1856 NEW ZEALAND GAZETTE No. 69

Notes to the Financial Statements for the Year Ended 31 March 1995

1. General Policies

The measurement base is that of historical cost. Accrual accounting is used to match expenses and revenues. Reliance is placed on the fact that the trust is a going concern.

2. Particular Accounting Policies

Investments

The TSB Bank Limited shares are stated at par value when gifted:

20,000,000 fully paid shares at 50 cents $10,000,000

The net asset backing at 31 March 1995 was $2.23 per share.

Fixed Assets

Fixed assets are recorded at cost, office equipment will be depreciated on a straight line basis over 4 years.

Changes in Accounting Policies

There have been no changes in accounting policies. All policies have been applied on bases consistent with those used in the previous years.

3. Dividend

The dividend includes $600,000 relating to the final instalment received from the bank for the year ended 31 March 1994 and $250,000 interim dividend for the year ended 31 March 1995.

4. Commitments

At balance date $123,500 has been approved for donations in the 1995–96 financial year.

5. Publishing Requirements

A comprehensive list, itemising all recipients was published in the Taranaki Daily News on the following dates:

First round . . . . . 20 August 1994
Second round . . . . 12 November 1994
Third round . . . . 26 April 1995

A copy of the list of grants is available to anyone upon request (P.O. Box 31, Oakura, Taranaki).

6. Fixed Assets

Auditors’ Report to the Trustees of TSB Community Trust

We have audited the financial statements. The financial statements provide information about the past financial performance of the trust and its financial position as at 31 March 1995. 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 fairly reflect the financial position of the trust as at 31 March 1995 and the results of operations and cash flows for the year ended on that date.

Auditor’s 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 judgments made by the trustees in the preparation of the financial statements; and
• Whether the accounting policies are appropriate to the trust's circumstances, 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 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 we have no relationship with, or interest in, the trust.

Unqualified Opinion

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

In our opinion, the financial statements present a true and fair view of the financial position of the trust as at 31 March 1995 and the results of its operations and cash flows for the year ended on that date.