2064 NEW ZEALAND GAZETTE No. 75

Trustees’ Report for the Year Ended 31 March 1995

Income

Dividends of $3,231,800 (1994: $2,105,426) were received by the Trust Bank Waikato Community Trust from Trust Bank New Zealand Limited during the 1995 year.

Other income amounted to $1,306,047 (1994: $144,673) being income from other investments held by the trust. Other investments include $17,798,028 in sale proceeds resulting from the sale in 1994 of 15 percent of the shares held in Trust Bank New Zealand Limited.

Donations

Donations for the 1995 year totalled $1,181,025 (1994: $900,830). This represents a 23.7 percent increase over the previous year. These donations were made to 2212 recipients.

Trust Funds

The net surplus of $2,181,915 (1994: $16,017,615) was transferred to trust funds, along with an adjustment to recognise the market value of the shares held in Trust Bank New Zealand Limited. This gave an accumulated balance of $115,519,085 (1994: $133,271,370) at the end of the year.

General

The trust remains in a sound position to continue to provide charitable, cultural, philanthropic and recreational benefits within its area of operation.

Auditors’ Report to the Readers of the Financial Report of Trust Bank Waikato Community Trust

We have audited the financial report. The financial report provides information about the past financial performance and financial position of the Trust Bank Waikato Community Trust as at 31 March 1995. This information is stated in accordance with the accounting policies set out.

Board of Trustees’ Responsibilities

The board of trustees are responsible for the preparation of a financial report which gives a true and fair view of the financial position of the trust as at 31 March 1995 and of the results of their operations and cash flows for the year ended 31 March 1995.

Auditors’ Responsibilities

It is our responsibility to express an independent opinion on the financial report presented by the board of 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 report. It also includes assessing:

• the significant estimates and judgments made by the board of trustees in the preparation of the financial report, 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 report is 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 report.

Other than in our capacity as auditors we have no relationship with or interests in the Trust Bank Waikato Community Trust.

Unqualified Opinion

We have obtained all the information that we have required.

In our opinion the financial report fairly reflects the financial position of the Trust Bank Waikato Community Trust as at 31 March 1995 and the results of their operations and cash flows for the year ended on that date.

Our audit was completed on 12 May 1995 and our unqualified opinion is expressed as at that date.

DELOITTE TOUCHE TOHMATSU.
Hamilton.

Income and Expenditure Account for the Year 31 March 1995