New Zealand Gazette – 2004 – No. 85

Page 2148

✨ Financial Statements and Auditors' Report



2148 NEW ZEALAND GAZETTE, No. 85 8 JULY 2004

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.

13. Managed Funds Investment

The trust held the following funds at balance date:

Managed funds 2004 2003
Managed funds – Custodian Settlements – 4,036
Managed funds – NZ Cash 151,721,125 176,233,435
Managed funds – NZ Fixed Interest 115,877,740 88,954,222
Managed funds – NZ Equities 31,660,671 32,043,616
Managed funds – NZ Property 2,072,891 –
Managed funds – Australasian Equities 30,873,240 19,213,042
Managed funds – Australasian Property Equities 5,127,866 8,358,789
Managed funds – Global Bonds 44,616,142 53,681,710
Managed funds – Global Equities 25,410,995 –
Managed funds – Emerging Market Debt 9,512,482 11,619,694
Managed funds – Alternative Assets 26,332,256 7,638,615
Managed funds – Mortgage Backed Securities – 14,409,773
Total 443,205,408 412,156,932

14. Taxation

2004 2003
Net income before taxation as per statement of financial performance 43,388,937 4,998,201
Add non deductible expenditure:
Imputation credits received 150,554 198,419
Withholding taxes on investments 505,192 571,642
Canterbury Trust House Limited loss 50,161 21,570
Revaluation of equities 188,757 202,214
(11,435,357) 3,287,771
Charitable company exemption (21,288,957) 1,412,411
Gain on Revaluation of Investment Properties (401,630) –
Less Donations to tax approved entities (9,350,307) (9,144,343)
Assessable income for tax purposes 1,807,350 1,547,885
Less loss carry forward entitlement (1,515,152) (1,265,424)
Taxable income 292,198 282,461
Taxation @ 33% 96,426 93,212
Less imputation credits received (505,192) (571,642)
Resident withholding tax (153) (188)
Foreign tax credits on overseas dividends (50,161) (21,570)
Add excess imputation credits 458,928 500,000
Taxation payable (refund) as per the statement of financial position (153) (188)
Excess imputation credits converted to loss carry forward ($458,928) – –
Canterbury Trust House Limited losses to carry forward 1,390,689 1,515,152
1,101,283 912,526
Consolidated losses to carry forward 2,491,972 2,427,678

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 2004 and their financial position as at that date. This information is stated in accordance with the accounting policies set out in Note 1.

Trustees’ Responsibilities

The trustees are responsible for the preparation and presentation of the consolidated financial statements which present fairly the financial position of the trust and subsidiaries as at 31 March 2004, 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 consolidated 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.


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Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2004, No 85


Gazette.govt.nz — PDF NZ Gazette 2004, No 85




✨ LLM interpretation of page content

💰 Financial Instruments (continued from previous page)

💰 Finance & Revenue
Financial instruments, Investments, Market value, Accounts receivable, Accounts payable, Currency risk, Hedging

💰 Interest Rate Risk

💰 Finance & Revenue
Interest rate risk, Investments, Bank call accounts, Government securities

💰 Managed Funds Investment

💰 Finance & Revenue
Managed funds, Investment, Financial statements, Custodian Settlements, NZ Cash, NZ Fixed Interest, NZ Equities, NZ Property, Australasian Equities, Australasian Property Equities, Global Bonds, Global Equities, Emerging Market Debt, Alternative Assets, Mortgage Backed Securities

💰 Taxation

💰 Finance & Revenue
Taxation, Net income, Imputation credits, Withholding taxes, Revaluation of equities, Charitable company exemption, Donations, Assessable income, Taxable income, Taxation payable, Foreign tax credits, Excess imputation credits

💰 Auditors’ Report to the Trustees of The Community Trust

💰 Finance & Revenue
Auditors' report, Financial statements, Trustees' responsibilities, Auditors' responsibilities, Independent opinion, Accounting policies, Financial performance, Cash flows, Financial position