New Zealand Gazette – 2001 – No. 119

Page 3132

✨ Financial Statements



3132 NEW ZEALAND GAZETTE No. 119

Less expenditure:
Advertising 4,187 3,063
Accident Compensation levies 64 72
Workers premium insurance – 309
Insurance 4,163 4,053
Bank charges 29 57
Catering/hall hire 120 528
Repairs and maintenance 203 159
Postage 543 576
Printing and stationery 764 659
Professional fees 3,931 4,802
Remuneration – trustees 20,670 25,140
Secretarial fee 13,921 10,400
Travelling expenses 2,495 5,810
Conference expenses 2,106 498
Telephone and tolls 172 242
AMP management fees 11,852 –
Unrealised loss – Tracker 13,324 –
Unrealised loss – WINZ 108,600 –
187,144 56,368
Depreciation 70 70
Total expenditure 187,214 56,438
Excess income over expenditure 88,492 130,869

Distribution Statement for the Year Ended 31 March 2001

2001
$		 2000
$
Excess income over expenditure 88,492 130,869
Less distributions:
– Taxable 13,080 –
– Tax exempt 98,846 138,125
– WCC Trust Charitable Company 45,763 –
157,689 138,125
Net income/(loss) for year before taxation (69,197) (7,256)
Less estimated taxation 8,977 –
Net income/(deficit) for year (78,174) (7,256)

Notes to the Financial Statements for the Year Ended 31 March 2001

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 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.

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 net realisable value.
(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:



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Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2001, No 119


Gazette.govt.nz — PDF NZ Gazette 2001, No 119




✨ LLM interpretation of page content

🏢 West Coast Community Trust Income and Expenditure Account for the Year Ended 31 March 2001 (continued from previous page)

🏢 State Enterprises & Insurance
Income and Expenditure, Financial Statements, West Coast Community Trust