✨ Financial Statements
2296
NEW ZEALAND GAZETTE
No. 92
Less Expenditure
Advertising
3,063
4,381
Accident compensation levies
72
49
Workers premium insurance
309
Insurance
4,053
Bank charges
57
22
Catering/hall hire
528
166
Repairs and maintenance
159
147
Postage
576
588
Printing and stationery
659
1,347
Professional fees
4,802
3,993
Remuneration – trustees
25,140
21,200
Secretarial fee
10,400
10,400
Travelling expenses
5,810
5,326
Conference expenses
498
340
Telephone and tolls
242
41
56,368
48,000
Depreciation
70
374
Total expenditure
56,438
48,374
Excess income over expenditure
130,869
303,856
Distribution Statement for the Year Ended 31 March 2000
2000
$
1999
$
Excess income over expenditure
130,869
303,856
Less: grants disbursed
138,125
185,424
Retained surplus (deficit) for year
(7,256)
118,432
Notes to the Financial Statements for the Year Ended 31 March 2000
- 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 differential reporting because its revenue and number of employees fall below the threshold set by the Differential Reporting Standards.
The trust has applied all 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. It should, however, be noted that the AMP Asset Management Fund had a market value of $4,496,815 as at 31 March 2000. The directors do not consider the devaluation of the AMP investment to be material and thus it is recorded in the balance sheet 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 | Depn to date | Estimated Life | Opening Value | Depn | Accum Depn | Closing Book Value |
|---|---|---|---|---|---|---|---|
| Typewriter | 2019 | 2019 | 5 years | - | - | 2019 | - |
| Photocopier | 2756 | 2756 | 5 years | - | - | 2756 | - |
| Fax Machine | 349 | 52 | 5 years | 297 | 70 | 122 | 227 |
| $5124 | $4827 | $297 | $70 | $4897 | $227 |
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2000, No 92
Gazette.govt.nz —
NZ Gazette 2000, No 92
✨ LLM interpretation of page content
💰
West Coast Community Trust Income and Expenditure Account for the Year Ended 31 March 2000
(continued from previous page)
💰 Finance & RevenueIncome and Expenditure, Financial Report, West Coast Community Trust
💰 Distribution Statement for the Year Ended 31 March 2000
💰 Finance & RevenueFinancial Report, Excess Income, Grants, West Coast Community Trust
💰 Notes to the Financial Statements for the Year Ended 31 March 2000
💰 Finance & RevenueFinancial Statements, Accounting Policies, West Coast Community Trust