✨ Financial Statements and Audit Report
23 JULY NEW ZEALAND GAZETTE 2219
Interest Rate Risk
The following investments of the trust are sensitive to changes in interest rates: Bank call accounts and deposits, governments and local authority and securities held by fund managers.
Loans and advances with related parties do not carry interest and therefore do not hold any interest rate risk.
12. Taxation:
| 1998 $ | 1997 $ | |
|---|---|---|
| Net income before taxation as per statement of financial performance | 44,125,235 | 37,227,796 |
| Add: non deductible expenditure | 356,997 | 145,752 |
| Imputation credits received | 402,187 | 4,137,658 |
| Canterbury Trust House Limited loss non deductible | – | 6,093 |
| Less: revaluation of equities | (13,774,939) | – |
| Allocated as beneficiaries income | (17,767,105) | (22,913,047) |
| Donations to tax approved entities | (11,606,227) | (6,194,864) |
| Assessable income for tax purposes | 1,736,148 | 12,409,388 |
| Less: loss carry forward entitlement | (170,242) | – |
| Taxable income | 1,565,906 | 12,409,388 |
| Taxation @33 percent | 516,749 | 4,095,098 |
| Less: imputation credits received | (402,187) | (4,137,658) |
| Tax credits on overseas dividends | (114,562) | – |
| Taxation as per statement of financial performance | – | – |
| Excess imputation credits | – | (42,560) |
| Converted to loss to carry forward | – | (128,970) |
| Voluntary tax paid | – | 20,941 |
| Resident withholding tax | 1,454,600 | 4,712,174 |
| Taxation payable (refund) as per the statement of financial position | $(1,454,600) | $(4,733,115) |
Auditors' Report
We have audited the consolidated financial statements. The consolidated financial statements provide information about the past financial performance and financial position of the trust and subsidiaries as at 31 March 1998. This information is stated in accordance with the accounting policies set out therein.
Trustees' Responsibilities:
The trustees are responsible for the preparation of the consolidated financial statements which give a true and fair view of the financial position of the trust and subsidiaries as at 31 March 1998 and the results of its operations and cash flows for the year ended on that date.
Auditors' Responsibilities:
It is our responsibility to express an independent opinion on the 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 financial statements. It also includes assessing:
- the significant estimates and judgments made by the trustees in the preparation of the financial statements; and
- whether the accounting policies are appropriate to the trust and subsidiaries’ circumstances, and are 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 to provide us with sufficient evidence to give reasonable assurance that the financial statements are free of 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 interests 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 and subsidiaries as far as appears from our examination of those records; and
- the consolidated financial statements
- comply with generally accepted accounting practice; and
- give a true and fair view of the financial position of the trust and subsidiaries as at 31 March 1998 and the results of their operations and cash flows for the year ended on that date.\n
Our audit was completed on 16 June 1998 and our unqualified opinion is expressed as at that date.
COOPERS & LYBRAND, Chartered Accountants, Christchurch, New Zealand.
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VUW Te Waharoa —
NZ Gazette 1998, No 95
NZLII —
NZ Gazette 1998, No 95
✨ LLM interpretation of page content
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Financial Statements of The Community Trust
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💰 Finance & RevenueFinancial Statements, Revenue, Donations, Trust Funds, Canterbury, Nelson, Marlborough
💰 Auditors' Report on Financial Statements
💰 Finance & Revenue16 June 1998
Audit, Financial Statements, Trust Funds, Accounting Standards
- COOPERS & LYBRAND, Chartered Accountants, Christchurch, New Zealand