3140 NEW ZEALAND GAZETTE No. 123

Taxation at 33% 173,281 363,180
Less Imputation credits received (433,487) (494,665)
Foreign tax credits on overseas dividends (128,621) (102,894)
Resident withholding tax (10,604) (43,635)
Taxation payable/refundable and excess imputation credits (399,431) (278,014)
Made up of:
Resident withholding tax refunded (10,604) (43,635)
Excess imputation credits (388,827) (234,379)
(399,431) (278,014)
Excess imputation credits converted to loss to carry forward (1,178,263) (710,242)
Total loss to carry forward (1,178,263) (710,242)

Audit Report

To the readers of the financial report of the Community Trust of Southland

We have audited the financial statements that provide information about the past financial performance of the trust and its financial position as at 31 March 2000. This information is stated in accordance with the accounting policies set.

Trustees’ responsibilities

The trustees are responsible for the preparation of financial syatements which gives a true and fair view of the financial position of the trust as at 31 March 2000 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 judgements made by the trustees in the preparation of the financial statements;
• whether the accounting policies are appropriate to the trustees’ circumstances, consistently applied and adequately disclosed.

We conducted our audit in accordance with New Zealand Auditing Standards issued by the Institute of Chartered Accountants of 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 obtain reasonable assurance that the 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.

Partners and employees of our firm may deal with the trust on normal terms within the ordinary course of business with the trust. Our firm has no other interest in the trust.

Unqualified opinion

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

In our opinion the financial statements:

• comply with generally accepted accounting practice;
• give a true and fair view of the financial position of the trust as at 31 March 2000 and the results of its operations and cash flows for the year ended on that date.

Our audit was completed on 21 August 2000 and our unqualified opinion is expressed as at that date.

WARD WILSON, Invercargill.

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Index

B

Bankruptcy Notices—
Notices: 3096, 3097, 3098

C

Casino Control Act—
Rules of casino table games
Amendments
No. 7: 3124
Charitable Trusts Act—
Dissolution of charitable trusts: 3122
Civil Aviation Act—

Airworthiness directives: 3125
Community Trusts Act—
The Community Trust of Southland: 3134
Companies Act—
Amalgamation of companies
Les Whitty Consultants Ltd.: 3119
Software Education Asia Pacific Ltd.: 3119
Software Education Associates Ltd.: 3119
Software Education Ltd.: 3119
Zelko New Zealand Ltd.: 3119
Cessation of business in New Zealand
CIC Insurance Ltd.: 3112