New Zealand Gazette – 2014 – No. 102

Page 2828

✨ Financial Statements



West Coast Community Trust

Statement of Accounting Policies & Notes

for the Year Ended 31 March 2014

  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.

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

  3. 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 2014:
    | Asset | Cost | Dep'n to Date | Estimated Life | Opening Value | Additions | Disposals | Dep'n | Accum Depn | Closing Book Value |
    |--------------------|-------|----------------|----------------|----------------|-----------|------------|---------|-------------|--------------------|
    | | $ | $ | | $ | $ | $ | $ | $ | $ |
    | Filing Cabinet | 325 | 325 | 10 years | - | - | - | - | 325 | - |
    | HP Probook 4720s | 2,185 | 2,185 | 2.5 years | - | - | - | - | 2,186 | - |
    | Website | 3,956 | 3,823 | 2.5 years | 133 | - | - | 133 | 3,956 | - |
    | Total | 6,466 | 6,333 | | 133 | - | - | 133 | 6,466 | - |



Next Page →



Online Sources for this page:

Gazette.govt.nz — PDF NZ Gazette 2014, No 102




✨ LLM interpretation of page content

💰 West Coast Community Trust Financial Statements (continued from previous page)

💰 Finance & Revenue
11 August 2014
Financial Statements, Audit, Community Trust, West Coast