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Notice Type
General Section
Notice Title

West Coast Community Trust

Consolidated Statement of Financial Position as at 31 March 2007
2007 2006
$ $
Current assets:
Bank - ASB cheque account 1,023 748
Bank - ASB call account 19,197 30,225
Taxation refund due 946 992
Accounts receivable 2,335 1,341
Accrued interest 27,748 24,894
51,249 58,200
Investments:
AMP tracker fund 226,459 309,655
AMP WINZ fund 438,002 505,019
AMP other funds 4,403,180 4,170,063
TCNZ Finance Limited 50,000 50,000
5,117,641 5,034,737
Fixed assets:
Office equipment 161 282
5,169,051 5,093,219
Represented by-
Current liabilities:
Accounts payable 7,180 7,225
7,180 7,225
Trust funds:
Trust corpus 2,000,000 2,000,000
Capital profits 1,000,000 1,000,000
Retained earnings 2,161,871 2,085,994
5,161,871 5,085,994
Total accumulated funds 5,169,051 5,093,219
P. E. KERRIDGE, Chairperson.
A. T. SULLIVAN, Trustee.
Dated: 8 August 2007.
This statement is to be read in conjunction with the accompanying notes.
Consolidated Statement of Financial Performance for the Year Ended 31 March 2007
2007 2006
$ $
Gross revenues:
Interest received 6,795 6,767
AMP managed funds 268,380 598,774
Total revenue received 275,175 605,541
Less expenditure-
Administration/operating costs:
Accountancy/auditors' fees 8,068 8,079
Advertising 4,395 4,124
Catering/hall hire 932 1,073
Conference expenses 4,986 5,543
Continuing education 235 -
General expenses 1,294 1,390
Legal fees 1,780 -
Membership fees 450 450
Printing, postage and stationery 2,399 920
Review - trustees - 2,813
Remuneration - trustees 24,800 23,588
Secretarial 12,272 11,766
Travel 3,512 4,507
65,122 64,253
Financial and standing charges:
Bank fees 59 47
Insurance 2,841 2,841
Interest paid 17 12
AMP management fees 22,711 20,664
25,628 23,564
Total cash expenses 90,750 87,817
Depreciation 121 121
Total expenditure 90,871 87,938
Net surplus/(deficit) for the year prior to distributions 184,304 517,603
Less distributions:
Grants approved for year 108,426 69,433
Net surplus/(deficit) after distributions 75,878 448,170
This statement is to be read in conjunction with the accompanying notes.
Consolidated Statement of Movements in Equity for the Year Ended 31 March 2007
2007 2006
$ $
Trust funds at start of period 5,085,993 4,637,829
Net surplus/(deficit) before tax 75,878 448,170
Trust taxes paid or provided - 5
Net surplus/(deficit) after tax 75,878 448,165
Trust funds at end of period 5,161,871 5,085,994
This statement is to be read in conjunction with the accompanying notes.
Consolidated Statement of Accounting Policies and Notes for the Year Ended 31 March 2007
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 325 155 10 years 170 - 31 186 139
Computer software 300 188 3.3 years 112 - 90 278 22
5,749 5,467 282 - 121 5,588 161
(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. As the West Coast Community Trust Charitable Company Limited was wound up as at 31 March 2006, no consolidation has been necessary in regard to the 2007 figures.
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
$
Dennis Straker 5 5 3,415
John Sturgeon 5 5 2,525
Peter Kerridge 5 5 6,110
Tony Sullivan 4 3 2,100
Maurice Roberts 4 3 1,925
Eunice Brown 4 3 2,100
Carol Keoghan 4 4 2,350
Elizabeth Rock 4 4 2,350
Rowan Sullivan 4 3 1,925
Total remuneration paid in the financial year ended 31 March 2007 - $24,800.
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 2007.
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 $1,404,067 is required to be retained to stabilise the original $3 million fund from inflation.
Our current retained earnings is $2,161,871 which leaves $757,804 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 such a way 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 2007 is diversified as follows:
AMP TCNZ Total Actual
Funds Finance
$000 $000 $000 %
New Zealand equities (passive) 226 226 4.4
New Zealand fixed interest (STRIP) 1,330 1,330 26.0
New Zealand fixed interest 1,208 50 1,258 24.6
New Zealand cash 1,262 1,262 24.7
Global equities (FDF EM) 154 154 3.0
Global equities (FDF core) 449 449 8.8
Global equities (passive) 438 438 8.5
5,067 50 5,117 100.0
9. Distributions
$
Distributions made during the year 109,777
Less distributions returned during year 1,351
Net distributions made 108,426
Audit Report
To the Readers of the Financial Statements of West Coast Community Trust
We have audited the financial report of the trust. The financial report provides information about the past financial performance of the West Coast Community Trust and its financial position as at 31 March 2007. 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 as at 31 March 2007 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 acted as the registered office of the West Coast Community Trust Charitable Company Limited, the former wholly-owned subsidiary of the trust. Our firm provided administrative services to the company in relation to this function from time to time prior to its winding up. Our firm has no other interests in the West Coast Community Trust or its former subsidiary, other than as auditor.
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 as at 31 March 2007 and the results of operations for the year ended on that date.
Our audit was completed on 10 August 2007 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, PO Box 190, Hokitika.