✨ Financial Statements and Notes
24 JULY NEW ZEALAND GAZETTE 1871
| $ | This Year $ | Last Year $ | |
|---|---|---|---|
| Depreciation ... | 551 | 551 | |
| Total expenses ... | 28,501 | 24,688 | |
| Excess of income over expenditure ... | $323,822 | $315,893 |
These financial statements are to be read in conjunction with the attached notes.
West Coast Community Trust Distribution Statement for the Year Ended 31 March 1997
| This Year $ | Last Year $ | |
|---|---|---|
| Excess of income over expenditure ... | 323,822 | 315,893 |
| Less grants disbursed ... | 166,405 | 133,980 |
| 157,417 | 181,913 | |
| Plus prior year adjustment ... | 320 | 1,150 |
| Retained surplus for year ... | $157,737 | $183,063 |
These financial statements are to be read in conjunction with the attached notes.
West Coast Community Trust Notes to the Accounts for the Year Ended 31 March 1997
- 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.
- Measurement System
The measurement system adopted is that of historic cost.
- 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 $ | Estimated Life | Opening Value $ | Depreciation $ | Closing Book Value $ |
|---|---|---|---|---|---|---|
| Typewriter ... | 2,019 | 2,019 | 5 years | — | — | — |
| Photocopier ... | 2,756 | 1,332 | 5 years | 1,424 | 551 | 873 |
| $4,775 | $3,351 | $1,424 | $551 | $873 |
(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.
- Changes in Accounting Policies
There have been no material changes in accounting policies.
- Prior Year Adjustment
The prior year adjustment relates to grants disbursed during the year ended 31 March 1996, which have been refunded to the trust.
The prior year adjustment included in the 1996 financial statements related to grants disbursed during the year ended 31 March 1995, which were not presented and have now been cancelled.
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NZ Gazette 1997, No 75
✨ LLM interpretation of page content
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West Coast Community Trust Financial Statements and Audit Report
(continued from previous page)
💰 Finance & RevenueFinancial Statements, Audit Report, West Coast Community Trust
💰 West Coast Community Trust Distribution Statement for the Year Ended 31 March 1997
💰 Finance & RevenueDistribution Statement, Financial Year, West Coast Community Trust
💰 West Coast Community Trust Notes to the Accounts for the Year Ended 31 March 1997
💰 Finance & RevenueFinancial Notes, Accounting Policies, West Coast Community Trust