Balance Sheet as at 31 March 2001
2001 2000
$ $
Current assets:
ASB Bank Limited 3,097 1,145
ASB Bank call account 71 74,751
Accrued interest 2,582 10,001
Sundry debtors - 57
5,750 85,954
Investments:
ASB Bank Limited 30,000 120,000
AMP Asset Management 3,839,436 4,500,000
AMP Tracker fund 218,814 -
AMP WINZ fund 568,470 -
TCNZ Finance Limited 50,000 50,000
WCCT Charitable Company Limited 100 100
4,706,820 4,670,100
Fixed assets:
Office equipment 157 227
Total assets 4,712,727 4,756,281
Less liabilities:
Sundry creditors 4,351 561
WCCT Charitable Company Limited 91,023 64,510
Net taxation payable 4,317 -
99,691 65,071
Total assets less liabilities 4,613,036 4,691,210
Represented by-
Accumulated funds:
Opening balance 4,691,210 4,698,466
Add retained surplus/(deficit) for year (78,174) (7,256)
Total accumulated funds 4,613,036 4,691,210
West Coast Community Trust Income and Expenditure Account for the Year Ended 31 March 2001
2001 2000
$ $
Income-
Interest received:
ASB Bank Limited 6,224 121,031
National Bank Limited - 41,123
WestpacTrust - 19,261
TCNZ Finance Limited 4,850 4,850
Wrightson Finance Limited - 1,042
AMP asset management:
Realised income 205,073 -
Realised gains 6,833 -
Unrealised income 34,776 -
Unrealised gains 3,827 -
Tracker fund distributions 11,030 -
WINZ fund distributions 3,093 -
Total gross income 275,706 187,307
Less expenditure:
Advertising 4,187 3,063
Accident Compensation levies 64 72
Workers premium insurance - 309
Insurance 4,163 4,053
Bank charges 29 57
Catering/hall hire 120 528
Repairs and maintenance 203 159
Postage 543 576
Printing and stationery 764 659
Professional fees 3,931 4,802
Remuneration - trustees 20,670 25,140
Secretarial fee 13,921 10,400
Travelling expenses 2,495 5,810
Conference expenses 2,106 498
Telephone and tolls 172 242
AMP management fees 11,852 -
Unrealised loss - Tracker 13,324 -
Unrealised loss - WINZ 108,600 -
187,144 56,368
Depreciation 70 70
Total expenditure 187,214 56,438
Excess income over expenditure 88,492 130,869
Distribution Statement for the Year Ended 31 March 2001
2001 2000
$ $
Excess income over expenditure 88,492 130,869
Less distributions:
- Taxable 13,080 -
- Tax exempt 98,846 138,125
- WCC Trust Charitable Company 45,763 -
157,689 138,125
Net income/(loss) for year before taxation (69,197) (7,256)
Less estimated taxation 8,977 -
Net income/(deficit) for year (78,174) (7,256)
Notes to the Financial Statements for the Year Ended 31 March 2001
1. Formation
The West Coast Community Trust ("the trust") was formed on 30 May 1988 through the creation of a trust deed in compliance with the Trustee Banks Restructuring Act 1988. These accounts have been prepared in accordance with the 1993 Financial Reporting Act. The trust qualifies for differential reporting because its revenue and number of employees fall below the threshold set by the differential reporting standards.
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 historic 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:
Asset Cost Depn
to date Estimated
Life Opening Value Depn Accum
Depn Closing
Book Value
$ $ $ $ $ $ $
Typewriter 2,019 2,019 5 years - - 2,019 -
Photocopier 2,756 2,756 5 years - - 2,756 -
Fax machine 349 122 5 years 227 70 192 157
5,124 4,897 227 70 4,967 157
(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.
These financial statements have therefore been prepared on a G.S.T. inclusive basis.
