Trust Bank Wanganui Community Trust Incorporated Balance Sheet as at 31 March 1994 1993 1994 1994 $ $ $ Current assets 9,647 Trust Bank Central cheque account5,363 61,202 Trust Bank Central on call account136,190 179,000 Trust Bank Central term deposit2,861,737 3,717 Scholarship summit account 250 Accounts receivable3,301 9,435 Interest accrued14,773 263,251 Total current assets 3,021,364 Less current liabilities 7,038 Accounts payable10,258 75,000 Grants not yet uplifted115,000 82,038 Total current liabilities 125,258 181,213 Working capital 2,896,106 Long term investments Community Trusts Inv. Limited25,727,566 211,951 New Zealand Government stock207,196 50,000 Fletcher Challenge capital notes50,000 50,000 Local authority stock50,000 10,000 Scholarship Fund Trust Bank Central10,000 4,202,000 Trust Bank New Zealand4,514 3,667 National Disaster Relief Fund3,561 4,527,618 Total long term investments 26,052,837 $4,708,831 Net assets $28,948,943 Representing Trust Funds: 10,000 Scholarship Fund 10,000 4,698,831 Community Trust Funds Reserves 4,922,124 Realised gains 2,086,485 Unrealised gains 21,930,334 $4,708,831 Total Trust Funds $28,948,943 (The notes to the financial statements are to be read in conjunction with this balance sheet and the accompanying accounts.) Signed on behalf of the board: J. TIMPANY, Chairperson. D. CAIRNCROSS, Trustee. Dated this 7th day of July 1994. Trust Bank Wanganui Community Trust Incorporated Income and Expenditure Account for the Year Ending 31 March 1994 1993 1994 1994 $ $ $ Income 42,567 Interest 60,226 295,124 Dividend Trust Bank New Zealand Limited 454,135 250 Brokerage remitted 337,941 514,361 Less expenses Administration expenses: 9,334 Accountancy and secretarial15,407 271 Accident Compensation levies214 661 Advertising614 852 Auditors fees1,564 General expenses370 9 Interest Bank Legal expenses270 412 Printing and stationery389 64 Bank fees 1,191 Function expense1,112 9,625 Trustee fees12,465 507 Travelling expenses1,459 22,926 Total expenditure 33,864 $315,015 Net income before grants $480,497 184,850 Less grants257,205 $130,165 Retained earnings transferred $223,292 (The notes to the financial statements are to be read in conjunction with this statement of income and expenditure and the accompanying accounts and balance sheet.) Notes to the Financial Statements For the Year Ended 31 March 1994 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 adjusted for the revaluation of certain assets. 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 is accounted for on a receipts basis. Particular Accounting Policies A. Dividend Income Dividend income from Trust Bank New Zealand Limited is included in the income and expenditure account when it is received. B. Donations Donations are accounted for as they are distributed or committed to be distributed to eligible organisations. C. Investments Shares in Community Trusts Investments Limited and Trust Bank New Zealand Limited are stated at current market value less realisation costs. D. Government Stock Government Stock has been shown in the accounts on the basis it is intended to hold the stock until maturity. It is valued at cost, adjusted by the amortisation of the premium on purchase over the term of the security on an original purchase yield basis. Book value as at 31 March 1994 was $207,196. Changes in Accounting Policies There have been no changes in accounting policies since the prior year. Auditors' Report to the Trustees of the Trust Bank Wanganui Community Trust Incorporated 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. SILKS, Chartered Accountants. Wanganui, New Zealand. Dated this 28th day of June 1994. Note: A list of the names of persons or organisations to whom distributions of income have been made by this community trust under section 21 of the Trustee Banks Restructuring Act 1988 in the financial year ending 31 March 1994 and the amounts distributed is available from the secretary of this trust. The address to contact is care of The Secretary, Trust Bank Wanganui Community Trust Incorporated, P.O. Box 97, Wanganui.