Notice Type
General Notices
Trustee Banks Restructuring Act West Coast Community Trust 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 Report To the readers of the financial statements of West Coast Community Trust: We have audited the financial report of the trust. The financial report provides information about the past financial performance of the trust and its financial position as at 31 March 1997. This information is stated in accordance with the accounting policies set out. Trustees' Responsibilities The trustees are responsible for the preparation of a financial report which gives a true and fair view of the financial position of the trust as at 31 March 1997 and of the results of operations for the year ended 31 March 1997. Auditors' Responsibilities It is our responsibility to express an independent opinion on the financial report 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 report. It also includes assessing: the significant estimates and judgments made by the trustees in the preparation of the financial report, and whether the accounting policies are appropriate to the trust's 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 report is free from material misstatements, whether caused by fraud or error. In forming our opinion we also evaluated overall adequacy of the presentation of information in the financial report. Other than in our capacity as auditors we have no relationship with or interests in the trust. Unqualified Opinion We have obtained all the information and explanations we have required. In our opinion: proper accounting records have been kept by the trust as far as appears from our examination of those records; and the financial report complies with generally accepted accounting practice; gives a true and fair view of the financial position of the trust as at 31 March 1997 and the results of its operations for the year ended on that date. Our audit was completed on 26 June 1997 and our unqualified opinion is expressed as at that date. B. SMITH, Wilding Smith & Co., Hokitika. West Coast Community Trust Balance Sheet as at 31 March 1997 $ This Year$ Last Year$ Current assets ASB Bank Limited28,875 37,623 Accrued interest170,840 93,238 199,715 130,861 Investments Bank of New Zealand Limited739,581 1,208,503 ASB Bank Limited1,700,000 1,150,000 National Bank Limited800,000 1,250,000 Westpac Banking Corporation Limited455,000 TCNZ Finance Limited50,000 50,000 Lion Nathan Limited50,000 50,000 Wrightson Finance Limited443,524 440,111 4,238,105 4,148,614 Fixed assets Office equipment 873 1,424 Total assets 4,438,693 4,280,899 Less liabilities Sundry creditors 205 147 Total assets less liabilities $4,438,488 $4,280,752 Represented by: Accumulated funds Opening balance 4,280,751 4,097,689 Add retained surplus for year 157,737 183,063 Total accumulated funds $4,438,488 $4,280,752 J. KEENAN, q.s.o., J.P., Trustee. M. MOIR, q.s.o., J.P., Trustee. These financial statements are to be read in conjunction with the attached notes. West Coast Community Trust Income and Expenditure Account for the Year Ended 31 March 1997 $ This Year$ Last Year$ Income Interest received ASB Bank Limited98,165 133,921 National Bank Limited102,319 108,602 Bank of New Zealand Limited68,492 29,964 ANZ Bank Limited 2,634 Westpac Banking Corporation Limited37,659 TCNZ Finance Limited4,850 4,850 Lion Nathan Limited6,395 6,412 Wrightson Finance Limited34,413 54,198 St Mary's Club30 Total gross income 352,323 340,581 Less expenses Advertising2,716 2,536 Accident compensation levies102 74 Bank charges22 30 Catering/hall hire263 217 Photocopying39 177 Postages463 409 Printing and stationery1,138 599 Accountancy and audit fees1,785 1,983 Remuneration trustees10,340 9,780 Secretarial fee7,200 5,559 Travelling expenses3,873 2,746 Telephone and tolls9 27 27,950 24,137 Depreciation551 551 Total expenses 28,501 24,688 Excess of income over expenditure $323,822 $315,893 These financial statements are to be read in conjunction with the attached notes. West Coast Community Trust Distribution Statement for the Year Ended 31 March 1997 This Year$ Last Year$ Excess of income over expenditure323,822 315,893 Less grants disbursed166,405 133,980 157,417 181,913 Plus prior year adjustment320 1,150 Retained surplus for year$157,737 $183,063 These financial statements are to be read in conjunction with the attached notes. West Coast Community Trust Notes to the Accounts for the Year Ended 31 March 1997 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 differential reporting standards. The trust has applied the differential reporting exemptions allowed with the exception of SSAP3 Accounting for Depreciation. 2. Measurement System The measurement system adopted is that of historic cost. 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 2,019 5 years Photocopier2,756 1,332 5 years 1,424 551 873 $4,775 $3,351 $1,424 $551 $873 (d) Goods and Services Tax The trust is exempt from registration for goods and services tax under section 14 (b) of the Goods and Services Tax Act. These financial statements have therefore been prepared on a G.S.T. inclusive basis. 4. Changes in Accounting Policies There have been no material changes in accounting policies. 5. Prior Year Adjustment The prior year adjustment relates to grants disbursed during the year ended 31 March 1996, which have been refunded to the trust. The prior year adjustment included in the 1996 financial statements related to grants disbursed during the year ended 31 March 1995, which were not presented and have now been cancelled.
Publication Date
24 Jul 1997

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