✨ Financial Statements and Accounting Policies
27 AUGUST 2014 NEW ZEALAND GAZETTE, No. 102 2829
West Coast Community Trust
Statement of Accounting Policies & Notes
for the Year Ended 31 March 2014
As at 31 March 2013:
| Asset | Cost | Depn to Date | Estimated Life | Opening Value | Additions | Disposals | Depn | Accum Depn | 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 |
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 was a change in Accounting Policies last year whereby the estimated Audit Fees for the year were required to be accrued into the Financial Statements. This resulted in an additional $7,124 showing under Audit Fees last 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 Donation Advisor has delegated authority for the day-to-day management of the Trust.
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.
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NZ Gazette 2014, No 102
✨ LLM interpretation of page content
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West Coast Community Trust Financial Statements
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💰 Finance & Revenue11 August 2014
Financial Statements, Audit, Community Trust, West Coast