✨ Financial Statements and Notes
West Coast Community Trust
Statement of Accounting Policies & Notes
for the Year Ended 31 March 2009
- 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 $3m came from the proceeds of the sale of Westland Bank Ltd. These accounts have been prepared in accordance with the 1993 Financial Reporting Act. 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.
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MEASUREMENT SYSTEM
The measurement system adopted is that of historical cost. -
SPECIFIC ACCOUNTING POLICIES
All specific accounting policies have been applied on the same basis as those used in the full financial statements of the trust. -
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 2009. A Register of Interest is available for public inspection.
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NZ Gazette 2009, No 123
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West Coast Community Trust Financial Statements
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