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Notice Type
General Section
Notice Title

West Coast Community Trust

Consolidated Statement of Financial Position as at 31 March 2006
2006 2005
$ $
Current assets:
Bank – ASB cheque account 748 633
Bank – ASB call account 30,225 19,119
Taxation refund due 992 5,210
Accounts receivable 1,341 –
Accrued interest 24,894 2,296
58,200 27,258
Investments:
AMP asset management – 3,411,405
AMP tracker fund 309,655 307,573
AMP WINZ fund 505,019 851,065
AMP other funds 4,170,063 –
TCNZ Finance Limited 50,000 50,000
5,034,737 4,620,043
Fixed assets:
Office equipment 282 403
5,093,219 4,647,704
Represented by—
Current liabilities:
Accounts payable 7,225 9,875
7,225 9,875
Trust funds:
Trust corpus 2,000,000 2,000,000
Capital profits 1,000,000 1,000,000
Retained earnings 2,085,994 1,637,829
5,085,994 4,637,829
Total accumulated funds 5,093,219 4,647,704
P. E. KERRIDGE, Chairperson.
M. E. ROBERTS, Trustee.
Dated: 15 August 2006.
This statement is to be read in conjuction with the accompanying notes.
Consolidated Statement of Financial Performance for the Year Ended 31 March 2006
2006 2005
$ $
Gross revenues:
Interest received 6,767 5,972
AMP managed funds 598,774 273,978
Total revenue received 605,541 279,950
Repairs and maintenance:
Repairs and maintenance 78 456
Administration/operating costs:
Accident Compensation levies 88 110
Accountancy/auditors’ fees 8,079 8,137
Advertising 4,124 4,340
Catering/hall hire 1,073 927
Conference expenses 5,543 4,530
General expenses 1,224 1,116
Membership fees 450 –
Printing and stationery 719 289
Postage 201 508
Review – trustees 2,813 2,813
Remuneration – trustees 23,588 23,026
Secretarial 11,766 10,400
Travel 4,507 2,136
64,175 58,332
Financial and standing charges:
Bank fees 47 32
Insurance 2,841 2,728
Interest paid 12 –
AMP management fees 20,664 22,637
23,564 25,397
Total cash expenses 87,817 84,185
Depreciation 121 121
Total expenditure 87,938 84,306
Net surplus/(deficit) for the year prior to distributions 517,603 195,644
Less distributions:
Grants approved for year 69,433 102,981
Net surplus/(deficit) after distributions 448,170 92,663
This statement is to be read in conjuction with the accompanying notes.
Consolidated Statement of Movements in Equity for the Year Ended 31 March 2006
2006 2005
$ $
Trust funds at start of period 4,637,829 4,555,719
Net surplus/(deficit) before tax 448,170 92,663
Trust taxes paid or provided 5 10,553
Net surplus/(deficit) after tax 448,165 82,110
Trust funds at end of period 5,085,994 4,637,829
This statement is to be read in conjuction with the accompanying notes.
Statement of Accounting Policies and Notes for the Year Ended 31 March 2006
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 trust’s original capital of $3 million came from the proceeds of the sale of Westland Bank Limited. The group consists of West Coast Community Trust and its former subsidiary West Coast Community Trust Charitable Company Limited. This subsidiary was wound up pursuant to a resolution of trustees dated 22 July 2004. 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 325 124 10 years 201 – 31 155 170
Computer software 300 98 3.3 years 202 – 90 188 112
5,749 5,346 403 – 121 5,467 282
(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 GST 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
There have been no changes in accounting policies.
6. Governance
Name of Trustee Board Meetings Honorarium and
Held Attended Meeting Fees
$
Judy Bamfield (resigned) 0 0 917
Dennis Straker 4 4 3,240
John Sturgeon 4 4 2,350
Peter Kerridge 4 4 5,830
Tony Sullivan 4 4 2,350
Maurice Roberts 4 4 2,350
Eunice Brown 4 4 2,350
Carol Keoghan 3 3 925
Elizabeth Rock 3 3 925
Rowan Sullivan 4 4 2,350
Total remuneration paid in the financial year ended 31 March 2006 – $23,587.
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.
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 2006.
7. Trust Funds
Although the trust does not maintain an inflation reserve, it does seek to maintain the trust capital in real terms. The trust calculates that an amount of $1,296,651 is required to be retained to stabilise the original $3 million fund from inflation. Our current retained earnings is $2,085,994 which leaves $789,343 as the growth of the trust in real terms.
8. Investments
The value of investments which are held in equities and fixed interest are subject to market fluctuations. The total investment portfolio is diversified in a way such that over time reductions in value in particular asset classes should be more than offset by increases in other classes. Investments are disclosed at market value at balance date and any gains (losses) arising from that treatment are shown under Revenue in the Statement of Financial Performance. No provision has been made for potential gains or losses that could occur due to future market fluctuations. The investment portfolio as at 31 March 2006 is diversified as follows:
AMP TCNZ Total Actual
Funds Finance
$000 $000 $000 %
New Zealand equities (passive) 310 310 6.2
New Zealand fixed interest (STRIP) 1,182 1,182 23.5
New Zealand fixed interest 1,226 50 1,276 25.3
New Zealand cash 1,232 1,232 24.5
Global equities (FDF core) 530 530 10.5
Global equities (passive) 505 505 10.0
4,985 50 5,035 100.0
9. Distributions
$
Distributions made during the year 77,793
Less distributions returned during year 8,360
Net distributions made 69,433
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 of the West Coast Community Trust and group and its financial position as at 31 March 2006. 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 2006 and 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 the West Coast Community Trust Charitable Company Limited, a wholly-owned subsidiary of the trust.
Our firm provided administrative services to the company in relation to this function from time to time. Our 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 and 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 2006 and the results of operations for the year ended on that date.
Our audit was completed on 16 August 2006 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.)