✨ Financial Statements
West Coast Community Trust
Statement of Accounting Policies & Notes
for the Year Ended 31 March 2013
As at 31 March 2012:
| 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 Probook 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 |
| 11,890 | 6,830 | 5,060 | - | 2,471 | 3,877 | 2,589 |
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 1985.
These Financial Statements have therefore been prepared on a GST inclusive basis.
4. TAXATION
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.
5. CHANGES IN ACCOUNTING POLICIES
There has been a change in Accounting Policies whereby the Audit Fees for the 2012/13 audit are required to be accrued into the 2012/13 Financial Statements. This has resulted in an additional $7,124 showing under Other Administration Costs this year.
6. 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.
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NZ Gazette 2013, No 120
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West Coast Community Trust Financial Statements
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