2338

NEW ZEALAND GAZETTE

No. 102

Remuneration – trustees .. .. .. .. .. .. 9,238.60 6,936
Secretarial fees .. .. .. .. .. .. .. 6,024.37 5,681
Stationery .. .. .. .. .. .. .. .. 512.86 256
Tolls .. .. .. .. .. .. .. .. .. 10.54 12
Travelling expenses .. .. .. .. .. .. 3,866.14 2,463
26,829.78 19,851
Depreciation .. .. .. .. .. .. .. .. 404.00 440
Total expenses .. .. .. .. .. .. .. 27,233.78 20,291
Excess of income over expenditure .. .. .. 333,667.45 460,781

(These financial statements are to be read in conjunction with the attached notes.)

Westland Bank Community Trust

Distribution Statement for the Year Ended 31 March 1992

Excess of income over expenditure .. .. .. .. .. 333,667.45 460,781
Less grant disbursed .. .. .. .. .. .. .. 156,571.00 121,455
177,096.45 339,326
Add uncashed grants .. .. .. .. .. .. .. – 285
Retained surplus .. .. .. .. .. .. .. 177,096.45 339,611

(These financial statements are to be read in conjunction with the attached notes.)

Westland Bank Community Trust

Notes to the Financial Statements for the Period Ended 31 March 1992

1. Formation—The Westland Bank 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.

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 asset. Depreciation has been calculated as follows:

Asset Cost Estimated Life Opening Value Depreciation Closing Book Value
Typewriter $2,019 5 years $1,615 $404 $1,211

4. Changes in Accounting Policies—There have been no material changes in accounting policies.

The Westland Bank Community Trust gives notice that the Minister of Finance has directed each trust that it need not publish the full list of its grants in the Gazette, but will provide a copy of its lists of grants to anyone upon request.

Our contact address is the Westland Bank Community Trust, P.O. Box 190, Hokitika.

A. ALLDRIDGE, Secretary.

Audit Report to the Trustees of Westland Bank Community Trust

I have audited the attached financial statements in accordance with accepted auditing standards, and have carried out such procedures as I considered necessary. I have obtained all the information required and in my opinion proper accounting records have been kept.

In my opinion, the attached financial statements are properly drawn up so as to give, using the historical cost method, a true and fair view of the financial position of the trust as at the 31st day of March 1992, and the income and expenditure for the year ended on that date.

Dated this 15th day of May 1992.

F. T. DOOLEY, Chartered Accountant.

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PUBLISHED BY AUTHORITY OF DEPARTMENT OF INTERNAL AFFAIRS:
GP PRINT LIMITED, WELLINGTON, NEW ZEALAND—1992

ISSN 0111-5550 Price $3.20 (inc. G.S.T.)