✨ Financial Statements
NEW ZEALAND GAZETTE
No. 126
Expenditure
Telephone and tolls
-
172
Travel
2,348 2,495
Financial and standing charges:
Bank fees
84 29
Insurance
4,725 4,163
Interest – overdraft
128 –
AMP management fees
28,323 11,852
Total cash expenses
87,879 65,250
Depreciation
101 70
Total expenditure
87,980 65,320
Net surplus for the year prior to distributions
61,223 88,462
Less distributions:
Taxable
33,752 13,080
Tax exempt
21,406 98,846
WCCT Charitable Company Limited – grants disbursed
18,661 19,250
Net loss after distributions
(12,596) (42,714)
Consolidated Statement of Movements in Equity for the Year Ended 31 March 2002
| 2002 | 2001 | |
|---|---|---|
| Equity at start of period | 4,704,693 | 4,756,384 |
| Net loss | (12,596) | (42,714) |
| Trust taxes paid or provided | 5,334 | 8,977 |
| Net loss after tax | (17,930) | (51,691) |
| Equity at end of period | 4,686,763 | 4,704,693 |
Statement of Accounting Policies and Notes for the Year Ended 31 March 2002
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. The group consists of West Coast Community Trust and its subsidiary West Coast Community Trust Charitable Company Limited. These accounts have been prepared in accordance with the 1993 Financial Reporting Act. The group qualifies for differential reporting because its revenue and number of employees fall below the threshold set by the differential reporting standards.
The group 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 historical 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:
| Asset | Cost | Depn to date | Estimated Life | Opening Value | Additions | Depn | Accum Depn | Closing Book Value |
|---|---|---|---|---|---|---|---|---|
| Typewriter | 2,019 | 2,019 | 5 years | – | – | – | 2,019 | – |
| Photocopier | 2,756 | 2,756 | 5 years | – | – | – | 2,756 | – |
| Fax machine | 349 | 192 | 5 years | 157 | – | 70 | 262 | 87 |
| Filing cabinet | – | – | 10 years | – | 325 | 31 | 31 | 294 |
| 5,124 | 4,967 | 157 | 325 | 101 | 5,068 | 381 |
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2002, No 126
Gazette.govt.nz —
NZ Gazette 2002, No 126
✨ LLM interpretation of page content
💰
Consolidated Statement of Financial Performance for West Coast Community Trust
(continued from previous page)
💰 Finance & Revenue7 August 2002
Financial Performance, Revenue, Expenses, Trust Funds, West Coast
💰 Consolidated Statement of Movements in Equity for the Year Ended 31 March 2002
💰 Finance & RevenueEquity, Financial Statements, Trust Funds, West Coast
💰 Statement of Accounting Policies and Notes for the Year Ended 31 March 2002
💰 Finance & RevenueAccounting Policies, Financial Statements, Trust Funds, West Coast