New Zealand Gazette – 2002 – No. 131

Page 3536

✨ Financial Statements and Audit Report



NEW ZEALAND GAZETTE

No. 131

The years in which these commitments fall due are as follows:

Year ending 31 March
Year ending 31 March 2002 – 2,774,131
Year ending 31 March 2003 5,283,724 1,839,131
Year ending 31 March 2004 40,000 839,128
Year ending 31 March 2005 40,000 –
Year ending 31 March 2006 40,000 –
Year ending 31 March 2007 5,443,724 –
Total 5,443,724 5,452,390

16. Related Party Transactions

During the year, the group purchased legal services from Preston Russell Law to the value of $5,562.11. One of the group’s trustees, Warwick Cambridge, is a partner of Preston Russell Law. Warwick Cambridge retired as a trustee as at 31 May 2001.

17. Tax Calculation

2002 2001
Net surplus/(deficit) before taxation as per statement of financial performance 470,785 3,732,673
Less: Charitable business exemption 1,866,081 1,956,550
Dividend income on black-list – 165,264
Tax refund included in income – 43,635
Realised gains loss on black-list 569,423 2,303,920
Unrealised gains on NZ equities 2,435,504 4,469,369
(1,964,719) (736,696)
Add: FIF income – 2,334,720
Unrealised loss on black-list – 134,464
Unrealised loss on NZ equities – 986,804
Unrealised loss on grey equities 12,854,750 11,388,610
Reversal of unrealised loss on currency hedging (31/03/00) – 218,175
Non deductible expenditure 483,082 486,949
Imputation credits received 125,678 98,510
NRWT credits received – 57,535
Total taxable income 13,463,510 15,705,767
Less: Allocation of beneficiaries' income to the charitable company (5,800,000) (11,500,000)
Allocation of beneficiaries' income to tax exempt entities (4,718,060) (2,351,805)
Total trustees' income (10,518,060) (13,851,805)
Less: Tax losses brought forward ($1,019,106): amount claimed 980,731 1,117,266
Assessable income for tax purposes (980,731) (1,178,263)
– (60,997)
Taxation at 33% – –
Less: Imputation credits received – –
Foreign tax credits on overseas dividends – –
Resident withholding tax – –
Taxation payable/refund due – –
Excess imputation credits converted to loss to carry forward (380,841) (298,515)
Current year loss to carry forward (loss brought forward from 2001 unclaimed) (38,375) (60,997)
Total loss to carry forward (419,216) (359,512)

Audit Report

To the Readers of the Financial Statements 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 2002. This information is stated in accordance with the accounting policies set.

Trustees' Responsibilities

The trustees are responsible for the preparation of financial statements which give a true and fair view of the financial position of the trust as at 31 March 2002 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.



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Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2002, No 131


Gazette.govt.nz — PDF NZ Gazette 2002, No 131




✨ LLM interpretation of page content

💰 Consolidated Financial Statements of The Community Trust of Southland (continued from previous page)

💰 Finance & Revenue
Community Trust, Financial Performance, Trust Funds, Financial Position, Southland

💰 Related Party Transactions

💰 Finance & Revenue
Legal Services, Preston Russell Law, Warwick Cambridge, Trustee
  • Warwick Cambridge, Trustee and partner of Preston Russell Law

💰 Tax Calculation

💰 Finance & Revenue
Tax Calculation, Net Surplus, Charitable Business Exemption, Dividend Income, Tax Refund

💰 Audit Report

💰 Finance & Revenue
Audit Report, Financial Statements, Trustees' Responsibilities, Auditors' Responsibilities