✨ Financial Statements and Auditors' Report
24 JULY
NEW ZEALAND GAZETTE
2235
Interest Rate Risk
The following investments of the trust are sensitive to changes in interest rates: Bank call accounts and deposits, government and local authority and securities held by fund managers.
Some loans and advances with related parties do not carry interest and therefore do not hold any interest rate risk.
13. Managed Funds Investment
The trust held the following funds at balance date:
| 2003 | 2002 | |
|---|---|---|
| Managed funds (JP Morgan Custodian) | 4,036 | 238,598,231 |
| Managed funds (Tower Trust Custodian) | 386,123,429 | 72,063,611 |
| Managed funds – Priton Offshore | 11,619,694 | – |
| Managed funds – Ashmore EMLIP | 14,409,773 | – |
| Managed funds – Russell Investment Management Limited | – | 108,909,460 |
| Managed funds – AMP Henderson | – | (477,892) |
| Total | 412,156,932 | 419,093,410 |
14. Taxation
| 2003 | 2002 | |
|---|---|---|
| Net income before taxation as per statement of financial performance | 4,998,201 | 540,295 |
| Add non deductible expenditure: | ||
| Imputation credits received | 198,419 | 314,629 |
| 571,642 | 505,034 | |
| Withholding taxes on investments | 21,570 | 180,755 |
| Canterbury Trust House Limited loss | 202,214 | 227,611 |
| Revaluation of equities | 3,287,771 | 8,112,841 |
| Charitable company exemption | 1,412,411 | 7,131,414 |
| Less Donations to tax approved entities | (9,144,343) | (14,889,368) |
| Assessable income for tax purposes | 1,547,885 | 2,123,211 |
| Less loss carry forward entitlement | (1,265,424) | (1,310,488) |
| Taxable income | 282,461 | 812,723 |
| Taxation @ 33% | 93,212 | 268,199 |
| Less imputation credits received | – | (505,034) |
| Tax credits on New Zealand and overseas dividends | (571,642) | (180,755) |
| Resident withholding tax | (188) | (259) |
| Foreign tax credits on overseas dividends | (21,570) | – |
| Add excess imputation credits | 500,000 | 417,590 |
| Taxation payable (refund) as per the statement of financial position | (188) | (259) |
| Excess imputation credits converted to loss carry forward ($417,590) | 1,515,151 | 1,265,424 |
| Canterbury Trust House Limited losses to carry forward | 912,526 | 710,312 |
| Consolidated losses to carry forward | 2,427,677 | 1,975,736 |
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 2003 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 2003 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.
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2003, No 85
Gazette.govt.nz —
NZ Gazette 2003, No 85
✨ LLM interpretation of page content
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Notes to the Financial Statements for the Year Ended 31 March 2003
(continued from previous page)
💰 Finance & Revenue26 May 2003
Community Trust, Financial Statements, Investment Income, Commissions, Expenses, Donations, Trust Funds