New Zealand Gazette – 2001 – No. 119

Page 3134

✨ Financial Statements



NEW ZEALAND GAZETTE

No. 119

West Coast Community Trust Charitable Company Limited

Balance Sheet as at 31 March 2001

2001 2000
$ $

Current assets:

  • ASB Bank Limited | 734 | 764 |
  • West Coast Community Trust | 91,023 | 64,510 |
    Total assets | 91,757 | 65,274 |

Represented by—
Shareholders funds:

  • Issued capital:
    • Ordinary shares fully paid in cash | 100 | 100 |
  • Revenue reserves:
    • Retained earnings | 91,657 | 65,174 |
      Total shareholders funds | 91,757 | 65,274 |

Income and Expenditure Account for the Year Ended 31 March 2001

2001 2000
$ $

Income:

  • ASB Bank Limited – interest received | – | 65,180 |
  • West Coast Community Trust distribution | 45,763 | – |
    Total gross income | 45,753 | 65,180 |

Less expenditure:

  • Bank charges | – | 6 |
  • Annual return fee | 30 | – |
    Excess income over expenditure | 45,733 | 65,174 |

Statement of Retained Earnings for the Year Ended 31 March 2001

2001 2000
$ $
  • Opening balance | 65,174 | – |
  • Excess income over expenditure | 45,733 | 65,174 |
    | 110,907 |
  • Less grants disbursed | 19,250 | – |
    Balance at end of year | 91,657 | 65,174 |

Statement of Accounting Policies for the Year Ended 31 March 2001

The statement of accounting policies is an integral part of and is to be read in conjunction with the financial statements.

  1. Entity Reporting
    The West Coast Community Trust Charitable Company Limited was incorporated under the Companies Act 1993 on 15 April 1999 and has been approved by the Department of Inland Revenue as a company established for charitable purposes as defined by section OB1 of the Income Tax Act 1994.

  2. Statutory Base
    Section 194 of the Companies Act 1993 and section 10 of the Financial Reporting Act 1993 require the financial statements to be prepared in accordance with generally accepted accounting practice.

  3. Measurement System
    The measurement system adopted is that of historical cost.

  4. Differential Reporting
    The company qualifies for differential reporting on the basis that it is not publicly accountable and there is no separation of the owners and the governing body. The trust has taken advantage of all available differential reporting exemptions.

  5. Particular Accounting Policies
    The particular accounting policies adopted in the preparation of these financial statements are as follows:
    (i) Goods and Service Tax
    The company is exempt from registration for Goods and Services Tax under section 14 (b) of the Goods and Services Act 1986.
    These financial statements have therefore been prepared on a G.S.T. inclusive basis.
    (ii) Income Tax
    In accordance with section CB4 (1) (c) of the Income Tax Act 1994, the income derived by the company is classified as exempt income.

  6. Statement of Changes in Accounting Policies
    There have been no material changes in accounting policies during the year.



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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 Charitable Company Limited Financial Statements (continued from previous page)

🏢 State Enterprises & Insurance
Financial Statements, Balance Sheet, Income and Expenditure, Retained Earnings, Accounting Policies, West Coast Community Trust Charitable Company Limited