4. Taxation
The taxable position of the trust for the year can be summarised as follows:
$ $
Net income for year 88,492
Add timing differences 83,321
Less tax exempt distributions to beneficiaries:
- 28 April 2000 38,501
- 24 October 2000 60,345
98,846
WCC Trust Charitable Company Limited 45,763 144,609
Net taxable income for year 27,204
Tax at 33c 8,977
Less dividend imputation credits 4,402
Dividend resident withholding tax 258 4,660
Net taxation payable 4,317
5. Changes in Accounting Policies
Investments are now recorded at net realisable value and apart from this there been no other material changes in accounting policies.
Audit Report
To the Readers of the Financial Statements of West Coast Community Trust
We have audited the financial report of the trust which provides information about the past financial performance of the trust and its financial position as at 31 March 2001. This information is stated in accordance with the accounting policies set out.
Trustees' Responsibilities
The trustees are responsible for the preparation of a financial report which gives a true and fair view of the financial position of the trust as at 31 March 2001 and of the results of operations for the year ended 31 March 2001.
Auditors' Responsibilities
It is our responsibility to express an independent opinion on the financial report presented by the trustees and report our opinion to you.
Basis of Opinion
An audit includes examining, on a test basis, evidence relevant to the amounts and disclosures in the financial report. It also includes assessing:
? the significant estimates and judgements made by the trustees in the preparation of the financial report; and
? whether the accounting policies are appropriate to the trust's circumstances, consistently applied and adequately disclosed.
We conducted our audit in accordance with generally accepted auditing standards in New Zealand. We planned and performed our audit so as to obtain all the information and explanations which we considered necessary in order to provide us with sufficient evidence to give reasonable assurance that the financial report is free from material misstatements, whether caused by fraud or error. In forming our opinion, we also evaluated the overall adequacy of the presentation of information in the financial report.
Other than in our capacity as auditors, we have no relationship with or interests in the trust.
Unqualified Opinion
We have obtained all the information and explanations we have required.
In our opinion:
? proper accounting records have been kept by the trust as far as appears from our examination of those records; and
? the financial report
- complies with generally accepted accounting practice; and
- gives a true and fair view of the financial position of the company as at 31 March 2001 and the results of its operations for the year ended on that date.
Our audit was completed on 16 July 2001 and our unqualified opinion is expressed as at that date.
WILDING SMITH & CO, Hokitika.
West Coast Community Trust Charitable Company Limited
Balance Sheet as at 31 March 2001
2001 2000
$ $
Current assets:
ASB Bank Limited 734 764
West Coast Community Trust 91,023 64,510
Total assets 91,757 65,274
Represented by-
Shareholders funds:
Issued capital:
Ordinary shares fully paid in cash 100 100
Revenue reserves:
Retained earnings 91,657 65,174
Total shareholders funds 91,757 65,274
Income and Expenditure Account for the Year Ended 31 March 2001
2001 2000
$ $
Income:
ASB Bank Limited - interest received - 65,180
West Coast Community Trust distribution 45,763 -
Total gross income 45,753 65,180
Less expenditure:
Bank charges - 6
Annual return fee 30 -
Excess income over expenditure 45,733 65,174
Statement of Retained Earnings for the Year Ended 31 March 2001
2001 2000
$ $
Opening balance 65,174 -
Excess income over expenditure 45,733 65,174
110,907 65,174
Less grants disbursed 19,250 -
Balance at end of year 91,657 65,174
Statement of Accounting Policies for the Year Ended 31 March 2001
The statement of accounting policies is an integral part of and is to be read in conjunction with the financial statements.
1. Entity Reporting
The West Coast Community Trust Charitable Company Limited was incorporated under the Companies Act 1993 on
15 April 1999 and has been approved by the Department of Inland Revenue as a company established for charitable purposes as defined by section OB1 of the Income Tax Act 1994.
2. Statutory Base
Section 194 of the Companies Act 1993 and section 10 of the Financial Reporting Act 1993 require the financial statements to be prepared in accordance with generally accepted accounting practice.
