Notice Type
General Notices
West Coast Community Trust Trustee Banks Restructuring Act 1998 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. The West Coast Community Trust Chairperson's Annual Report 199798 Year Trustees James Keenan, Hokitika; Jan Coll, Westport; Stanley Dawson, Hokitika; Jean Doland, Hokitika; Ashley Groom, Greymouth; Frances Hunter, Reefton; Margaret Moir, Hokitika; Brenda Monk, Lake Paringa; and Roy Munn, Greymouth. Secretary Alison Alldridge, Hokitika. On behalf of the trustees of the The West Coast Community Trust I am pleased to present the tenth annual report to the people of the West Coast. The trust continues its good relationship with a large number of organisations serving our West Coast community and our annual public meetings over recent years have been well attended by representatives of many recipient organisation. Grants During the year under review a total of $177,500 was granted to 206 organisations operating within the trust's specified area and these are set out in the schedule of grants published as part of the financial statements for the year ended 31 March 1998. Since its inception on 1 June 1988 the trust has made 1966 grants totalling $1,277,193 representing an average grant of approximately $650. Due to lack of funds in its formative year only one grant was made in the 198889 year and that was by way of a $10,000 grant to the West Coast Flood Relief Appeal administered by the West Coast United Council. In the 9 years following, the trust has therefore made on average 218 grants per annum with the average amount being $650 per grant allocated. These donations again covered a wide spectrum of the services and activities which our communities provide and enjoy. Again the trust continued its policy of making 3 district grants each of $15,000 and a regional grant of $10,000 to an organisation/s that serve the whole region. The trust allocated these grants to: $ Buller District Council area Karamea Aerodrome Inc8,000 Clarion Management Committee3,500 Royal NZ Plunket Society Westport Branch2,000 Reefton Rotary Club1,500 Grey District Council area Greymouth High School3,750 West Coast Theatre Trust2,250 Order of St John Greymouth area2,000 Greymouth Municipal Band2,000 Greymouth Heritage Trust5,000 Westland District Council area Heritage Hokitika Inc3,750 Hokitika Angling Club3,750 Hokitika Free Kindergarten2,000 Franz Josef Glacier School1,000 Carnegie Restoration Committee3,000 Whataroa Gym Club1,500 West Coast Regional Grant Cancer Society of NZ Canterbury/West Coast Division2,500 Order of St John, WC District Ambulance Service2,500 Life Education Trust2,500 Solid Energy International Sports Trust2,000 To mark the tenth anniversary of the trust which occurs on 1 June 1998 it was agreed that a special award of a one off grant or grants of $10,000 be granted within each of our 3 district council areas. The trustees took the opportunity of inspecting a number of projects which the trust had assisted throughout the past year. Capital Investment The trust again increased its capital from $4,238,104 to $4,432,972 at 31 March 1998, an increase for the year of $194,868, a result which, considering the low rates of interest, proved to be quite satisfactory. The trust's investments at the end of the financial year were realising rates of interest ranging from 7.75 percent to 9.70 percent with maturity dates varying from 2 May 1998 to 15 April 2007 at 31 March 1998. These investments lie with 5 different investment organisations as scheduled below. $ 1,230,000 ASB Bank at 8.00 percent maturing on 5 April 1998 400,00 ASB Bank at 8.00 percent maturing on 10 April 1998 400,00 ASB Bank at 8.90 percent maturing on 2 May 1998 305,745.56 Bank of New Zealand at 8.90 percent maturing on 2 May 1998 660,000 ASB Bank at 8.85 percent maturing on 5 May 1998 940,000 Westpac Banking Corporation at 7.77 percent maturing on 13 May 1998 400,000 Wrightson Finance at 7.75 percent maturing on 5 August 1998 47,226.95 Wrightson Finance at 8.25 percent maturing on 30 June 1999 50,000 TCNZ Finance at 9.70 percent maturing on 15 April 2007 $4,432,972.51 Total investments as at 31 March 1998. Conference of Community Trusts The trust was for the first time represented at the conference held in Napier on 6 and 7 November 1997 and in my report to the trust I found that the discussions on such matters as ``Issues with Sporting Trusts'', ``Funding NZ wide Organisations'', ``Investment Strategy'', ``Areas of Disadvantage'', ``Trustee Remuneration'', ``Trustee Liability Insurance'', ``Taxation Issues'' and other items on the agenda very interesting, especially an address by the Right Hon. Bill Birch. Mr Birch made it quite clear to conference that trusts must differentiate between charitable and non-charitable grants. As a result, the trust accepted the generous offer of 2 trustees from Trust Bank Southland Community Trust, Messrs Colin Ballantyne (Chairperson) and Warwick Cambridge (Trustee) to come up to Hokitika and discuss the matter of forming a sub trust. This meeting held on 20 March proved quite fruitful and the trust very much appreciated the willingness of Messrs Ballantyrne and Cambridge to help us understand what is required of us in this regard. Trust membership This remained static at nine (9) members but the terms of Stanley Dawson, Margaaret Moir and James Keenan expire on 31 May 1998 and the trust has recommended to the Minister of Finance that all of the above trustees be reappointed. I have, however, indicated to Mr Birch that I did not wish to continue as chairperson in view of my 9 year term in that role and the trust recommended