New Zealand Gazette – 2012 – No. 107

Page 3101

✨ Financial Statements and Accounting Policies



West Coast Community Trust

Statement of Accounting Policies & Notes

for the Year Ended 31 March 2012

  1. 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.

  1. MEASUREMENT SYSTEM
    The measurement system adopted is that of historical cost.

  2. 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 Disposals Depn Accum Depn Closing Book Value
Typewriter 2,019 2,019 5 years $ - Scrapped - - -
Photocopier 2,756 2,756 5 years - Scrapped - - -
Fax Machine 349 349 5 years - Scrapped - - -
Filing Cabinet 325 310 10 years 15 - 15 325 -
Computer Software 300 300 3.3 years - Scrapped - - -
HP Probock 4720s 2,185 437 2.5 years 1,748 - 874 1,311 874
Website 3,956 659 2.5 years 3,297 - 1,582 2,241 1,715
Total 11,890 6,830 5,060 2,471 3,877 2,589


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Gazette.govt.nz — PDF NZ Gazette 2012, No 107




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Financial Statements, West Coast Community Trust, Income, Expenses, Assets, Liabilities