✨ Trust Financial Report
21 AUGUST 2008 NEW ZEALAND GAZETTE, No. 131 3447
(d) Goods and Services Tax
The trust 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.
- 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.
- Trust Governance
The board of the trust comprises nine trustees appointed by the Minister of Finance for terms of four years. It is possible to serve for more than one term.
The board establishes the trust’s objectives, strategies and the overall investment and donation policy framework. The secretary has delegated authority for the day-to-day management of the trust.
Trust Purpose
The trust’s purpose is for the trustees to be responsible for the investment of the trust fund and apply it for charitable, cultural, philanthropic, recreational and other purposes being beneficial to the community principally in the West Coast region.
Conflicts of Interest
It is recognised that trustees may have a wide range of involvement with the community and the potential of conflicts of interest will arise from time to time. A trustee who has any direct or indirect association with any organisation is required to disclose that interest to the board and have it recorded in the minutes of the meeting. The trustees have adopted a code of conduct. There were no breaches of this code during the financial year ended 31 March 2008. A Register of Interest is available for public inspection.
Trustee Attendance—Meetings
| Name of Trustee | Board Meetings Held | Board Meetings Attended | Honorarium and Meeting Fees $ |
|---|---|---|---|
| Peter Kerridge | 4 | 4 | 6,670 |
| Dennis Straker | 4 | 4 | 3,165 |
| John Sturgeon | 4 | 4 | 2,700 |
| Rowan Sullivan | 4 | 4 | 2,700 |
| Anthony Sullivan | 4 | 4 | 2,525 |
| Carol Keoghan | 4 | 4 | 2,350 |
| Elizabeth Rock | 4 | 4 | 2,350 |
| Eunice Brown | 4 | 2 | 1,850 |
| Maurice Roberts | 0 | 0 | 1,000 |
| Mark Lockington | 3 | 2 | 850 |
| Total remuneration paid in the financial year ended 31 March 2008 | 26,160 |
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.
- 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 $1,553,805 is required to be retained to stabilise the original $3 million fund from inflation. Our current retained earnings is $2,038,973 which leaves $485,168 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 2008 is diversified as follows:
| AMP Funds $000 | Actual % | |
|---|---|---|
| New Zealand equities (passive) | 147 | 3.0 |
| New Zealand fixed interest | 2,465 | 49.6 |
| New Zealand cash fund | 1,414 | 28.4 |
| Global equities | 557 | 11.1 |
| Global equities (passive) | 391 | 7.9 |
| Total | 4,974 | 100.0 |
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NZ Gazette 2008, No 131
✨ LLM interpretation of page content
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West Coast Community Trust Financial Performance
(continued from previous page)
🏢 State Enterprises & Insurance5 August 2008
Financial Performance, Revenue, Expenditure, West Coast Community Trust
10 names identified
- Peter Kerridge, Trustee attendance and remuneration
- Dennis Straker, Trustee attendance and remuneration
- John Sturgeon, Trustee attendance and remuneration
- Rowan Sullivan, Trustee attendance and remuneration
- Anthony Sullivan, Trustee attendance and remuneration
- Carol Keoghan, Trustee attendance and remuneration
- Elizabeth Rock, Trustee attendance and remuneration
- Eunice Brown, Trustee attendance and remuneration
- Maurice Roberts, Trustee attendance and remuneration
- Mark Lockington, Trustee attendance and remuneration
- Minister of Finance