✨ Financial Statements
19 AUGUST 2011 NEW ZEALAND GAZETTE, No. 128 3609
West Coast Community Trust
Statement of Accounting Policies & Notes
for the Year Ended 31 March 2011
- 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.
-
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 325 279 10 years 46 - 31 310 15 Computer Software 300 300 3.3 years - - - 300 - HP Probook 4720s 2,185 - 2.5 years - 2,185 437 437 1,748 Website 3,956 - 2.5 years - 3,956 659 659 3,297 Total 11,890 5,703 46 6,141 1,127 6,830 5,060
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NZ Gazette 2011, No 128
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West Coast Community Trust Financial Statements
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