NEW ZEALAND GAZETTE

No. 70

8. Events Subsequent to Balance Date

On the 27 May 1996 the trust sold its share holding in Trust Bank New Zealand Limited to Westpac Holdings NZ Limited and invested it with Tower Portfolio Management as per our investment policy.

9. Financial Instruments

All financial instruments held by the trust are recorded in the statement of financial position. The financial instruments comprise equity securities, discounted securities, deposits and cash. Concentrations of credit risk arise as a result of holding equity securities as investments. These are subject to the normal market risk associated with investments of this nature. There are no significant differences between the fair value and book value of financial instruments.

Nominees of the trust hold 100% of the shares in Wellington Community Trust Charities Limited on behalf of the trust. This shareholding comprises 2 shares on which the capital is uncalled. The company has not traded and no accounts have been prepared for it.

Audit Report

To the readers of the financial report of Trust Bank Wellington Community Trust.

We have audited the financial report. The financial report provides information about the past financial performance of Trust Bank Wellington Community Trust and its financial position as at 31 March 1996. This information is stated in accordance with the accounting policies set out in the notes to the financial statements.

Board of Trustees’ Responsibilities

The board of trustees is responsible for the preparation of a financial report which fairly reflects the financial position of the Trust Bank Wellington Community Trust as at 31 March 1996 and of the results of operations for the year ended 31 March 1996.

Auditor’s 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 statements. It also includes assessing:

• the significant estimates and judgements made by the board of trustees in the preparation of the financial report, and
• whether the accounting policies are appropriate to the Trust Bank Wellington Community 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. We obtained 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 statements.

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

Unqualified Opinion

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

In our opinion the financial report give a true and fair view of the financial position of the Trust Bank Wellington Community Trust as at 31 March 1996 and the results of its operations and cash flows for the year ended on that date.

Our audit was completed on 21 June 1996 and our unqualified opinion is expressed as at that date.

SPICER & OPPENHEIM, Chartered Accountants.
Wellington, New Zealand.

A schedule of Distribution of Income by way of grants is available on request at the office of the trust, Level Nine, BDO House, 99–105 Customhouse Quay, or by Telephone (04) 499 7966.

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Index

A

Australia New Zealand Food Authority Act 1991—
Food Standards: 1766.

B

Bankruptcy Notices—
Notices: 1720, 1721.
Burial and Cremation Act—
Reserves Districts
Taranua: 1761

C

Casino Control Act—
Rules of Casino Table Games, Amendment No. 3: 1758.
Civil Aviation Act—
Exemption notices: 1761.
Notification of ordinary rules
Aircraft registration and marking: 1761.
Companies Act—
Amalgamation of companies: 1742.

Business Development Boards Act—
Appointments to business development boards: 1746.