6 AUGUST NEW ZEALAND GAZETTE 2647

Less non-assessable income (Bay of Plenty Community Trust Charities Limited) ... (732) –
Less unrealised gains/losses—
State Street global advisors ... (2,934) –
Tower portfolio management ... (13) (2,947)

Plus non-deductible expenditure ... 6,494 9,079
Plus imputation credits received ... 248 31

Total taxable income ... 6,745 10,164
Less beneficiaries income from interest—
General ... (2,044)
Less distribution from Bay of Plenty Community Trust Charities Limited ... 659

Bay of Plenty Community Trust Charities Limited ... (1,385) (5,300) 7,043
Total trustees’ income ... 60 3,121
Less trustees’ loss brought forward ... (97)
Assessable trustees’ income/(loss) ... (37) 3,121
Taxation @ 33 percent ... 0 1,030
Less imputation credits received ... (3) (1,054)
Net imputation credits available to convert to loss carried forward ... (3) (24)
Converted to loss (@ 33 percent) of ... (9) (97)
Total loss carried forward ... $(46) $(97)

7. 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.

8. Related Party Transactions

Bay of Plenty Community Trust Charities Limited (the company) is wholly owned by Bay of Plenty Community Trust Incorporated (the trust). During the year the trust made a beneficiaries income distribution to the company of $5.3 million. No related party debts have been written off or forgiven during the year.

9. 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 1998

Donations made by the trust may be summarised as follows:

(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 Bay of Plenty Community Trust Incorporated and its financial position as at 31 March 1998. 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 as at 31 March 1998 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 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 consolidated financial statements. It also includes assessing: