New Zealand Gazette – 2003 – No. 101

Page 2698

✨ Financial Statements and Audit Report



2698 NEW ZEALAND GAZETTE No. 101

(d) Goods and Services Tax

The group is exempt from registration for goods and services tax under section 14 (b) of the Goods and Services Tax Act.

These financial statements have therefore been prepared on a G.S.T. inclusive basis.

(e) Consolidation

The West Coast Community Trust and its subsidiary charitable company, West Coast Community Trust Charitable Company Limited, have been consolidated using the purchase method of consolidation.

  1. Taxation

The taxable position of the trust for the year can be summarised as follows:

$ $
Net income for year (264,762)
Add: Non deductible expenditure 26
Non deductible losses – Tracker 26,451
Non deductible losses – WINZ 377,327
139,042
Less: Tax exempt distributions to beneficiaries:
– May and November 2002 20,604
– WCC Trust Charitable Company Limited 90,453 111,057
Net taxable income for year 27,985
Tax at 33c 9,235
Less: Dividend imputation credits 5,948
Resident withholding tax 2,493
Foreign tax credits 3,287 11,728
Net taxation refundable 2,493
  1. Grants Reconciliation
$
Taxable grants per financial accounts 13,936
Tax exempt grants per financial accounts 20,604
Tax exempt grants per charitable company 34,400
68,940
Grants not uplifted from previous year 670
Grants returned 400
Total per list of grant recipients 70,010
  1. Trustee Fees

Rates of remuneration, including honoraria and meeting fees, are set by the Minister of Finance.
The group has also insured all trustees against liability to other parties that may arise from their position as trustees, excluding liability for gross negligence or criminal actions.

  1. Changes in Accounting Policies

There have been no material changes in accounting policies.

Audit Report

To the Readers of the Financial Statements of West Coast Community Trust

We have audited the consolidated financial report. The financial report provides information about the past financial performance and financial position of the West Coast Community Trust and group as at 31 March 2003. This information is stated in accordance with the accounting policies set out in the financial report.

Trustees’ Responsibilities

The trustees are responsible for the preparation of a financial report which gives a true and fair view of the financial position of the West Coast Community Trust and group as at 31 March 2003 and of the results of operations for the year ended on that date.

Auditors’ Responsibilities

It is our responsibility to express an independent opinion on the financial report presented by the trustees and report our opinion to you.

Basis of Opinion

An audit includes examining, on a test basis, evidence relevant to the amounts and disclosures in the financial report. It also includes assessing:

  • the significant estimates and judgements made by the trustees in the preparation of the financial report; and
  • whether the accounting policies are appropriate to the West Coast Community Trust and group circumstances, consistently applied and adequately disclosed.

We conducted our audit in accordance with New Zealand auditing standards. We planned and performed our audit so as to obtain all the information and explanations which we considered necessary in order to provide us with sufficient evidence to obtain reasonable assurance that the financial report is free from material misstatements, whether caused by fraud or error. In forming our opinion, we also evaluated the overall adequacy of the presentation of information in the financial report.



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Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2003, No 101


Gazette.govt.nz — PDF NZ Gazette 2003, No 101




✨ LLM interpretation of page content

💰 West Coast Community Trust Financial Statements (continued from previous page)

💰 Finance & Revenue
30 June 2003
Financial Statements, Community Trust, West Coast, Assets, Liabilities