✨ Trust Financial Statements
West Coast Community Trust
Statement of Accounting Policies & Notes
for the Year Ended 31 March 2013
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 2013. A Register of Interest is available for public inspection.
Trustee Attendance - Meetings
| Name of Trustee | Board Meetings Held | Board Meetings Attended | Honorarium and Meeting Fees 2013 | Honorarium and Meeting Fees 2012 |
|---|---|---|---|---|
| Mark Lockington | 5 | 5 | 6,819 | 3,420 |
| Mary Molloy | 5 | 5 | 4,075 | 2,275 |
| Rob Caldwell | 5 | 5 | 2,883 | 675 |
| Tim Mora | 5 | 5 | 2,883 | 675 |
| Barbara Greer | 5 | 4 | 2,483 | 2,100 |
| Coraleen White | 5 | 4 | 2,383 | 675 |
| Elizabeth Rock | 5 | 4 | 2,383 | 2,275 |
| Dennis Straker | 3 | 3 | 1,984 | 5,455 |
| Anthony Sullivan | 3 | 3 | 1,984 | 2,275 |
| Michelle Lomax | 2 | 2 | 900 | - |
| Warren Gilbertson | 2 | 1 | 500 | - |
| Carol Keoghan | - | - | - | 1,600 |
| John Sturgeon | - | - | - | 1,600 |
| Rowan Sullivan | - | - | - | 1,600 |
| Total remuneration paid in the year ended 31 March | $29,277 | $24,625 |
Rates of remuneration, including honoraria and meeting fees, are set by the Minister of Finance.
The Trust has also insured all Trustees against liability to other parties that may arise from their position as Trustees, excluding liability for gross negligence or criminal actions.
Appointment and Retirement
Dennis Straker and Anthony Sullivan Resigned from 30 September 2012 and Warren Gilbertson and Michelle Lomax were appointed from 1 October 2012.
- TRUST FUNDS
Although the Trust does not maintain an inflation reserve, it does seek to maintain the Trust capital in real terms. The Trust calculates that an amount of $1,921,390 is required to be retained to stabilise the original $3m fund from inflation. The Trust’s current retained earnings is $2,669,271 which leaves $747,881 as the growth of the Trust in real terms.
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NZ Gazette 2013, No 120
✨ LLM interpretation of page content
💰
West Coast Community Trust Financial Statements
(continued from previous page)
💰 Finance & RevenueFinancial Statements, Community Trusts, West Coast, Income, Expenses, Assets, Liabilities
14 names identified
- Mark Lockington, Trustee, attended meetings
- Mary Molloy, Trustee, attended meetings
- Rob Caldwell, Trustee, attended meetings
- Tim Mora, Trustee, attended meetings
- Barbara Greer, Trustee, attended meetings
- Coraleen White, Trustee, attended meetings
- Elizabeth Rock, Trustee, attended meetings
- Dennis Straker, Trustee, resigned
- Anthony Sullivan, Trustee, resigned
- Michelle Lomax, Trustee, appointed
- Warren Gilbertson, Trustee, appointed
- Carol Keoghan, Trustee, no attendance
- John Sturgeon, Trustee, no attendance
- Rowan Sullivan, Trustee, no attendance