New Zealand Gazette – 1998 – No. 107

Page 2648

✨ Community Trust Financial Statements



NEW ZEALAND GAZETTE
No. 107

  • 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 the circumstances of the trust, 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 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 statements.

Other than in our capacity as auditors, we have no relationship with, or interest in the trust.

Unqualified Opinion
We have obtained all the information and explanations we have required. In our opinion:

  • proper accounting records have been kept by the trust as far as appears from our examination of those records; and
  • the consolidated financial statements shown:
    – comply with generally accepted accounting practice; and
    – give a true and fair view of the financial position of the trust as at 31 March 1998 and the results of its operations and cash flows for the year ended on that date.

Our audit was completed on 24 June 1998 and our unqualified opinion is expressed as at that date.

INGHAM MORA MALCOLM & RASSELL, Chartered Accountants.
Tauranga.

The Community Trust of Wellington

Trustee Banks Restructuring Act 1988

Trust Bank Wellington Community Trust and its Subsidiary Company (trading as The Community Trust of Wellington)

Consolidated Statement of Financial Performance for the Year Ended 31 March 1998

Notes 1998 $ 1997 $
Income—
Investment income (net) 8,025,585 8,699,737
Interest—trust bank money market 15,551 104,528
Donations returned 10,000 1,500
Profit on sale of Trust Bank New Zealand shares 5 — 24,602,905
Other — 785
Total income 8,051,136 33,379,455
Less expenses—
Auditors’ fees 5,237 1,975
Depreciation 2,079 1,175
Donations expenses 27,279 20,637
Occupancy costs 16,031 17,428
Operating costs 91,144 62,718
Staff expenses 61,027 42,106
Trustee expenses 9,298 5,019
Trustee fees 39,980 22,257
Total expenses 252,075 173,315
Net surplus before donations 7,799,061 33,206,140
Less donations 3,602,166 2,059,405
Net surplus transferred to trust funds 4,196,895 31,146,735

Consolidated Statement of Movements in Trust Funds for the Year Ended 31 March 1998

1998 $ 1997 $
Trust funds at 1 April 1997 44,568,855 37,478,962
Plus—
Net surplus 4,196,895 31,146,735
Trust funds at 31 March 1998 48,765,750 68,625,697


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✨ LLM interpretation of page content

🏢 Bay of Plenty Community Trust Incorporated Annual Report for the Year Ended 31 March 1998 (continued from previous page)

🏢 State Enterprises & Insurance
24 June 1998
Community Trust, Annual Report, Charitable Trust, Bay of Plenty, Financial Summary
  • INGHAM MORA MALCOLM & RASSELL, Chartered Accountants

🏢 The Community Trust of Wellington Financial Performance and Fund Movements

🏢 State Enterprises & Insurance
Financial Statements, Trust Funds, Donations, Investment Income, Wellington