3. Measurement System
The measurement system adopted is that of historical cost.
4. Differential Reporting
The company qualifies for differential reporting on the basis that it is not publicly accountable and there is no separation of the owners and the governing body. The trust has taken advantage of all available differential reporting exemptions.
5. Particular Accounting Policies
The particular accounting policies adopted in the preparation of these financial statements are as follows:
(i) Goods and Service Tax
The company is exempt from registration for Goods and Services Tax under section 14 (b) of the Goods and Services Act 1986.
These financial statements have therefore been prepared on a G.S.T. inclusive basis.
(ii) Income Tax
In accordance with section CB4 (1) (c) of the Income Tax Act 1994, the income derived by the company is classified as exempt income.
6. Statement of Changes in Accounting Policies
There have been no material changes in accounting policies during the year.
Notes to the Financial Statements for the Year Ended 31 March 2001
1. Capital Expenditure
As at 31 March 2001, the company had not entered into any binding contracts which commits it to any future capital expenditure.
2. Contingent Liabilities and Commitments
As at 31 March 2001, there were no known contingent liabilities or commitments outstanding.
3. Statement of Movements in Equity
2001 2000
$ $
Equity at 1 April 2000 65,274 -
Plus excess income over expenditure 45,733 65,174
Issued capital - 100
Less grants disbursed 19,250 -
Equity at 31 March 2001 91,757 65,274
4. Related Party Transactions
The following entity is related to the company:
West Coast Community Trust.
All transactions and balances have been disclosed separately in the financial statements.
5. Significant Events After Balance Date
There were no known events to have occurred subsequent to balance date which would have a material effect on the financial statements.
Audit Report
To the Readers of the Financial Statements of West Coast Community Trust Charitable Company Limited
We have audited the financial report of the company which provides information about the past financial performance of the company and its financial position as at 31 March 2001. This information is stated in accordance with the accounting policies set out.
Directors' Responsibilities
The directors are responsible for the preparation of a financial report which gives a true and fair view of the financial position of the company at 31 March 2001 and of the results of operations for the year ended 31 March 2001.
Auditors' Responsibilities
It is our responsibility to express an independent opinion on the financial report presented by the directors and report our opinion to you.
Basis of Opinion
An audit includes examining, on a test basis, evidence relevant to the amounts and disclosures in the financial report. It also includes assessing:
? the significant estimates and judgements made by the directors in the preparation of the financial report, and
? whether the accounting policies are appropriate to the company's circumstances, consistently applied and adequately disclosed.
We conducted our audit in accordance with generally accepted auditing standards in New Zealand. We planned and performed our audit so as to obtain all the information and explanations which we considered necessary in order to provide us with sufficient evidence to give reasonable assurance that the financial report is free from material misstatements, whether caused by fraud or error. In forming our opinion, we also evaluated the overall adequacy of the presentation of information in the financial report.
The offices of Wilding Smith & Co act as the registered office for the West Coast Community Trust Charitable Company Limited. Other than this and our capacity as auditors, we have no relationship with or interests in the company.
Unqualified Opinion
We have obtained all the information and explanations we have required.
In our opinion:
? proper accounting records have been kept by the company as far as appears from our examination of those records; and
? the financial report
- complies with generally accepted accounting practice; and
- gives a true and fair view of the financial position of the company as at 31 March 2001 and the results of its operations for the year ended on that date.
Our audit was completed on 16 July 2001 and our unqualified opinion is expressed as at that date.
WILDING SMITH & CO, Hokitika.
---------------
(The West Coast Community Trust and the West Coast Community Trust Charitable Company Limited give notice that the Minister of Finance has directed that they need not publish the full list of grants in the New Zealand Gazette but will provide a copy of its list of grants to anyone upon request from: The Secretary, West Coast Community Trust, P.O. Box 190, Hokitika.)