1868
NEW ZEALAND GAZETTE
No. 75

7. Taxation

Net surplus after donations .................................................. $9,078,769
Less non assessable distribution to Bay of Plenty Community Trust Charities Limited .... (7,043,371)
Net surplus before taxation ................................................. 2,035,398
Add: non deductible expenditure ............................................. 31,434
Imputation credits received ................................................. 1,054,118
Assessable income for tax purposes .......................................... 3,120,950
Taxation @ 33 percent ..................................................... 1,029,913
Less: imputation credits received ........................................... 1,054,118
Net imputation credits available to convert to loss carried forward ............... $(24,205)

Imputation credits of $24,205 converted to loss carried forward = $96,820 (at extra emolument rate for 31 March 1997 year of 25 percent)

8. Goods and Services Tax

The trust is not registered for goods and services tax purposes. Accordingly, these financial statements are stated on a G.S.T. inclusive basis.

9. Related Party Transactions

Bay of Plenty Community Trust Charities Limited ("the company") is wholly owned by Trust Bank Bay of Plenty Community Trust Incorporated ("the trust").

During the year the trust made a beneficiaries income distribution to the company of $7,043,371.

No related party debts have been written off or forgiven during the year.

10. Segment Information

The trust’s only activity is to receive income to allocate for charitable, cultural, philanthropic, recreational and other purposes beneficial to the community, principally in the Bay of Plenty area.

Schedule of Distributions of Income by Way of Donations for the Year Ended 31 March 1997

Donations made by the trust may be summarised as follows:

Special projects ....................................................... $61,250
1996–97 donations round .................................................. 2,133,101
Employment initiatives—
Business grow ...................................................... 85,750
Task Force Green ................................................... 99,847
Dillon Memorial Scholarship ........................................ 9,250
$2,389,198

(A full list covers a number of pages and is attached to the original of this document. A copy is available on request.)

Audit Report to the Members of the Trust Bank Bay of Plenty Community Trust Incorporated

We have audited the consolidated financial statements. The consolidated financial statements provide information about the past financial performance of Trust Bank Bay of Plenty Community Trust Incorporated and its financial position as at 31 March 1997. This information is stated in accordance with the accounting policies set out.

Trustees’ Responsibilities

The trustees are responsible for the preparation of consolidated financial statements which present a true and fair view of the financial position of the Trust Bank Bay of Plenty Community Trust Incorporated as at 31 March 1997 and of the results of operations and cash flows for the year ended on that date.

Auditors’ Responsibilities

It is our responsibility to express an independent opinion on the consolidated financial statements presented by the trustees and statements our opinion to you.

Basis of Opinion

An audit includes examining, on a test basis, evidence relevant to the amounts and disclosures in the consolidated financial statements. It also includes assessing:

• the significant estimates and judgments made by the trustees in the preparation of the consolidated financial statements, and
• whether the accounting policies are appropriate to Trust Bank Bay of Plenty Community Trust Incorporated’s circumstances, consistently applied and adequately disclosed.

We conducted our audit in accordance with generally accepted auditing standards in New Zealand. 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 give reasonable assurance that the consolidated financial statements are free from material