Margaret Moir and Jan Coll for consideration as my replacement as chairperson. Meetings Although other trusts hold regular monthly meetings, this trust in the interest of economy continued to hold quarterly meetings. These were held at Shantytown, Hokitika, Greymouth and Reefton whilst the public meeting was held at Hokitika on 9 July immediately following the ordinary meeting on that date. A special meeting at Hokitika to meet with Messrs Ballantyre and Cambridge was also held at Hokitika on 20 March 1998. All meetings were well attended. Remuneration Although a promise was made by a former Minister of Finance to pay trustees retrospective increases on honoraria over a period of 7 years the Right Hon. Bill Birch made it quite clear that this could not be done legally. However, effective from 1 September 1997 the honoraria for the chairperson has increased to $3,000 per annum and for other trustees $1,000 per annum and meeting fees have increased to $360 for a full day for the chhairperson and $200 for all other trustees. The fees for a half day (less than 6 hours) are now $250 for the chairperson and $140 for trustees. Obituary It is with great sorrow that I refer to the passing of Mr John Stott, the trust's inaugural chairperson. It was John who played a very important part in the setting up of the trust and he steered this trust through a difficult first year with great skill. We have extended our condolences to his widow, Mary and her family and we are deeply appreciative of the fine contribution he made to the West Coast Community Trust. Appreciation As this will be my final annual report I wish to record my sincere appreciation to all trustees for their dedication and wise counsel that they have brought to the meetings and activities of the trust and for their support which they have accorded me. I wish to record my thanks to a wonderfully efficient secretary/treasurer in Alison Alldridge who has won the utmost respect not only of all of the trustees but by the many organisations which she has dealt with so competently and so helpfully. In conclusion, I am delighted to have been associated with a trust which has given its community years of splendid service and with trustees whom I believe have performed their role in a very able manner. The substantial increase in the funds which the trust manages and its allocation of over $1.25 million splendid achievement and I am confident of the trust's continuing success. J. F. KEENAN, Chairperson. Dated this 17th day of April 1998. 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 1998. 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 1998 and of the results of operations for the year ended 31 March 1998. 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 1998 and the results of its operations for the year ended on that date. Our audit was completed on 8 July 1998 and our unqualified opinion is expressed as at that date. B. M. SMITH, Wilding Smith & Co. Hokitika. West Coast Community Trust Balance Sheet as at 31 March 1998 $ This Year$ Last Year$ Current assets ASB Bank Limited10,955 28,875 Accrued interest136,537 170,840 147,492 199,715 Investments Bank of New Zealand Limited305,746 739,581 ASB Bank Limited2,690,00 1,700,000 National Bank Limited 800,000 Westpac Banking Corporation Limited940,000 455,000 TCNZ Finance Limited50,000 50,000 Lion Nathan Limited 50,000 Wrightson Finance Limited447,227 443,524 4,432,973 4,238,105 Fixed assets Office equipment 322 873 Total assets 4,580,787 4,438,693 Less liabilities Sundry creditors 753 205 Total assets less liabilities $4,580,034 $4,438,488 Represented by: Accumulated funds Opening balance 4,438,488 4,280,751 Add retained surplus for year 141,546 157,737 Total accumulated funds $4,580,034 $4,438,488 J. KEENAN, q.s.o., J.P., Trustee. J. DOLAND, 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 1998 $ This Year$ Last Year$ Income Interest received ASB Bank Limited160,923 98,165 National Bank Limited47,819 102,319 Bank of New Zealand Limited28,932 68,492 Westpac Banking Corporation Limited70,200 37,659 TCNZ Finance Limited4,837 4,850 Lion Nathan Limited2,681 6,395 Wrightson Finance Limited34,703 34,413 St Mary's Club 30 Total gross income 350,095 352,323 Less expenses Advertising3,118 2,716 Accident compensation levies103 102 Bank charges34 22 Catering/hall hire328 263 Photocopying57 39 Postages399 463 Printing and stationery448 1,138 Accountancy and audit fees2,002 1,785 Remuneration trustees12,570 10,340 Secretarial fee7,200 7,200 Travelling expenses4,229 3,873 Telephone and tolls10 9 30,498 27,950 Depreciation551 551 Total expenses 31,049 28,501 Excess of income over expenditure $319,046 $323,822 These financial statements are to be read in conjunction with the attached notes. West Coast Community Trust Distribution Statement for the Year Ended 31 March 1998 This Year$ Last Year$ Excess of income over expenditure319,046 323,822 Less grants disbursed177,500 166,405 141,546 157,417 Plus prior year adjustment 320 Retained surplus for year$141,546 $157,737 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 1998 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 Depn to Date EstimatedLife Opening Value Depn Accum Depn Closing Book Value $ $ $ $ $ $ Typewriter2,019 2,019 5 years 2019 Photocopier2,756 1,883 5 years 873 551 2,434 332 $4,775 $3,902 $873 $551 $4,453 $322 (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 included in the 1997 financial statements related to grants disbursed during the year ended 31 March 1996, which were refunded to the trust.
Publication Date
30 Jul 1998

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