NEW ZEALAND GAZETTE

17 AUGUST

2295

• 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

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 |
| Wrighston 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 | 4,691,210 | 4,698,466 |

West Coast Community Trust Income and Expenditure Account for the Year Ended 31 March 2000

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 |
| Wrighston Finance Ltd | 1,042 | 14,720 |
| Total gross income | 187,307 | 352,230 |