✨ Community Trust Financial Statements
2852 NEW ZEALAND GAZETTE, No. 106 23 AUGUST 2010
West Coast Community Trust
Statement of Accounting Policies & Notes
for the Year Ended 31 March 2010
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.
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 2010. A Register of Interest is available for public inspection.
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NZ Gazette 2010, No 106
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West Coast Community Trust Financial Statements
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💰 Finance & RevenueFinancial statements, Community Trusts Act 1999, West Coast Community Trust, Financial Performance, Financial Position