New Zealand Gazette – 2001 – No. 119

Page 3133

✨ Financial Statements and Audit Report



6 SEPTEMBER

NEW ZEALAND GAZETTE

3133

Asset Cost Depn to date Estimated Life Opening Value Depn Accum Depn Closing Book Value
$ $ $ $ $ $
Typewriter 2,019 2,019 5 years – – 2,019 –
Photocopier 2,756 2,756 5 years – – 2,756 –
Fax machine 349 122 5 years 227 70 192 157
5,124 4,897 227 70 4,967 157

(d) Goods and Services Tax

The trust is exempt from registration for Goods and Services Tax under section 14 (b) of the Goods and Services Tax Act.

These financial statements have therefore been prepared on a G.S.T. inclusive basis.

  1. Taxation

The taxable position of the trust for the year can be summarised as follows:

$ $
Net income for year 88,492
Add timing differences 83,321
Less tax exempt distributions to beneficiaries:
– 28 April 2000 38,501
– 24 October 2000 60,345
98,846
WCC Trust Charitable Company Limited 45,763 144,609
Net taxable income for year 27,204
Tax at 33c 8,977
Less dividend imputation credits 4,402
Dividend resident withholding tax 258 4,660
Net taxation payable 4,317
  1. Changes in Accounting Policies

Investments are now recorded at net realisable value and apart from this there been no other material changes in accounting policies.

Audit Report

To the Readers of the Financial Statements of West Coast Community Trust

We have audited the financial report of the trust which provides 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 out.

Trustees’ Responsibilities

The trustees are responsible for the preparation of a financial report which gives a true and fair view of the financial position of the trust as at 31 March 2001 and of the results of operations for the year ended 31 March 2001.

Auditors’ Responsibilities

It is our responsibility to express an independent opinion on the financial report 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 report. It also includes assessing:

• the significant estimates and judgements made by the trustees in the preparation of the financial report; and
• whether the accounting policies are appropriate to the trust’s circumstances, 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 financial report is 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 report.

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 as far as appears from our examination of those records; and
• the financial report
– complies with generally accepted accounting practice; and
– gives a true and fair view of the financial position of the company as at 31 March 2001 and the results of its operations for the year ended on that date.\n
Our audit was completed on 16 July 2001 and our unqualified opinion is expressed as at that date.

WILDING SMITH & CO, Hokitika.



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Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2001, No 119


Gazette.govt.nz — PDF NZ Gazette 2001, No 119




✨ LLM interpretation of page content

🏢 West Coast Community Trust Income and Expenditure Account for the Year Ended 31 March 2001 (continued from previous page)

🏢 State Enterprises & Insurance
Income and Expenditure, Financial Statements, West Coast Community Trust
  • WILDING SMITH & CO, Hokitika