✨ Financial Statements
23 AUGUST 2007 NEW ZEALAND GAZETTE, No. 93 2465
Less expenditure—
Administration/operating costs:
Accountancy/auditors’ fees 8,068 8,079
Advertising 4,395 4,124
Catering/hall hire 932 1,073
Conference expenses 4,986 5,543
Continuing education 235 —
General expenses 1,294 1,390
Legal fees 1,780 —
Membership fees 450 450
Printing, postage and stationery 2,399 920
Review – trustees — 2,813
Remuneration – trustees 24,800 23,588
Secretarial 12,272 11,766
Travel 3,512 4,507
65,122 64,253
Financial and standing charges:
Bank fees 59 47
Insurance 2,841 2,841
Interest paid 17 12
AMP management fees 22,711 20,664
25,628 23,564
Total cash expenses 90,750 87,817
Depreciation 121 121
Total expenditure 90,871 87,938
Net surplus/(deficit) for the year prior to distributions 184,304 517,603
Less distributions:
Grants approved for year 108,426 69,433
Net surplus/(deficit) after distributions 75,878 448,170
This statement is to be read in conjunction with the accompanying notes.
Consolidated Statement of Movements in Equity for the Year Ended 31 March 2007
| 2007 $ | 2006 $ | |
|---|---|---|
| Trust funds at start of period | 5,085,993 | 4,637,829 |
| Net surplus/(deficit) before tax | 75,878 | 448,170 |
| Trust taxes paid or provided | — | 5 |
| Net surplus/(deficit) after tax | 75,878 | 448,165 |
| Trust funds at end of period | 5,161,871 | 5,085,994 |
This statement is to be read in conjunction with the accompanying notes.
Consolidated Statement of Accounting Policies and Notes for the Year Ended 31 March 2007
-
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. -
Measurement System
The measurement system adopted is that of historical cost. -
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.
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2007, No 93
Gazette.govt.nz —
NZ Gazette 2007, No 93
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West Coast Community Trust Financial Statements
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💰 Finance & Revenue8 August 2007
Community Trust, Financial Position, Financial Performance, West Coast