New Zealand Gazette – 2004 – No. 104

Page 2595

✨ Financial Statements



26 AUGUST 2004 NEW ZEALAND GAZETTE, No. 104 2595

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 349 332 5 years 17 – 17 349 –
Filing cabinet 325 62 10 years 263 – 31 93 232
Computer software 300 – 3.3 years – 300 8 8 292
5,749 5,169 280 300 56 5,225 524

(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 1985.

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.

4. Taxation

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

$
Net income for year 308,963
Addback: Non deductible items 80
309,043
Less: Tax exempt distributions to beneficiaries 31,287
Distributions to WCC Trust Charitable Company Limited 71,905
Non assessable gains – tracker fund 70,660
Non assessable gains – WiNZ fund 108,187
282,039
Net taxable income for year 27,004
Tax at 33c 8,911
Less: Dividend imputation credits 5,515
Resident withholding tax 2,578
Foreign tax credits 3,396
11,489
Net taxation refundable 2,578

5. Changes in Accounting Policies

The separate components of trustees’ funds are now disclosed individually in the statement of financial position. This change of reporting method has no effect on the financial position stated. The prior year’s figures have also been restated to reflect this changed accounting policy.

There have been no other changes in accounting policies.

6. Governance

Name of Trustee Board Meetings Held Board Meetings Attended Honorarium and Meeting Fees
Judy Bamfield 4 4 $5,830
Dennis Straker 4 3 $2,100
Andrew Wilson 4 3 $2,100


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Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2004, No 104


Gazette.govt.nz — PDF NZ Gazette 2004, No 104




✨ LLM interpretation of page content

🏢 West Coast Community Trust Financial Statements 2004 (continued from previous page)

🏢 State Enterprises & Insurance
30 June 2004
Financial Statements, Trust Funds, Investments, Fixed Assets, West Coast