Consolidated Statement of Financial Position as at 31 March 2002
2002 2001
$ $
Current assets:
Bank - ASB cheque account - 3,831
Bank - ASB call account 19,982 71
Accrued interest 2,260 2,582
22,142 6,484
Investments:
ASB term deposits - 30,000
AMP asset management 3,714,342 3,839,436
AMP tracker fund 229,513 218,814
AMP WINZ fund 676,780 568,470
TCNZ Finance Limited 50,000 50,000
4,670,635 4,706,720
Fixed assets:
Office equipment 381 157
4,693,158 4,713,361
Represented by-
Current liabilities:
Bank - ASB cheque account 1,000 -
Accounts payable 2,922 4,351
Taxation payable 2,473 4,317
6,395 8,668
Trustee funds:
Trustee funds 4,686,763 4,704,693
4,686,763 4,704,693
Total accumulated funds 4,693,158 4,713,361
J. BAMFIELD, D. STRAKER,
Acting Chairperson. Trustee.
Dated: 7 August 2002.
Consolidated Statement of Financial Performance for the Year Ended 31 March 2002
2002 2001
$ $
Gross revenues:
Interest received: 5,674 11,074
AMP Managed Funds 143,529 142,708
Total revenue received 149,203 153,782
Repairs and maintenance:
Repairs and maintenance 347 203
Administration/operating costs:
Accident Compensation levies 282 64
Accountancy/auditors' fees 6,389 3,931
Advertising 5,063 4,187
Catering/hall hire 891 120
Conference expenses 2,765 2,106
General expenses 1,260 -
Licences and levies 30 30
Postage 456 543
Printing and stationery 570 764
Remuneration - trustees 18,300 20,670
Review - trustees 4,076 -
Secretarial fee 11,842 13,921
Telephone and tolls - 172
Travel 2,348 2,495
54,272 49,003
Financial and standing charges:
Bank fees 84 29
Insurance 4,725 4,163
Interest - overdraft 128 -
AMP management fees 28,323 11,852
33,260 16,044
Total cash expenses 87,879 65,250
Depreciation 101 70
Total expenditure 87,980 65,320
Net surplus for the year prior to distributions 61,223 88,462
Less distributions:
Taxable 33,752 13,080
Tax exempt 21,406 98,846
WCCT Charitable Company Limited - grants disbursed 18,661 19,250
73,819 131,176
Net loss after distributions (12,596) (42,714)
Consolidated Statement of Movements in Equity for the Year Ended 31 March 2002
2002 2001
$ $
Equity at start of period 4,704,693 4,756,384
Net loss (12,596) (42,714)
Trust taxes paid or provided 5,334 8,977
Net loss after tax (17,930) (51,691)
Equity at end of period 4,686,763 4,704,693
Statement of Accounting Policies and Notes for the Year Ended 31 March 2002
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. The group consists of West Coast Community Trust and its subsidiary West Coast Community Trust Charitable Company Limited. These accounts have been prepared in accordance with the 1993 Financial Reporting Act. The group qualifies for differential reporting because its revenue and number of employees fall below the threshold set by the differential reporting standards.
The group 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:
Asset Cost Depn
to date Estimated
Life Opening Value Additions 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 349 192 5 years 157 - 70 262 87
Filing cabinet - - 10 years - 325 31 31 294
5,124 4,967 157 325 101 5,068 381
(d) Goods and Services Tax
The group 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.
(e) Consolidation
The West Coast Community Trust and its subsidiary charitable company, West Coast Community Trust Charitable Company Limited, have been consolidated using the purchase method of consolidation.
4. Taxation
The taxable position of the trust for the year can be summarised as follows:
$ $
Net income for year 61,223
Add: Timing differences from last year 38,603
Non deductible expenditure 49
Non deductible losses - WINZ 88,925
188,800
Less: Non assessable profit - tracker 3,082
Tax exempt distributions to beneficiaries:
- May and November 2001 21,406
- WCC Trust Charitable Company Limited 142,672
167,160
Net taxable income for year 21,640
Tax at 33c 7,141
Less: Dividend imputation credits 3,741
Resident withholding tax 1,535
Foreign tax credits 1,865 7,141
Net taxation payable Nil
5. Changes in Accounting Policies
There have been no material changes in accounting policies.
Audit Report
To the Readers of the Financial Statements of West Coast Community Trust
We have audited the consolidated financial report. The financial report provides information about the past financial performance and financial position of the West Coast Community Trust and group as at 31 March 2002. This information is stated in accordance with the accounting policies set out in the financial report.
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 West Coast Community Trust and group as at 31 March 2002 and of the results of operations for the year ended on that date.
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 West Coast Community Trust and group circumstances, consistently applied and adequately disclosed.
We conducted our audit in accordance with New Zealand auditing standards. 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 obtain 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 of West Coast Community Trust Charitable Company Limited, a wholly-owned subsidiary of the trust.
Our firm provides administrative services to the company in relation to this function. The firm has no other interests in the West Coast Community Trust or its subsidiary.
Unqualified Opinion
We have obtained all the information and explanations we have required.
In our opinion:
? proper accounting records have been kept by the West Coast Community 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 West Coast Community Trust and group as at 31 March 2002 and the results of operations and cash flows for the year ended on that date.
Our audit was completed on 7 August 2002 and our unqualified opinion is expressed as at that date.
WILDING SMITH & CO, Chartered Accountants, Hokitika.
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(The West Coast Community Trust gives 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.)