✨ Financial Report and Audit
NEW ZEALAND GAZETTE
No. 119
Financial Summary
| Less Allocation of beneficiaries’ income to the charitable company | (11,500,000) | (10,500,000) |
| Allocation of beneficiaries’ income to tax exempt entities | (2,351,805) | (95,000) |
| (13,851,805) | (10,595,000) | |
| Total trustees’ income | 1,117,266 | 1,235,335 |
| Less Tax losses brought forward | (1,178,263) | (710,242) |
| Assessable income for tax purposes | (60,997) | 525,093 |
| Taxation at 33% | – | 173,281 |
| Less Imputation credits received | 98,510 | (433,487) |
| Foreign tax credits on overseas dividends | 57,535 | (128,621) |
| Resident withholding tax | – | (10,604) |
| Taxation payable/refundable due | – | (399,431) |
Made up of:
| Resident withholding tax refunded | – | (10,604) |
| Excess imputation credits | (98,510) | (388,827) |
| | (98,510) | (399,431) |
Excess imputation credits converted to loss to carry forward | (298,515) | (1,178,263) |
Current year loss to carry forward | (60,997) | – |
Total loss to carry forward | (359,512) | (1,178,263) |
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 2001. This information is stated in accordance with the accounting policies set.
Trustees’ Responsibilities
The trustees are responsible for the preparation of financial statements which gives a true and fair view of the financial position of the trust as at 31 March 2001 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 trust’s 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; and
- give a true and fair view of the financial position of the trust as at 31 March 2001 and the results of its operations and cash flows for the year ended on that date.
Our audit was completed on 30 July 2001 and our unqualified opinion is expressed as at that date.
WARD WILSON, Invercargill.
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2001, No 119
Gazette.govt.nz —
NZ Gazette 2001, No 119
✨ LLM interpretation of page content
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Tax Calculation
(continued from previous page)
💰 Finance & RevenueTax Calculation, Charitable Business Exemption, Dividend Income, Tax Refund, FIF Income, Imputation Credits, NRWT Credits, RWT Credits
🏢 Audit Report of the Community Trust of Southland
🏢 State Enterprises & Insurance30 July 2001
Audit Report, Financial Statements, Community Trust, Southland
- WARD WILSON, Invercargill