✨ Financial Statements
3446 NEW ZEALAND GAZETTE, No. 131 21 AUGUST 2008
Remuneration – trustees 26,160 24,800
Secretarial 12,242 12,272
Travel 4,053 3,512
Financial and standing charges: 67,594 65,122
Bank fees 24 59
Insurance 3,119 2,841
Interest paid – 17
AMP management fees 22,911 22,711
Total cash expenses 93,648 90,750
Depreciation 53 121
Total expenditure 93,701 90,871
Net surplus/(deficit) for the year prior to distributions (27,884) 184,304
Less distributions:
Grants approved for year 95,015 108,426
Net surplus/(deficit) after distributions (122,899) 75,878
This statement is to be read in conjunction with the accompanying notes.
Statement of Movements in Equity for the Year Ended 31 March 2008
2008 2007
$ $Trust funds at start of period 5,161,872 5,085,994
Net surplus/(deficit) before tax (122,899) 75,878
Trust taxes paid or provided – –
Net surplus/(deficit) after tax (122,899) 75,878
Trust funds at end of period 5,038,973 5,161,872
This statement is to be read in conjunction with the accompanying notes.
Statement of Accounting Policies and Notes for the Year Ended 31 March 2008
- Formation
The West Coast Community Trust 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. These accounts have been prepared in accordance with the Financial Reporting Act 1993. The trust has not adopted International Financial Reporting Standards and qualifies for Differential Reporting as it is not an issuer, does not have the power to tax, levy or rate and is not large as defined in the Framework for Differential Reporting. The trust 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.
(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 | 139 | – | 31 | 186 | 108 |
| Computer software | 300 | 188 | 3.3 years | 22 | – | 22 | 278 | – |
| 5,749 | 5,588 | 161 | – | 53 | 5,641 | 108 |
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NZ Gazette 2008, No 131
✨ LLM interpretation of page content
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West Coast Community Trust Financial Performance
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🏢 State Enterprises & Insurance5 August 2008
Financial Performance, Revenue, Expenditure, West Coast Community Trust