New Zealand Gazette – 1999 – No. 101

Page 2454

✨ Financial Statements and Auditors' Report



2454 NEW ZEALAND GAZETTE No. 101

13. Taxation

1999 $000 1998 $000
Net income before taxation as per statement of financial performance 37,739 44,125
Add: non deductible expenditure 325 357
Imputation credits received 425 402
Withholding taxes on investments 214 –
Canterbury Trust House Limited loss 15 –
Less: revaluation of equities (3,088) (13,775)
Allocated as beneficiaries income (21,754) (17,767)
Donations to tax approved entities (12,939) (11,606)
Assessable income for tax purposes 937 1,736
Less: loss carry forward entitlement 0 (170)
Taxable income 937 1,566
Taxation @33 percent 309 517
Less: imputation credits received (425) (402)
Tax credits on overseas dividends (214) (115)
Add: excess imputation credits 330 –
Resident withholding tax – 1,455
Taxation payable (refund) as per the statement of financial position – (1,455)

Auditors’ Report to the Trustees of The Community Trust

We have audited the consolidated financial statements. The consolidated financial statements provide information about the past financial performance and cash flows of the trust and subsidiaries for the year ended 31 March 1999 and their financial position as at that date. This information is stated in accordance with the accounting policies set out therein.

Trustees’ Responsibilities

The trustees are responsible for the preparation and presentation 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 1999 and their financial performance and cash flows for the year ended on that date.

Auditors’ Responsibilities

We are responsible for expressing an independent opinion on the consolidated financial statements presented by the trustees and reporting 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:

(a) the significant estimates and judgments made by the trustees in the preparation of the financial statements; and

(b) whether the accounting policies used and described therein are appropriate to the circumstances of the trust and subsidiaries, 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 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 consolidated financial statements.

We have no relationship with or interests in the trust and subsidiaries other than in our capacity as auditors.

Unqualified Opinion

We have obtained all the information and explanations we have required.

In our opinion:

(a) proper accounting records have been kept by the trust as far as appears from our examination of those records; and

(b) the consolidated financial statements:

(i) comply with generally accepted accounting practice; and

(ii) give a true and fair view of the financial position of the trust and subsidiaries as at 31 March 1999 and their financial performance and cash flows for the year ended on that date.

Our audit was completed on 24 May 1999 and our unqualified opinion is expressed as at that date.

PricewaterhouseCoopers, Chartered Accountants, Christchurch.

PricewaterhouseCoopers, 119 Armagh Street (PO Box 13-244), Christchurch, New Zealand. Telephone: (643) 374 3000. Facsimile: (643) 374 3001.



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✨ LLM interpretation of page content

🏢 The Community Trust Notes to the Financial Statements for the Year Ended the 31st day of March 1999 (continued from previous page)

🏢 State Enterprises & Insurance
Financial Statements, Accounting Policies, Revenue, Expenses, Donations, Trust Funds, Reconciliation, Net Surplus, Operating Cash Flow, Capital Commitments, Investment Property, Fixed Assets, Contingent Liabilities, Segmental Reporting, Related Party, Financial Instruments, Investments, Currency Risk, Interest Rate Risk, Taxation, Net Income, Deductions, Imputation Credits, Withholding Taxes, Loss Carry Forward, Taxable Income, Tax Credits, Resident Withholding Tax

🏢 Auditors' Report to the Trustees of The Community Trust

🏢 State Enterprises & Insurance
24 May 1999
Auditors' Report, Financial Statements, Trustees' Responsibilities, Auditors' Responsibilities, Unqualified Opinion, Generally Accepted Auditing Standards, True and Fair View, Financial Performance, Cash Flows, Financial Position
  • PricewaterhouseCoopers, Chartered Accountants