Notice Type
General Notices
West Coast Community Trust Trustee Banks Restructuring Act 1999 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 1999. 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 1999 and of the results of operations for the year ended 31 March 1999. 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 1999 and the results of its operations for the year ended on that date. Our audit was completed on 28 June 1999 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 1999 $ This Year$ Last Year$ Current assets ASB Bank Limited2,356 10,955 Accrued interest108,092 136,537 Sundry debtors8 110,456 147,492 Investments Bank of New Zealand Limited 305,746 ASB Bank Limited2,490,100 2,690,00 National Bank Limited1,363,635 WestpacTrust634,815 940,000 TCNZ Finance Limited50,000 50,000 Wrightson Finance Limited51,245 447,227 4,589,795 4,432,973 Fixed assets Office equipment 297 322 Total assets 4,700,548 4,580,787 Less liabilities Sundry creditors 2,082 753 Total assets less liabilities $4,698,466 $4,580,034 Represented by: Accumulated funds Opening balance 4,580,034 4,438,488 Add retained surplus for year 118,432 141,546 Total accumulated funds $4,698,466 $4,580,034 J. DOLAND, Trustee. M. MOIR, 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 1999 $ This Year$ Last Year$ Income Interest received ASB Bank Limited149,013 160,923 National Bank Limited66,640 47,819 Bank of New Zealand Limited30,935 28,932 WestpacTrust86,072 70,200 TCNZ Finance Limited4,850 4,837 Lion Nathan Limited 2,681 Wrightson Finance Limited14,720 34,703 Total gross income 352,230 350,095 Less expenditure Advertising4,381 3,118 Accident compensation levies49 103 Bank charges22 34 Catering/hall hire166 328 Photocopying 57 Repairs and maintenance147 Postage588 399 Printing and stationery1,347 448 Accountancy and audit fees3,993 2,002 Remuneration trustees21,200 12,570 Secretarial fee10,400 7,200 Travelling expenses5,326 4,229 Conference expenses340 Telephone and tolls41 10 48,000 30,498 Depreciation374 551 Total expenditure 48,374 31,049 Excess of income over expenditure $303,856 $319,046 These financial statements are to be read in conjunction with the attached notes. West Coast Community Trust Distribution Statement for the Year Ended 31 March 1999 This Year$ Last Year$ Excess of income over expenditure303,856 319,046 Less grants disbursed185,424 177,500 Retained surplus for year$118,432 $141,546 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 1999 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 2,434 5 years 322 322 2,756 Fax machine439 5 years 349 52 52 297 $5,124 $4,453 $671 $374 $4,827 $297 (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.
Publication Date
29 Jul 1999

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