29 AUGUST NEW ZEALAND GAZETTE 3401

(d) Goods and Services Tax

The group 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.

(e) Consolidation

The West Coast Community Trust and its subsidiary charitable company, West Coast Community Trust Charitable Company Limited, have been consolidated using the purchase method of consolidation.

4. Taxation

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

Less: Non assessable profit – tracker | 3,082 |
Tax exempt distributions to beneficiaries:

• May and November 2001 | 21,406 |
• WCC Trust Charitable Company Limited | 142,672 |
  | 167,160 |

Net taxable income for year | 21,640 |
Tax at 33c | 7,141 |
Less: Dividend imputation credits | 3,741 |
Resident withholding tax | 1,535 |
Foreign tax credits | 1,865 |
| 7,141 |
Net taxation payable | Nil |

5. Changes in Accounting Policies

There have been no material changes in accounting policies.

Audit Report

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

We have audited the consolidated financial report. The financial report provides information about the past financial performance and financial position of the West Coast Community Trust and group as at 31 March 2002. This information is stated in accordance with the accounting policies set out in the financial report.

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 West Coast Community Trust and group as at 31 March 2002 and of the results of operations for the year ended on that date.

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 West Coast Community Trust and group circumstances, consistently applied and adequately disclosed.

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

The offices of Wilding Smith & Co act as the registered office of West Coast Community Trust Charitable Company Limited, a wholly-owned subsidiary of the trust.

Our firm provides administrative services to the company in relation to this function. The firm has no other interests in the West Coast Community Trust or its subsidiary.

Unqualified Opinion

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

In our opinion:
• proper accounting records have been kept by the West Coast Community Trust as far as appears from our examination of those records; and
• the financial report:
– complies with generally accepted accounting practice; and