Audit Report
To the Readers of the Financial Statements of West Coast Community Trust
We have audited the financial report of the trust which provides information about the past financial performance of the trust and its financial position as at 31 March 2000. 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 2000 and of the results of operations for the year ended 31 March 2000.
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 judgements 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 the 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 company as at 31 March 2000 and the results of its operations for the year ended on that date.
Our audit was completed on 13 July 2000 and our unqualified opinion is expressed as at that date.
WILDING SMITH & CO, Hokitika.
Balance Sheet as at 31 March 2000
2000 1999
$ $
Current Assets:
ASB Bank Ltd 1,145 2,356
ASB Bank Call Account 74,751 -
Accrued interest 10,001 108,092
Sundry debtors 57 8
85,954 110,456
Investments:
ASB Bank Ltd 120,000 2,490,100
AMP Asset Management 4,500,000 -
National Bank Ltd - 1,363,635
Westpac Trust - 634,815
TCNZ Finance Ltd 50,000 50,000
Wrightson Finance Ltd - 51,245
WCCT Charitable Company Ltd 100 -
4,670,100 4,589,795
Fixed assets:
Office equipment 227 297
Total assets: 4,756,281 4,700,548
Less Liabilities
Sundry creditors 561 2,082
WCCT Charitable Company Ltd 64,510 -
65,071 2,082
Total assets less liabilities 4,691,210 4,698,466
Represented by:
Accumulated funds
Opening balance 4,698,466 4,580,034
Add: Retained surplus (deficit) for year (7,256) 118,432
Total accumulated funds 4691,210 4,698,466
West Coast Community Trust Income and Expenditure Account for the Year Ended 31 March 2000
2000 1999
$ $
Income-
Interest received:
ASB Bank Ltd 121,031 149,013
National Bank Ltd 41,123 66,,640
Bank of New Zealand Ltd - 30,935
Westpac Trust 19,261 86,072
TCNZ Finance Ltd 4,850 4,850
Wrightson Finance Ltd 1,042 14,720
Total gross income 187,307 352,230
Less Expenditure
Advertising 3,063 4,381
Accident compensation levies 72 49
Workers premium insurance 309
Insurance 4,053
Bank charges 57 22
Catering/hall hire 528 166
Repairs and maintenance 159 147
Postage 576 588
Printing and stationery 659 1,347
Professional fees 4,802 3,993
Remuneration - trustees 25,140 21,200
Secretarial fee 10,400 10,400
Travelling expenses 5,810 5,326
Conference expenses 498 340
Telephone and tolls 242 41
56,368 48,000
Depreciation 70 374
Total expenditure 56,438 48,374
Excess income over expenditure 130,869 303,856
Distribution Statement for the Year Ended 31 March 2000
2000 1999
$ $
Excess income over expenditure 130,869 303,856
Less: grants disbursed 138,125 185,424
Retained surplus (deficit) for year (7,256) 118,432
Notes to the Financial Statements for the Year Ended 31 March 2000
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 differential reporting because its revenue and number of employees fall below the threshold set by the Differential Reporting Standards.
The trust has applied all 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. It should, however, be noted that the AMP Asset Management Fund had a market value of $4,496,815 as at 31 March 2000. The directors do not consider the devaluation of the AMP investment to be material and thus it is recorded in the balance sheet 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 Estimated Life Opening Value Depn Accum Depn Closing Book Value
Typewriter 2019 2019 5 years - - 2019 -
Photocopier 2756 2756 5 years - - 2756 -
Fax Machine 349 52 5 years 297 70 122 227
$5124 $4827 $297 $70 $4897 $227
(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.
Audit report
To the Readers of the Financial Statements of West Coast Community Trust Charitable Company Limited
We have audited the financial report of the company which provides information about the past financial performance of the company and its financial position as at 31 March 2000. This information is stated in accordance with the accounting policies set out.
