Consolidated Statement of Financial Position as at 31 March 2003
Bank - ASB cheque account 759 -
Bank - ASB call account 35,386 19,982
Taxation refund due 2,492 -
Accrued interest 2,333 2,260
AMP asset management 3,201,950 3,714,342
AMP tracker fund 307,034 229,513
AMP WINZ fund 752,035 676,780
TCNZ Finance Limited 50,000 50,000
Office equipment 280 381
Bank - ASB cheque account - 1,000
Accounts payable 8,442 2,922
Taxation payable - 2,473
Trustee funds 4,343,827 4,686,763
Total accumulated funds 4,352,269 4,693,158
J. BAMFIELD D. STRAKER
Dated: 30 June 2003.
Consolidated Statement of Financial Performance for the Year Ended 31 March 2003
Interest received 6,060 5,674
AMP Managed Funds (177,465) 143,529
Total revenue received (171,405) 149,203
Repairs and maintenance:
Repairs and maintenance 199 347
Accident Compensation levies 37 282
Accountancy/auditors' fees 8,628 6,389
Advertising 3,867 5,063
Catering/hall hire 1,054 891
Conference expenses 5,825 2,765
General expenses 1,221 1,260
Licences and levies - 30
Postage 330 456
Printing and stationery 1,303 570
Remuneration - trustees 21,023 18,300
Review - trustees 4,901 4,076
Secretarial fee 10,546 11,842
Travel 2,190 2,348
Financial and standing charges:
Bank fees 76 84
Insurance 5,119 4,725
Interest - overdraft - 128
AMP management fees 26,937 28,323
Total cash expenses 93,256 87,879
Depreciation 101 101
Total expenditure 93,357 87,980
Net surplus for the year prior to distributions (264,762) 61,223
Taxable 13,936 33,752
Tax exempt 20,604 21,406
WCCT Charitable Company Limited - grants disbursed 34,400 18,661
Net loss after distributions (333,702) (12,596)
Consolidated Statement of Movements in Equity for the Year Ended 31 March 2003
Equity at start of period 4,686,764 4,704,693
Net loss (333,702) (12,596)
Trust taxes paid or provided 9,235 5,334
Net loss after tax (342,937) (17,930)
Equity at end of period 4,343,827 4,686,763
Statement of Accounting Policies and Notes for the Year Ended 31 March 2003
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
Investments are stated at net realisable value.
(ii) Fixed Assets
All fixed assets are recorded at cost less accumulated depreciation to date.
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
$ $ $ $ $ $ $
Typewriter 2,019 2,019 5 years - - - 2,019 -
Photocopier 2,756 2,756 5 years - - - 2,756 -
Fax machine 349 262 5 years 87 - 70 332 17
Filing cabinet 325 31 10 years 294 - 31 62 263
5,449 5,068 381 - 101 5,169 280
(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.
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.
The taxable position of the trust for the year can be summarised as follows:
Net income for year (264,762)
Add: Non deductible expenditure 26
Non deductible losses - Tracker 26,451
Non deductible losses - WINZ 377,327
Less: Tax exempt distributions to beneficiaries:
- May and November 2002 20,604
- WCC Trust Charitable Company Limited 90,453
Net taxable income for year 27,985
Tax at 33c 9,235
Less: Dividend imputation credits 5,948
Resident withholding tax 2,493
Foreign tax credits 3,287 11,728
Net taxation refundable 2,493
5. Grants Reconciliation
Taxable grants per financial accounts 13,936
Tax exempt grants per financial accounts 20,604
Tax exempt grants per charitable company 34,400
Grants not uplifted from previous year 670
Grants returned 400
Total per list of grant recipients 70,010
6. Trustee Fees
Rates of remuneration, including honoraria and meeting fees, are set by the Minister of Finance.
The group 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.
7. Changes in Accounting Policies
There have been no material changes in accounting policies.
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 2003. This information is stated in accordance with the accounting policies set out in the financial report.
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 2003 and of the results of operations for the year ended on that date.
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.
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 2003 and the results of operations and cash flows for the year ended on that date.
Our audit was completed on 21 July 2003 and our unqualified opinion is expressed as at that date.
WILDING SMITH & CO, Chartered Accountants, Hokitika.
(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.)