Consolidated Statement of Financial Position as at 31 March 2004
2004 2003
$ $
Current assets:
Bank - ASB cheque account 1,842 759
Bank - ASB call account 30,904 35,386
Taxation refund due 2,578 2,492
Accrued interest 2,319 2,333
37,643 40,970
Investments:
AMP asset management 3,350,167 3,201,950
AMP tracker fund 330,983 307,034
AMP WINZ fund 794,279 752,035
TCNZ Finance Limited 50,000 50,000
4,525,429 4,311,019
Fixed assets:
Office equipment 524 280
4,563,596 4,352,269
Represented by-
Current liabilities:
Accounts payable 7,877 8,442
7,877 8,442
Trustee funds:
Trust corpus 2,000,000 2,000,000
Capital profits 1,000,000 1,000,000
Trustee funds 1,555,719 1,343,827
4,555,719 4,343,827
Total accumulated funds 4,563,596 4,352,269
P. KERRIDGE A. T. SULLIVAN
Chairperson. Trustee.
Dated: 30 June 2004.
Consolidated Statement of Financial Performance for the Year Ended 31 March 2004
2004 2003
$ $
Gross revenues:
Interest received 6,208 6,060
AMP managed funds 385,573 (177,465)
Total revenue received 391,781 (171,405)
Repairs and maintenance:
Repairs and maintenance 384 199
Administration/operating costs:
Accident Compensation levies 94 37
Accountancy/auditors' fees 8,203 8,628
Advertising 4,113 3,867
Catering/hall hire 742 1,054
Conference expenses 2,708 5,825
General expenses 1,108 1,221
Licences and levies 30 -
Postage 533 330
Printing and stationery 1,128 1,303
Remuneration - trustees 23,870 21,023
Review - trustees 2,813 4,901
Secretarial fee 10,400 10,546
Travel 2,552 2,190
58,294 60,925
Financial and standing charges:
Bank fees 53 76
Insurance 2,762 5,119
Interest paid 4 -
AMP management fees 21,265 26,937
24,084 32,132
Total cash expenses 82,762 93,256
Depreciation 56 101
Total expenditure 82,818 93,357
Net surplus for the year prior to distributions 308,963 (264,762)
Less distributions:
Taxable 25,522 13,936
Tax exempt 31,287 20,604
WCCT Charitable Company Limited - grants disbursed 31,350 34,400
88,159 68,940
Net loss after distributions 220,804 (333,702)
Consolidated Statement of Movements in Equity for the Year Ended 31 March 2004
2004 2003
$ $
Equity at start of period 4,343,816 4,686,764
Net loss 220,804 (333,702)
Trust taxes paid or provided 8,911 9,235
Net loss after tax 211,893 (342,937)
Equity at end of period 4,555,719 4,343,827
Statement of Accounting Policies and Notes for the Year Ended 31 March 2004
1. Formation
The West Coast Community Trust ("the group") 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 Financial Reporting Act 1993 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 Depnto date EstimatedLife Opening Value Additions Depn AccumDepn ClosingBook Value
$ $ $ $ $ $ $
Typewriter 2,019 2,019 5 years - - - 2,019 -
Photocopier 2,756 2,756 5 years - - - 2,756 -
Fax machine 349 332 5 years 17 - 17 349 -
Filing cabinet 325 62 10 years 263 - 31 93 232
Computer software 300 - 3.3 years - 300 8 8 292
5,749 5,169 280 300 56 5,225 524
(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 1985.
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 group for the year can be summarised as follows:
$
Net income for year 308,963
Addback: Non deductible items 80
309,043
Less: Tax exempt distributions to beneficiaries 31,287
Distributions to WCC Trust Charitable Company Limited 71,905
Non assessable gains - tracker fund 70,660
Non assessable gains - WiNZ fund 108,187
282,039
Net taxable income for year 27,004
Tax at 33c 8,911
Less: Dividend imputation credits 5,515
Resident withholding tax 2,578
Foreign tax credits 3,396
11,489
Net taxation refundable 2,578
5. Changes in Accounting Policies
The separate components of trustees' funds are now disclosed individually in the statement of financial position. This change of reporting method has no effect on the financial position stated. The prior year's figures have also been restated to reflect this changed accounting policy.
There have been no other changes in accounting policies.
6. Governance
Name of Trustee Board Meetings Honorarium and
Held Attended Meeting Fees
$
Judy Bamfield 4 4 5,830
Dennis Straker 4 3 2,100
Anderew Wilson 4 3 2,100
John Sturgeon 4 4 2,350
Peter Kerridge 4 4 3,240
Tony Sullivan 4 4 2,350
Maurice Roberts 4 4 2,350
Eunice Brown 3 3 925
Rowan Sullivan 3 3 925
Brenda Monk (retired May 2003) 1 1 1,425
Total remuneration paid in the financial year ended 31 March 2004 - $23,595.
Rates of remuneration, including honorarium 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.
A register of interest is held at the office of the trust and is available for public inspection.
The trustees have adopted a code of conduct. There were no breaches of this code during the financial year ended 31 March 2004.
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 2004. 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 2004 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:
À the significant estimates and judgements made by the trustees in the preparation of the financial report; and
À 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:
À proper accounting records have been kept by the West Coast Community Trust as far as appears from our examination of those records; and
À 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 2004 and the results of operations and cash flows for the year ended on that date.
Our audit was completed on 16 July 2004 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.)