Directors' responsibilities
The directors are responsible for the preparation of a financial report which gives a true and fair view of the financial position of the company at 31 March 2000 and of the results of operations for the year ended 31 March 2000.
Auditors' responsibilities
It is our responsibility to express an independent opinion on the financial report presented by the directors 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 judgements made by the directors in the preparation of the financial report, and
· whether the accounting policies are appropriate to the company'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 the overall adequacy of the presentation of information in the financial report.
The offices of Wilding Smith & Co act as the registered office for the West Coast Community Trust Charitable Company Limited. Other than this and our capacity as auditors, we have no relationship with or interests in the company.
Unqualified opinion
We have obtained all the information and explanations we have required.
In our opinion:
? proper accounting records have been kept by the Company 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 company as at 31 March 2000 and the results of its operations for the year ended on that date.
Our audit was completed on 13 July 2000 and our unqualified opinion is expressed as at that date.
WILDING SMITH & CO, Hokitika.
West Coast Community Trust Charitable Company Limited
Balance Sheet as at 31 March 2000
2000 1999
$ $
Current Assets
ASB Bank Ltd 764 -
West Coast Community Trust 64,510 -
Total assets 65,274 Nil
Represented by:
Shareholders funds
Issued capital
Ordinary shares fully paid in cash 100 -
Revenue reserves
Retained earnings 65,174 -
Total shareholders funds 65,274 Nil
Income and Expenditure Account for the Year Ended 31 March 2000
2000 1999
$ $
Income
Interest received - ASB Bank Ltd 65,180
Total gross income 65,180 Nil
Less expenditure
Bank charges 6 -
Total expenditure 6 Nil
Excess income over expenditure 65,174 Nil
Statement of retained earnings for the year ended 31 March 2000
2000 1999
$ $
Opening balance Nil Nil
Excess income over expenditure 65,174 -
Balance at end of year 65,174 Nil
Statement of Accounting Policies for the Year Ended 31 March 2000
The statement of accounting policies is an integral part of and is to be read in conjunction with the financial statements.
1. Entity reporting
The West Coast Community Trust Charitable Company Limited was incorporated under the Companies Act 1993 on
15 April 1999.
2. Statutory base
Section 194 of the Companies Act 1993 and section 10 of the Financial Reporting Act 1993 require the financial statements to be prepared in accordance with generally accepted accounting practice.
3. Measurement system
The measurement system adopted is that of historical cost.
4. Differential reporting
The trust qualifies for differential reporting on the basis that it is not publicly accountable and there is no separation of the owners and the governing body. The trust has taken advantage of all available differential reporting exemptions.
5. Particular accounting policies
The particular accounting policies adopted in the preparation of these financial statements are as follows:
Goods and Service Tax
These financial statements have been prepared on a G.S.T. inclusive basis.
6. Statement of changes in accounting policies
There have been no material changes in accounting policies during the year.
Notes to the Financial Statements for the Year Ended 31 March 2000
1. Capital expenditure
As at 31 March 2000, the Company had not entered into any binding contracts which commits it to any future capital expenditure.
2. Contingent liabilities and commitments outstanding
As at 31 March 2000, there were no known contingent liabilities or commitments outstanding.
3. Statement of movements in equity
2000 1999
$ $
Equity at 1 April 1999 Nil Nil
Plus:
Net surplus for the year 65,174
Issued capital 100
Equity at 31 March 2000 65,274 Nil
4. Related party transactions
The following entities are related to the company:
West Coast Community Trust.
All transactions and balances have been disclosed separately in the financial statements.
5. Significant events after balance date
There were no known events to have occurred subsequent to balance date which would have a material effect on the
financial statements.
The West Coast Community Trust gives notice that the Minister of Finance has directed that it need not publish the full list of grants in the New Zealand Gazette but will provide a copy of its list of grants to anyone upon request from: The Secretary, West Coast Community Trust, P.O. Box 190, Hokitika.