New Zealand Gazette – 2002 – No. 81

Page 2172

✨ Financial Statements and Audit Report



2172 NEW ZEALAND GAZETTE No. 81

13. Managed Funds Investment

The trust held the following funds at balance date:

2002 2001
Managed funds (JP Morgan Custodian) 258,598,231 439,684,440
Managed funds – Tower Asset Management 72,063,611 –
Managed funds – Russell Investment Management Limited 108,909,460 –
Managed funds – AMP Henderson (477,892) –
419,093,410 439,684,440

14. Taxation

2002 2001
Net income before taxation as per statement of financial performance 540,295 4,010,824
Add non deductible expenditure:
Imputation credits received 314,629 343,078
Withholding taxes on investments 505,034 432,461
Canterbury Trust House Limited loss 180,755 193,914
Less revaluation of equities 227,611 221,791
Adjustment for beneficiaries’ income 8,112,841 18,225,833
Donations to tax approved entities 7,131,414 (8,679,076)
(14,889,368) (12,076,069)
Assessable income for tax purposes 2,123,211 2,672,756
Less loss carry forward entitlement (1,310,488) (2,101,642)
Taxable income 812,723 571,114
Taxation @ 33% 268,199 188,468
Less imputation credits received (505,034) (432,461)
Tax credits on New Zealand and overseas dividends (180,755) (188,468)
Resident withholding tax (259) (301)
Add excess imputation credits 417,590 432,461
Taxation payable (refund) as per the statement of financial position (259) (301)
Excess imputation credits converted to loss carry forward ($417,590) 1,265,424 1,310,488
Canterbury Trust House Limited losses to carry forward 710,312 482,701
Consolidated losses to carry forward 1,975,736 1,793,189

Auditors’ Report to the Trustees of The Community Trust

We have audited the consolidated financial statements. The consolidated financial statements provide information about the past financial performance and cash flows of the trust and subsidiaries for the year ended 31 March 2002 and their financial position as at that date. This information is stated in accordance with the accounting policies set out therein.

Trustees’ Responsibilities

The trustees are responsible for the preparation and presentation of the consolidated financial statements which give a true and fair view of the financial position of the trust and subsidiaries as at 31 March 2002 and their financial performance and cash flows for the year ended on that date.

Auditors’ Responsibilities

We are responsible for expressing an independent opinion on the consolidated financial statements presented by the trustees and reporting 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 consolidated financial statements; and
  • whether the accounting policies are appropriate to the circumstances of the trust and subsidiaries, 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 to provide us with sufficient evidence to give reasonable assurance that the consolidated 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 consolidated financial statements.

We have no relationship with or interests in the trust and subsidiaries other than in our capacity as auditors.

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 and subsidiaries as far as appears from our examination of those records; and
  • the consolidated financial statements:
    – comply with generally accepted accounting practice in New Zealand; and


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Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2002, No 81


Gazette.govt.nz — PDF NZ Gazette 2002, No 81




✨ LLM interpretation of page content

💰 Notes to the Financial Statements for the Year Ended 31 March 2002 (continued from previous page)

💰 Finance & Revenue
Financial statements, reconciliation, cashflow, capital commitments, investment properties, fixed assets, contingent liabilities, segmental reporting, related party, financial instruments

💰 Managed Funds Investment Details

💰 Finance & Revenue
Managed funds, investments, financial performance, JP Morgan, Tower Asset Management, Russell Investment Management, AMP Henderson

💰 Taxation Details and Reconciliation

💰 Finance & Revenue
Taxation, financial performance, imputation credits, withholding taxes, taxable income, tax credits, financial position

💰 Auditors’ Report to the Trustees of The Community Trust

💰 Finance & Revenue
Audit report, financial statements, trustees' responsibilities, auditors' responsibilities, unqualified opinion, accounting records, financial position, financial performance, cash flows