2594

NEW ZEALAND GAZETTE, No. 104

26 AUGUST 2004

Consolidated Statement of Financial Performance for the Year Ended 31 March 2004

Gross revenues:

Interest received                                     6,208         6,060
AMP managed funds                                 385,573       (177,465)
Total revenue received                            391,781       (171,405)

Repairs and maintenance:

Repairs and maintenance                             384           199

Administration/operating costs:

Accident Compensation levies                         94            37
Accountancy/auditors’ fees                          8,203         8,628
Advertising                                     4,113         3,867
Catering/hall hire                                  742         1,054
Conference expenses                             2,708         5,825
General expenses                                1,108         1,221
Licences and levies                                30           –
Postage                                         533           330
Printing and stationery                         1,128         1,303
Remuneration – trustees                        23,870        21,023
Review – trustees                               2,813         4,901
Secretarial fee                                10,400        10,546
Travel                                          2,552         2,190
                                              58,294        60,925

Financial and standing charges:

Bank fees                                          53            76
Insurance                                     2,762         5,119
Interest paid                                      4           –
AMP management fees                          21,265        26,937
                                              24,084        32,132

Total cash expenses 82,762 93,256
Depreciation 56 101
Total expenditure 82,818 93,357
Net surplus for the year prior to distributions 308,963 (264,762)

Less distributions:

Taxable                                        25,522        13,936
Tax exempt                                     31,287        20,604
WCCT Charitable Company Limited – grants disbursed  31,350        34,400
                                              88,159        68,940

Net loss after distributions 220,804 (333,702)

Consolidated Statement of Movements in Equity for the Year Ended 31 March 2004

                                                    2004 $        2003 $

Equity at start of period 4,343,816 4,686,764
Net loss 220,804 (333,702)
Trust taxes paid or provided 8,911 9,235
Net loss after tax 211,893 (342,937)
Equity at end of period 4,555,719 4,343,827

Statement of Accounting Policies and Notes for the Year Ended 31 March 2004

1. Formation

The West Coast Community Trust (“the group”) 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 Financial Reporting Act 1993. 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.