2298 NEW ZEALAND GAZETTE No. 92

Less expenditure 6
Bank charges -
Total expenditure 6
Excess income over expenditure 65,174
Nil

Statement of Retained Earnings for the Year Ended 31 March 2000

Opening balance 2000 1999
Excess income over expenditure $ $
Balance at end of year 65,174 -
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

   Equity at 1 April 1999 2000 1999
   $ $
   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.

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