New Zealand Gazette – 2005 – No. 130

Page 3195

✨ Financial Reporting and Governance



18 AUGUST 2005

NEW ZEALAND GAZETTE, No. 130

3195

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 349 349 5 years – – – 349 –
Filing cabinet 325 93 10 years 232 – 31 124 201
Computer software 300 8 3.3 years 292 – 90 98 202
Total 5,749 5,225 524 – 121 5,346 403

(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

From 1 April 2004, the trust is exempt from income tax under section CB4 (1) (m) of the Income Tax Act 1994. As a result, the only taxation the trust pays is in relation to imputation credits and withholding payments deducted from dividends and overseas earnings, which are not eligible to be refunded.

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 (resigned) 2 2 4,600
Dennis Straker 4 4 2,350
Andrew Wilson (resigned) 4 – 750
John Sturgeon 4 4 2,350
Peter Kerridge 4 4 3,795
Tony Sullivan 4 4 2,350
Maurice Roberts 4 4 2,350
Eunice Brown 4 3 1,925
Rowan Sullivan 4 4 2,350

Total remuneration paid in the financial year ended 31 March 2005 – $22,820.

Rates of remuneration, including honorarium 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.

A register of interest is held at the office of the trust and is available for public inspection.

The trustees have adopted a code of conduct. There were no breaches of this code during the financial year ended 31 March 2005.



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Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2005, No 130


Gazette.govt.nz — PDF NZ Gazette 2005, No 130




✨ LLM interpretation of page content

💰 Statement of Accounting Policies and Notes for the Year Ended 31 March 2005 (continued from previous page)

💰 Finance & Revenue
30 June 2005
Accounting Policies, Financial Reporting, Trust Deed, West Coast Community Trust
9 names identified
  • Judy Bamfield, Resigned trustee
  • Dennis Straker, Trustee
  • Andrew Wilson, Resigned trustee
  • John Sturgeon, Trustee
  • Peter Kerridge, Trustee
  • Tony Sullivan, Trustee
  • Maurice Roberts, Trustee
  • Eunice Brown, Trustee
  • Rowan Sullivan, Trustee