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Financial Report May 30 2003.

Statement 106/ 107/108 period 28 February 2003 to 30 May 2003There have been no further accounts paid since the Statement ( Financial Report to Feb 28 2003 & Accs Payment to March 20 2003)

All the payments authorised by you on that statement have been presented except the Honoraria payment to Anthony Katevich. Anthony has donated his Honoraria back to WNZ. Thank you Anthony.

There has been a further $190.00 deposited, Affiliation & Membership & a further $60 waiting to be deposited this coming week.

Balance as at Statement 108 $3,782.00

The term deposit has been reinvested for a further 90 days at 4.45%.

Net Interest on first term $54.86.

Amount reinvested $5054.86 for 90 days at 4.45%

Total funds held by WNZ $8836.56 as at June 20 2003.

Accounts for Payment

H Irvine
Ph & Internet to May 20 13.95
Ph & Internet to June 20 26.85
Deposit for Photocopy 50.00
$90.80

Bayliss & Sharr, Audit Fees $360.00

Total Accs for Payment $450.80

We are not constitutionally required to have an Audit but the Companies Office & Yachting New Zealand require Audited Accounts.

Below will give you some idea of why we are registered as an Incorporated Soc.

INCORPORATED SOCIETIES COMPANIES ACT OBLIGATIONS

Obligations under the Incorporated Societies Companies Act - Important reminder for Club Treasurers.

Clubs and Class Associations are reminded of their obligations under the companies act that as an Incorporated Society you must file returns - a set of financial accounts and AGM minutes to the Companies Office at Companies Office Incorporated Societies, Private Bag 92061, Auckland Mail Centre, Auckland. A recent check has highlighted that there are a number of clubs and classes that have not filed their returns each year. Failure to do this means that you will be struck off the Incorporated Societies register. If you are unsure of your clubs status you can check by going into the Companies Office website -
www.companies.govt.nz- click on left menu 'Current Name & Search' / type club or class name in Search Box. If your club or class does not come up in results box then you should follow-up further with the Companies Office - ph. 0508 266 726.

It is important for clubs and classes to realise that being registered as an Incorporated Society offers protection to its officers and members - one of these being "Members have no personal liability for the debts, contracts or other obligations of their society."
The two exceptions to this is in the instance where debts or obligations are incurred from operations involving financial gain by personal members and the second from unlawful actions.

The Act provides some very important fundamental protection for your members and appointed officers hence our constitutional requirement that all member clubs are registered as incorporated societies. By not being incorporated your officers and members are at greater risk of personal liability for the debts of your club or association. A good example would be if a club incurred a debt that was more than the club could pay, in the case of an incorporated society the members are not personally liable for their share of that debt owed. If a club was not incorporated each member may be personally liable for a share of the debt owed.

If anyone would like to do the Audit in a Volunteer capacity or for a token payment then please let me know.

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