Consolidated Statement of Financial Position as at 31 March 2005
2005 2004
$ $
Current assets:
Bank – ASB cheque account 633 1,842
Bank – ASB call account 19,119 30,904
Taxation refund due 5,210 2,578
Accrued interest 2,296 2,319
27,258 37,643
Investments:
AMP asset management 3,411,405 3,350,167
AMP tracker fund 307,573 330,983
AMP WINZ fund 851,065 794,279
TCNZ Finance Limited 50,000 50,000
4,620,043 4,525,429
Fixed assets:
Office equipment 403 524
4,647,704 4,563,596
Represented by—
Current liabilities:
Accounts payable 9,875 7,877
9,875 7,877
Trustee funds:
Trust corpus 2,000,000 2,000,000
Capital profits 1,000,000 1,000,000
Trustee funds 1,637,829 1,555,719
4,637,829 4,555,719
Total accumulated funds 4,647,704 4,563,596
P. KERRIDGE A. T. SULLIVAN
Chairperson. Trustee.
Dated: 30 June 2005.
Consolidated Statement of Financial Performance for the Year Ended 31 March 2005
2005 2004
$ $
Gross revenues:
Interest received 5,972 6,208
AMP managed funds 273,978 385,573
Total revenue received 279,950 391,781
Repairs and maintenance:
Repairs and maintenance 456 384
Administration/operating costs:
Accident Compensation levies 110 94
Accountancy/auditors’ fees 8,137 8,203
Advertising 4,340 4,113
Catering/hall hire 927 742
Conference expenses 4,530 2,708
General expenses 1,116 1,108
Licences and levies – 30
Postage 508 533
Printing and stationery 289 1,128
Remuneration – trustees 23,026 23,870
Review – trustees 2,813 2,813
Secretarial fee 10,400 10,400
Travel 2,136 2,552
58,332 58,294
Financial and standing charges:
Bank fees 32 53
Insurance 2,728 2,762
Interest paid – 4
AMP management fees 22,637 21,265
25,397 24,084
Total cash expenses 84,185 82,762
Depreciation 121 56
Total expenditure 84,306 82,818
Net surplus/(deficit) for the year prior to distributions 195,644 308,963
Less distributions:
Taxable – 25,522
Tax exempt 102,981 31,287
WCCT Charitable Company Limited – grants disbursed – 31,350
102,981 88,159
Net surplus/(deficit) after distributions 92,663 220,804
Consolidated Statement of Movements in Equity for the Year Ended 31 March 2005
2005 2004
$ $
Equity at start of period 4,555,719 4,343,826
Net surplus/(deficit) 92,663 220,804
Trust taxes paid or provided 10,553 8,911
Net surplus/(deficit) after tax 82,110 211,893
Equity at end of period 4,637,829 4,555,719
Statement of Accounting Policies and Notes for the Year Ended 31 March 2005
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 349 349 5 years – – – 349 –
Filing cabinet 325 93 10 years 232 – 31 124 201
Computer software 300 8 3.3 years 292 – 90 98 202
5,749 5,225 524 – 121 5,346 403
(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
From 1 April 2004, 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
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 (resigned) 2 2 4,600
Dennis Straker 4 4 2,350
Anderew Wilson (resigned) 4 – 750
John Sturgeon 4 4 2,350
Peter Kerridge 4 4 3,795
Tony Sullivan 4 4 2,350
Maurice Roberts 4 4 2,350
Eunice Brown 4 3 1,925
Rowan Sullivan 4 4 2,350
Total remuneration paid in the financial year ended 31 March 2005 – $22,820.
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 2005.
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 2005. 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 2005 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 2005 and the results of operations and cash flows for the year ended on that date.
Our audit was completed on 29 July 2005 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.)