Notice Type
General Notices
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 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 1995, and the results of its activities for the year ended on that date. DEVLIN WILDING FALVEY, Hokitika. Dated this 28th day of June 1995. Balance Sheet as at 31 March 1995 This Year$ Last Year$ Current assets ASB Bank Limited37,562 38,368 Accrued interest84,317 71,330 121,879 109,698 Investments Bank of New Zealand Limited243,986 225,915 ASB Bank Limited1,710,000 1,235,000 National Bank Limited1,250,000 1,848,290 Telecom Corporation of NZ Limited50,000 50,000 Lion Nathan Limited50,000 50,000 Wrightson Finance Limited669,982 400,000 3,973,968 3,809,205 Fixed assets Office equipment1,975 2,929 1,975 2,929 Total assets 4,097,822 3,921,832 Less liabilities Sundry creditors 133 107 Total assets less liabilities $4,097,689 $3,921,725 Represented by: Accumulated funds Opening balance 3,921,725 3,765,121 Add retained surplus for year 175,964 156,604 Total accumulated funds $4,097,689 $3,921,725 J. KEENAN, Trustee. M. SULLIVAN, Trustee. These financial statements are to be read in conjunction with the attached notes. Income and Expenditure Account for the Year Ended 31 March 1995 This Year$ Last Year$ Income Interest received ASB Bank Limited98,664 88,367 National Bank Limited179,793 14,614 Bank of New Zealand Limited18,171 16,825 Postbank Limited 338 The Rural Bank Limited 181,102 Telecom Corporation of NZ Limited4,850 4,850 Lion Nathan Limited6,395 6,395 Wrightson Finance35,982 20,299 Total gross income 343,855 332,790 Less expenses Advertising1,893 1,940 Accident compensation levies72 58 Bank charges28 42 Catering/hall hire142 123 Repairs and maintenance 49 Photocopying238 666 Postages531 465 Printing and stationery485 450 Accountancy and audit fees1,768 1,609 Remuneration trustees9,420 9,530 Secretarial fee5,812 5,938 Travelling expenses2,946 2,108 Telephone and tolls5 8 23,340 22,986 Depreciation954 634 Total expenses 24,294 23,620 Excess of income over expenditure $319,561 $309,170 These financial statements are to be read in conjunction with the attached notes. Distribution Statement for the Year Ended 31 March 1995 This Year$ Last Year$ Excess of income over expenditure319,561 309,170 Less grants disbursed143,790 152,566 175,771 156,604 Plus prior year adjustment193 Retained surplus for year$175,964 $156,604 These financial statements are to be read in conjunction with the attached notes. Notes to the Accounts for the Year Ended 31 March 1995 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. These accounts have been prepared in accordance with the 1993 Financial Reporting Act. The trust qualifies for the differential reporting because its revenue and number of employees fall below the threshold set by the Financial Reporting Act. The association has applied the differential reporting exemptions allowed in relation to the following standards: FRS10 Statement of cash flows. SSAP12 Income tax. 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 assets. Depreciation has been calculated as follows: Asset Cost Accum Depn EstimatedLife Opening Value Depreciation ClosingBook Value $ $ $ $ $ Typewriter2,019 1,616 5 years 403 403 Photocopier2,756 230 5 years 2,526 551 1,975 $,4775 $1,846 $2,929 $954 $1,975 4. Changes in Accounting Policies There have been no material changes in accounting policies. 5. Prior Year Adjustment The prior year adjustment relates to an Accident Compensation Levy refund from the 1990 income year.
Publication Date
17 Aug 1995

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