New Zealand Gazette – 2001 – No. 75

Page 1807

✨ Financial Report and Audit

19 JULY

NEW ZEALAND GAZETTE

1807

11. Investment Income (Net)

	2001	2000
	$	$
Portfolio income-realised and unrealised revenue	(2,352,943)	9,321,011
Less fund management fees and expenses	(242,125)	(176,486)
Total investment income (net)	(2,595,068)	9,144,525

12. Reconciliation of Net Surplus (Deficit) with Net Cash Flow From Operating Activities

	2001	2000
	$	$
Net surplus/(deficit)	(6,228,347)	6,421,195
Add/(deduct) financing items:
Interest expense	55,108	58,289
Add/(deduct) non cash items:
Depreciation	7,384	2,423
Devaluation of investment property	–	83,750
Portfolio investment income reinvested	2,280,863	(9,251,669)
	(3,884,992)	(2,686,012)
Add/(deduct) movements in other working capital items:
Increase)/decrease in accounts receivable	156,669	(56,837)
(Increase)/decrease in prepayments	1,392	(97)
Increase/(decrease) in accounts payable	119,437	(132,293)
Increase/(decrease) in G.S.T.	452	(1,109)
Increase/(decrease) in taxation paid	(26)	(3)
Increase/(decrease) in tax provision	(20,694)	20,694
	257,230	(169,645)
Add(deduct) items classified as an investing activity:
Movement-BT Funds Management (NZ) Limited	(6,352)	86,223
Movement-Tower Asset Management	(4,524)	(19,804)
	(10,876)	66,419
Add(deduct) movements in trust funds:
Donations paid from prior years’ trust fund	(182,195)	(2,530,871)
Net cash flow from operating activities	(3,820,833)	(5,320,109)

13. Subsequent Events After Balance Date

After balance date, the sale of the property at 19 Jarden Mile, Ngauranga, for $1,360,000 became unconditional. The settlement for the property is 25 May 2001.

Audit Report

To the readers of the financial report of Trust Bank Wellington Community Trust and its subsidiary companies (trading as) The Community Trust of Wellington (“the Group”).

We have audited the financial report. The financial report provides information about the past financial performance and its financial position of the Group as at 31 March 2001. This information is stated in accordance with the accounting policies.

Board of Trustees’ Responsibilities

The board of trustees is responsible for the preparation of a financial report which gives a true and fair view of the financial position of the Group as at 31 March 2001 and of the results of operations and cash flows 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 board of 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 board of trustees in the preparation of the financial report; and
● whether the accounting policies are appropriate to the Group’s circumstances, consistently applied and adequately disclosed.

We conducted our audit in accordance with New Zealand auditing standards in. 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 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 Group.

Unqualified Opinion

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

VUW Te Waharoa — NZ Gazette 2001, No 75

Gazette.govt.nz — NZ Gazette 2001, No 75

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✨ LLM interpretation of page content

💰 Trust Bank Wellington Community Trust Financial Performance (continued from previous page)

Domain💰 Finance & Revenue
Dated31 March 2001
KeywordsCommunity Trust, Financial Performance, Donations, Investment Income, Rental Income, GST, Shares, Investments, Financial Instruments, Accounting Policies, Fixed Assets

💰 Audit Report of Trust Bank Wellington Community Trust

Domain💰 Finance & Revenue
KeywordsAudit, Financial Report, Board of Trustees, Accounting Policies, Auditing Standards

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