postbank Limited 40,000 National Bank Limited1,848,290 400,000 Rural Bank Limited 1,776,188 Telecom Corporation of NZ Limited50,000 50,000 Lion Nathan Limited50,000 50,000 Wrightson Finance400,000 3,809,205 3,665,370 Fixed assets Office equipment 2,929 807 Total assets 3,921,832 3,765,410 Less liabilities Sundry creditors 107 289 Total assets less liabilities $3,921,725 $3,765,121 Represented by: Accumulated funds Opening balance 3,765,121 3,622,474 Add retained surplus for year 156,604 142,647 Total accumulated funds $3,921,725 $3,765,121 J. KEENAN, Trustee. S. DAWSON, Trustee. (These financial statements are to be read in conjunction with the attached notes.) Income and Expenditure Account for the Year Ended 31 March 1994 This Year$ Last Year$ Income Interest received Westland Bank Limited88,367 100,278 National Bank Limited14,614 63,995 Bank of New Zealand16,825 10,333 Post Bank Limited337 12,765 The Rural Bank Limited181,102 141,230 Telecom Corporation of NZ Limited4,850 4,451 Lion Nathan Limited6,395 4,906 Wrightson Finance20,299 Total gross income 332,789 337,958 Less expenses Advertising1,940 1,940 Accident compensation levies58 238 Bank charges42 24 Catering/hall hire123 244 Repairs and maintenance49 Photocopying666 1,116 Postages465 496 Printing and stationery450 304 Professional fees1,610 1,125 Remuneration trustees9,530 10,016 Secretarial fee5,938 6,188 Travelling expenses2,108 2,048 Telephone and tolls8 29 22,986 23,768 Depreciation634 404 Total expenses 23,619 24,172 Excess of income over expenditure $309,170 $313,786 (These financial statements are to be read in conjunction with the attached notes.) Distribution Statement for the Year Ended 31 March 1994 This Year$ Last Year$ Excess of income over expenditure309,170 313,786 Less grants disbursed152,566 171,139 Retained surplus for year$156,604 $142,647 (These financial statements are to be read in conjunction with the attached notes.) Notes to the Financial Statements for the Year Ended 31 March 1994 1. Formation The West Coast Community Trust (``the trust'') was formed on 30 May 1988, through the creation of a trust deed in compliance with the Trustee Banks Restructuring Act 1988. 2. Statement of Accounting Policies The general accounting principles recognised as appropriate for the measurement and reporting of results and financial position under the historical cost method have been observed in the preparation of these statements. Accrual accounting has been used to match expenses and revenue. 3. Particular Accounting Policies The particular accounting policies adopted in the statements which have a significant effect on the results and financial position disclosed are: (a) Income Determination: Interest income has been accrued to balance date on a daily basis. (b) Valuation of Assets: (i) Investments Investments are stated at cost. (ii) Fixed Assets All fixed assets are recorded at cost less accumulated depreciation to date. (c) Depreciation: Depreciation has been charged on a straight line basis allocated over an estimated economic life of the asset. Depreciation has been calculated as follows: Asset Cost EstimatedLife Opening Value Depreciation ClosingBook Value $ $ $ $ Typewriter2,019 5 years 807 404 403 Photocopier2,756 5 years 2,756 230 2,526 $,4775 $3,563 $634 $2,929 4. Changes in Accounting Policies There have been no material changes in accounting policies.