New Zealand Gazette – 2013 – No. 120

Page 3221

✨ Financial Statements and Accounting Policies



30 AUGUST 2013 NEW ZEALAND GAZETTE, No. 120 3221

West Coast Community Trust

Statement of Accounting Policies & Notes

for the Year Ended 31 March 2013

  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 Generally Accepted Accounting Practices for a public benefit entity. 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:

As at 31 March 2013:

Asset Cost Depn to Date Estimated Life Opening Value Additions Disposals Depn Accum Deprn Closing Book Value
$ $ $ $ $ $
Filing Cabinet 325 325 10 years - - - 325 -
HP Probook 4720s 2,185 1,311 2.5 years 874 - 874 2,185 -
Website 3,956 2,241 2.5 years 1,715 - 1,582 3,823 133
Total 6,466 3,877 2,589 - 2,456 6,333 133


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Gazette.govt.nz — PDF NZ Gazette 2013, No 120




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