✨ Financial Statements
2466
NEW ZEALAND GAZETTE, No. 93
23 AUGUST 2007
(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 | 155 | 10 years | 170 | – | 31 | 186 | 139 |
| Computer software | 300 | 188 | 3.3 years | 112 | – | 90 | 278 | 22 |
| Total | 5,749 | 5,467 | 282 | – | 121 | 5,588 | 161 |
(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 GST 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. As the West Coast Community Trust Charitable Company Limited was wound up as at 31 March 2006, no consolidation has been necessary in regard to the 2007 figures.
- 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.
- Changes in Accounting Policies
There have been no changes in accounting policies.
- Governance
| Name of Trustee | Board Meetings Held | Attended | Honorarium and Meeting Fees $ |
|---|---|---|---|
| Dennis Straker | 5 | 5 | 3,415 |
| John Sturgeon | 5 | 5 | 2,525 |
| Peter Kerridge | 5 | 5 | 6,110 |
| Tony Sullivan | 4 | 3 | 2,100 |
| Maurice Roberts | 4 | 3 | 1,925 |
| Eunice Brown | 4 | 3 | 2,100 |
| Carol Keoghan | 4 | 4 | 2,350 |
| Elizabeth Rock | 4 | 4 | 2,350 |
| Rowan Sullivan | 4 | 3 | 1,925 |
Total remuneration paid in the financial year ended 31 March 2007 – $24,800.
Rates of remuneration, including honoraria 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 2007.
- Trust Funds
Although the trust does not maintain an inflation reserve, it does seek to maintain the trust capital in real terms. The trust calculates that an amount of $1,404,067 is required to be retained to stabilise the original $3 million fund from inflation. Our current retained earnings is $2,161,871 which leaves $757,804 as the growth of the trust in real terms.
- Investments
The value of investments which are held in equities and fixed interest are subject to market fluctuations. The total investment portfolio is diversified in such a way that over time, reductions in value in particular asset classes should be more than offset by increases in other classes. Investments are disclosed at market value at balance date and any gains (losses) arising from that treatment are shown under revenue in the statement of financial performance. No provision has been made for potential gains or losses that could occur due to future market fluctuations. The investment portfolio as at 31 March 2007 is diversified as follows:
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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
✨ LLM interpretation of page content
💰
West Coast Community Trust Financial Statements
(continued from previous page)
💰 Finance & Revenue8 August 2007
Community Trust, Financial Position, Financial Performance, West Coast
9 names identified
- Dennis Straker, Trustee, attended board meetings
- John Sturgeon, Trustee, attended board meetings
- Peter Kerridge, Trustee, attended board meetings
- Tony Sullivan, Trustee, attended board meetings
- Maurice Roberts, Trustee, attended board meetings
- Eunice Brown, Trustee, attended board meetings
- Carol Keoghan, Trustee, attended board meetings
- Elizabeth Rock, Trustee, attended board meetings
- Rowan Sullivan, Trustee, attended board meetings