The West Coast Community Trust gives notice that the Minister of Finance has directed each trust that it need not publish the full list of grants in the New Zealand Gazette, but will provide a copy of its lists of grants to anyone upon request from the secretary, West Coast Community Trust, P.O. Box 190, Hokitika. Auditor Report To the readers of the financial statements of West Coast Community Trust: We have audited the financial report of the trust. The financial report provides information about the past financial performance of the trust and its financial position as at 31 March 1996. This information is stated in accordance with the accounting policies set out. Trustees' Responsibilities The trustees are responsible for the preparation of a financial report which gives a true and fair view of the financial position of the trust as at 31 March 1996 and of the results of operations for the year ended 31 March 1996. Auditors' Responsibilities It is our responsibility to express an independent opinion on the financial report presented by the trustees and report our opinion to you. Basis of Opinion An audit includes examining, on a test basis, evidence relevant to the amounts and disclosures in the financial report. It also includes assessing: the significant estimates and judgments 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 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 trust as at 31 March 1996 and the results of its operations for the year ended on that date. Our audit was completed on 4 July 1996 and our unqualified opinion is expressed as at that date. DEVLIN WILDING FALVEY, Hokitika. Balance Sheet as at 31 March 1996 This Year$ Last Year$ Current assets ASB Bank Limited37,623 37,562 Accrued interest93,238 84,317 130,861 121,879 Investments Bank of New Zealand Limited1,208,503 243,986 ASB Bank Limited1,150,000 1,710,000 National Bank Limited1,250,000 1,250,000 TCNZ Finance Limited50,000 50,000 Lion Nathan Limited50,000 50,000 Wrightson Finance Limited440,111 669,982 4,148,614 3,973,968 Fixed assets Office equipment 1,424 1,975 Total assets 4,280,899 4,097,822 Less liabilities Sundry creditors 147 133 Total assets less liabilities $4,280,752 $4,097,689 Represented by: Accumulated funds Opening balance 4,097,689 3,921,725 Add retained surplus for year 183,063 175,964 Total accumulated funds $4,280,752 $4,097,689 J. KEENAN, Trustee. A. R. GROOM, o.b.e., Trustee. These financial statements are to be read in conjunction with the attached notes. Income and Expenditure Account for the Year Ended 31 March 1996 This Year$ Last Year$ Income Interest received ASB Bank Limited133,921 98,664 National Bank Limited108,602 179,793 Bank of New Zealand Limited29,964 18,171 ANZ Bank Limited2,634 Telecom Corporation of NZ Limited4,850 4,850 Lion Nathan Limited6,412 6,395 Wrightson Finance Limited54,198 35,982 Total gross income 340,581 343,855 Less expenses Advertising2,536 1,893 Accident compensation levies74 72 Bank charges30 28 Catering/hall hire217 142 Photocopying177 238 Postages409 531 Printing and stationery599 485 Accountancy and audit fees1,983 1,768 Remuneration trustees9,780 9,420 Secretarial fee5,559 5,812 Travelling expenses2,746 2,946 Telephone and tolls27 5 24,137 23,340 Depreciation551 954 Total expenses 24,688 24,294 Excess of income over expenditure $315,893 $319,561 These financial statements are to be read in conjunction with the attached notes. Distribution Statement for the Year Ended 31 March 1996 This Year$ Last Year$ Excess of income over expenditure315,893 319,561 Less grants disbursed133,980 143,790 181,913 175,771 Plus prior year adjustment1,150 193 Retained surplus for year$183,063 $175,964 These financial statements are to be read in conjunction with the attached notes. Notes to the Accounts for the Year Ended 31 March 1996 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. These accounts have been prepared in accordance with the 1993 Financial Reporting Act. The trust qualifies for the differential reporting because its revenue and number of employees fall below the threshold set by the differential reporting standards. The trust has applied the differential reporting exemptions allowed with the exception of SSAP3 Accounting for Depreciation. 2. Measurement System The measurement system adopted is that of historic cost. 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 assets. Depreciation has been calculated as follows: Asset Cost Accum Depn EstimatedLife Opening Value Depreciation ClosingBook Value $ $ $ $ $ Typewriter2,019 2,019 5 years Photocopier2,756 781 5 years 1,975 551 1,424 $4,775 $2,800 $1,975 $551 $1,424 (d) Goods and Services Tax The trust is exempt from registration for goods and services tax under section 14 (b) of the Goods and Services Tax Act. These financial statements have therefore been prepared on a G.S.T. inclusive basis. 4. Changes in Accounting Policies There have been no material changes in accounting policies. 5. Prior Year Adjustment The prior year adjustment relates to grants disbursed during the year ended 31 March 1995, which were not presented and have now been cancelled. The prior year adjustment included in the 1995 financial statements related to an Accident Compensation levy refund from the 1990 income year.