19 AUGUST
NEW ZEALAND GAZETTE
2497

Income and Expenditure Account for the Year Ended 31 March 1993

Income—
Interest received—
Westland Bank Limited .................................................. 100,278 152,849
Westpac Banking Corporation ........................................ 63,995 35,487
National Bank Limited .................................................. 10,333 19,577
Bank of New Zealand ................................................... 12,765 43,477
Post Bank Limited ...................................................... 141,230 62,152
The Rural Bank .......................................................... 4,451 —
Telecom Corporation of NZ Limited ................................ 4,906 —
Lion Nathan Limited ................................................... — —
Total gross income ................................................... 337,958 360,901

Less expenses—
Advertising ........................................................... 1,940 1,900
Accident compensation levies ...................................... 238 205
Audit fees ............................................................. 1,125 2,306
Bank charges .......................................................... 24 120
Catering ............................................................... 244 324
Hall hire .............................................................. — 179
Photocopying .......................................................... 1,116 921
Postages .............................................................. 496 469
Printing and stationery ............................................. 304 513
Publishing – New Zealand ette .................................... — 754
Remuneration – trustees ............................................ 10,016 9,239
Secretarial fee ....................................................... 6,188 6,024
Travelling expenses ................................................. 2,048 3,866
Telephone and tolls .................................................. 29 11
Depreciation ........................................................... 404 404
Total expenses ....................................................... 23,768 26,831
Excess of income over expenditure ................................ 24,172 27,235
$313,786 $333,666

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

Distribution Statement for the Year Ended 31 March 1993

Excess of income over expenditure ................................ 313,786 333,666
Less grants disbursed ................................................ 171,139 156,571
Retained surplus for year ............................................ $142,647 $177,095

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

Notes to the Financial Statements for the Year Ended 31 March 1993

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 Opening Depreciation Closing
Life Value Book
Value
Typewriter $2,019 5 years $1,211 $404 $807

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