1862 NEW ZEALAND GAZETTE No. 69

6. Capital Commitments

There are no capital commitments (1994 Nil).

7. Fixed Assets

8. Contingent Liabilities

There are no contingent liabilities (1994 Nil) apart from donation commitments as per note 3.

9. Segmental Reporting

The trust operates as a charitable trust in the Canterbury, Marlborough and Nelson areas. As all operations occur within New Zealand, segmental reporting is not required.

10. Related Party

The trust’s bankers, Trust Bank Canterbury Limited, is a subsidiary of Trust Bank New Zealand Limited. In the normal course of business the trust has been paid $589,736 (1994 $104,274) of interest. At balance date the bank balances held at Trust Bank Canterbury Limited are $5,865,236 (1994 $23,134,906).

11. Financial Instruments

Investments are stated at estimated market value at balance date. Accrued interest, accounts payable, community loans and donations approved not yet paid are stated at the amounts expected to be received or paid.

Accordingly, the trustees consider that the fair value of each class of financial assets and financial liabilities is the same as the carrying value in the balance sheet.

Concentration of Credit Risk

Ninety percent of the assets of the trust are represented by the investment in Trust Bank New Zealand Limited shares and term investments with Trust Bank Canterbury Limited. However the trustees consider the risk of non-recovery of these investments to be minimal.

12. Trust Bank Community Trust’s Disaster Relief Fund

Detailed below is the trust’s share of the disaster relief fund which was established by way of a donation in the 1990 financial year. During the year the trust’s share has been repaid and included in sundry income.

Audit Report to the Members of Trust Bank Canterbury Community Trust Inc.

We have audited the attached consolidated financial statements. The consolidated financial statements provide information about the past financial performance of the Trust Bank Canterbury Community Trust Inc. and its financial position as at 31 March 1995. This information is stated in accordance with the accounting policies included therein.

Trustees’ Responsibilities

The trustees are responsible for the preparation of consolidated financial statements which fairly reflect the financial position of the Trust Bank Canterbury Community Trust Inc. as at 31 March 1995 and of the results of its operations and cash flows for the year ended on that date.

Auditors’ Responsibilities

It is our responsibility to express an independent opinion on the consolidated 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 consolidated financial statements. It also includes assessing:

• the significant estimates and judgments 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, 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...