New Zealand Gazette – 1994 – No. 89

Page 2711

✨ Financial Statements



NEW ZEALAND GAZETTE

1 SEPTEMBER

6,395 $ This Year $ Last Year $
Lion Nathan Limited... 4,906
Wrightson Finance... 20,299

Total gross income... 332,789 337,958

Less expenses—
Advertising... 1,940 1,940
Accident compensation levies... 58 238
Bank charges... 42 24
Catering/hall hire... 123 244
Repairs and maintenance... 49
Photocopying... 666 1,116
Postages... 465 496
Printing and stationery... 450 304
Professional fees... 1,610 1,125
Remuneration – trustees... 9,530 10,016
Secretarial fee... 5,938 6,188
Travelling expenses... 2,108 2,048
Telephone and tolls... 8 29

                        22,986      23,768

Depreciation... 634 404

Total expenses... 23,619 24,172

Excess of income over expenditure... $309,170 $313,786

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

Distribution Statement for the Year Ended 31 March 1994

                    This Year $ Last Year $

Excess of income over expenditure... 309,170 313,786
Less grants disbursed... 152,566 171,139

Retained surplus for year... $156,604 $142,647

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

Notes to the Financial Statements for the Year Ended 31 March 1994

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.

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 807 404 403
Photocopier 2,756 5 years 2,756 230 2,526
$4,775 $3,563 $634 $2,929

4. Changes in Accounting Policies

There have been no material changes in accounting policies.



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✨ LLM interpretation of page content

💰 Income and Expenditure Account of West Coast Community Trust (continued from previous page)

💰 Finance & Revenue
Income, Expenditure, Financial Report, Trust