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Updated 5 Sep 2006

Annual Report 2003

Presented to the House of Representatives pursuant to Section 93B of the Government Superannuation Fund Act 1956, October 2003.

Table of contents

  • Reports of the Government Superannuation Fund Authority for the Year Ended 30 June 2003
    • Matters Relating to the Electronic Presentation of the Audited Financial Statements
    • Chairman’s Report
    • Statement of Governance and Accountability
    • Statement of Responsibility
    • Statement of Service Performance
    • Statement of Financial Performance
    • Statement of Financial Position
    • Statement of Cash Flows
    • Statement of Movement in Public Equity
    • Statement of Commitments
    • Statement of Contingent Liabilities
    • Statement of Accounting Policies
    • Notes to the Financial Statements
    • Report of the Auditor-General
    • Directory
  • Reports of the Government Superannuation Fund for the Year Ended 30 June 2003
    • Authority’s Report
    • Regulatory Statement
    • Statement of Responsibility
    • Investment Commentary
    • Membership Commentary
    • Statement of Changes in Net Assets
    • Statement of Net Assets
    • Statement of Cash Flows
    • Judges Superannuation Account
    • Parliamentary Superannuation Account
    • Statement of Accounting Policies
    • Notes to the Financial Statements
    • Report of the Auditor-General
    • Statement of Investment Policies, Standards, and Procedures
    • Directory

Download: gsfa-annualreport-2003.pdf (2.2 MB) (74 pages)

Report of the Auditor-General to the Readers of the Financial Statements of the Government Superannuation Fund

For the Year Ended June 2003

We have audited the financial statements on pages 41 to 56. The financial statements provide information about the past financial performance of the Government Superannuation Fund and its financial position as at 30 June 2003. This information is stated in accordance with the accounting policies set out on pages 46 to 48.

Responsibilities of the Government Superannuation Fund Authority Board

The Government Superannuation Fund Act 1956 requires the Government Superannuation Fund Authority Board to prepare financial statements, in accordance with generally accepted accounting practice, which fairly reflect the net assets of the Government Superannuation Fund as at 30 June 2003, the changes in its net assets and cash flows for the year then ended.

Auditor's Responsibilities

Section 15 of the Public Audit Act 2001 and section 93A(2) of the Government Superannuation Fund Act 1956 requires the Auditor General to audit the financial statements presented by the Board. It is the responsibility of the Auditor-General to express an independent opinion on the financial statements and report that opinion to you.

The Auditor-General has appointed Michael Wilkes, of Deloitte Touche Tohmatsu, to undertake the audit.

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 Board in the preparation of the financial statements; and
  • whether the accounting policies are appropriate to the Government Superannuation Fund's circumstances, consistently applied and adequately disclosed.

We conducted our audit in accordance with the Auditing Standards published by the Auditor-General, which incorporate the 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 give 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.

Other than in our capacity as auditor acting on behalf of the Auditor-General, we have no relationship with or interests in the Government Superannuation Fund.

Unqualified Opinion

We have obtained all the information and explanations we have required.

In our opinion the financial statements of the Government Superannuation Fund on pages 41 to 56:

  • comply with generally accepted accounting practice in New Zealand; and
  • fairly reflect:
    • the net assets of the Government Superannuation Fund as at 30 June 2003; and
    • the changes in its net assets and cash flows for the year ended on that date.

Our audit was completed on 19 September 2003 and our unqualified opinion is expressed as at that date.

Michael Wilkes
Deloitte Touche Tohmatsu
On behalf of the Auditor-General
Wellington, NZ

Matters Relating to the Electronic Presentation of the Audited Financial Statements

This audit report relates to the financial statements of the Government Superannuation Fund for the year ended 30 June 2003 included on the Government Superannuation Fund Authority website. The Government Superannuation Fund Authority Board is responsible for the maintenance and integrity of the Authority's website. We have not been engaged to report on the integrity of the Authority’s website. We accept no responsibility for any changes that may have occurred to the financial statements since they were initially presented on the website.

The audit report refers only to the financial statements named above. It does not provide an opinion on any other information which may have been hyperlinked to/from these financial statements. If readers of this report are concerned with the inherent risks arising from electronic data communication they should refer to the published hard copy of the audited financial statements and related audit report dated 2 September 2003 to confirm the information included in the audited financial statements presented on this website.

Legislation in New Zealand governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.