✨ Financial Statements
14 AUGUST
NEW ZEALAND GAZETTE
2697
Secretarial fee 10,546 11,842
Travel 2,190 2,348
60,925 54,272
Financial and standing charges:
Bank fees 76 84
Insurance 5,119 4,725
Interest – overdraft – 128
AMP management fees 26,937 28,323
32,132 33,260
Total cash expenses 93,256 87,879
Depreciation 101 101
Total expenditure 93,357 87,980
Net surplus for the year prior to distributions (264,762) 61,223
Less distributions:
Taxable 13,936 33,752
Tax exempt 20,604 21,406
WCCT Charitable Company Limited – grants disbursed 34,400 18,661
68,940 73,819
Net loss after distributions (333,702) (12,596)
Consolidated Statement of Movements in Equity for the Year Ended 31 March 2003
2003 2002
$ $Equity at start of period 4,686,764 4,704,693
Net loss (333,702) (12,596)
Trust taxes paid or provided 9,235 5,334
Net loss after tax (342,937) (17,930)
Equity at end of period 4,343,827 4,686,763
Statement of Accounting Policies and Notes for the Year Ended 31 March 2003
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 | 262 | 5 years | 87 | – | 70 | 332 | 17 |
| Filing cabinet | 325 | 31 | 10 years | 294 | – | 31 | 62 | 263 |
| 5,449 | 5,068 | 381 | – | 101 | 5,169 | 280 |
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2003, No 101
Gazette.govt.nz —
NZ Gazette 2003, No 101
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West Coast Community Trust Financial Statements
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💰 Finance & Revenue30 June 2003
Financial Statements, Community Trust, West Coast, Assets, Liabilities