✨ Community Trust Financial Statements
2990
NEW ZEALAND GAZETTE, No. 100
24 AUGUST 2006
General expenses
Membership fees
Printing and stationery
Postage
Review – trustees
Remuneration – trustees
Secretarial
Travel
Financial and standing charges:
Bank fees
Insurance
Interest paid
AMP management fees
Total cash expenses
Depreciation
Total expenditure
Net surplus/(deficit) for the year prior to distributions
Less distributions:
Grants approved for year
Net surplus/(deficit) after distributions
This statement is to be read in conjunction with the accompanying notes.
Consolidated Statement of Movements in Equity for the Year Ended 31 March 2006
| 2006 | 2005 | |
|---|---|---|
| Trust funds at start of period | $ 4,637,829 | $ 4,555,719 |
| Net surplus/(deficit) before tax | 448,170 | 92,663 |
| Trust taxes paid or provided | 5 | 10,553 |
| Net surplus/(deficit) after tax | 448,165 | 82,110 |
| Trust funds at end of period | 5,085,994 | 4,637,829 |
This statement is to be read in conjunction with the accompanying notes.
Statement of Accounting Policies and Notes for the Year Ended 31 March 2006
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 trust’s original capital of $3 million came from the proceeds of the sale of Westland Bank Limited. The group consists of West Coast Community Trust and its former subsidiary West Coast Community Trust Charitable Company Limited. This subsidiary was wound up pursuant to a resolution of trustees dated 22 July 2004. 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.
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:
Next Page →
Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2006, No 100
Gazette.govt.nz —
NZ Gazette 2006, No 100
✨ LLM interpretation of page content
💰
West Coast Community Trust Financial Statements
(continued from previous page)
💰 Finance & Revenue15 August 2006
Community Trust, Financial Position, Financial Performance, West Coast