3228

NEW ZEALAND GAZETTE

No. 118

Add: FIF income
Unrealised loss on black-list country equities
Unrealised loss on NZ equities
Unrealised loss on grey-list equities
Reversal of unrealised loss on currency hedging (31/03/00)
Non deductible expenditure
Imputation credits received
Withholding tax
Total taxable income
Less: Allocation of beneficiaries’ income to the charitable company
Allocation of beneficiaries’ income to tax exempt entities

–
–
475,160
–
–
453,975
268,869
162
1,198,166
(19,389,257)
–
(1,183,800)
(1,183,800)
(20,573,057)
–
(20,573,057)
–
–
(814,755)
(20,573,057)
(419,216)
(21,807,028)

–
–
–
12,854,750
–
483,082
125,678
–
13,463,510
11,498,791
(5,800,000)
(4,718,060)
(10,518,060)
980,731
(980,731)
–
–
–
(380,841)
–
(38,375)
(419,216)

Total trustees’ income/(loss)
Less: Tax losses brought forward ($419,216): amount claimed
Assessable income for tax purposes
Taxation at 33%
Taxation payable/refund due
Excess imputation credits converted to loss to carry forward
Current year loss to carry forward
Loss brought forward from 2002 unclaimed
Total loss to carry forward

Audit Report

To the Readers of the Financial Statements of the Community Trust of Southland

We have audited the financial statements. The financial statements provide information about the past financial performance and financial position of the trust and the group as at 31 March 2003. This information is stated in accordance with the accounting policies set out.

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 and group as 31 March 2003 and the results of their 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.

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 financial statements;
● whether the accounting policies are appropriate to the trust’s and group’s circumstances, consistently applied and adequately disclosed.

We conducted our audit in accordance with New Zealand Auditing Standards issued by the Institute of Chartered Accountants of 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 obtain reasonable assurance that the 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 financial statements.

Our firm has also provided other services to the trust and certain of its subsidiaries in relation to grant reviews. Partners and employees of our firm may deal with the trust and group on normal terms within the ordinary course of business with the trust and group. These matters have not impaired our independence as auditors of the trust and group. The firm has no other interest in the trust or any of its subsidiaries.

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;
● the financial statements:
– comply with New Zealand generally accepted accounting practice; and
– give a true and fair view of the financial position of the trust and group as at 31 March 2003 and the results of their operations and cash flows for the year ended on that date.

Our audit was completed on 15 August 2003 and our unqualified opinion is expressed as at that date.

WARD WILSON, Invercargill.

———————

(A list of all distributions of income and capital approved by The Community Trust of Southland during the year ended 31 March 2003 is available, on request, from the trust’s office.)

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