1846 NEW ZEALAND GAZETTE No. 73

scholarships to assist the people of the Bay of Plenty. In 1995 the trust returned $1.1 million to the Bay of Plenty, and that is likely to be substantially increased. This sale will see the Bay of Plenty Trust set on a sound financial base with a diversified portfolio of investments which will ensure the continuation of support to communities in this region for the future.

3. The Community: The Bay of Plenty community can be proud of trust bank which has provided a wonderful legacy for future generations of the Bay. The trustees live and work in the Bay of Plenty and are anxious to ensure a significant donation flow to the wide range of community organisations.

Signed by All the Trustees
Robert Tait, J. Murray Black, Terrence A. Currie, Stewart J. Edward, Peter T. Howard, H. P. Jones, Egan E. Ogier, Margaret E. Rex-Benner, Brian J. Scantlebury, Glenys P. Searancke, Tim Te Heuheu, Lyall Thurston and Margaret B. Townshend.

Audit Report to the Members of the Trust Bank Bay of Plenty Community Trust Incorporated

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 1996. 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 present a true and fair view of the financial position of the trust as at 31 March 1996 and of the results of operations and cash flows for the year ended on that date.

Auditors’ 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 auditors, we have no relationship with, or interest in the trust.

Unqualified Opinion
In our opinion, the financial statements present a true and fair view of the financial position of the 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 19 June 1996 and our unqualified opinion is expressed as at that date.

INGHAM MORA MALCOLM & RASSELL, Chartered Accountants.
Tauranga.
e/n564

Trust Bank Canterbury Community Trust Inc.

Trustee Banks Restructuring Act 1988

Consolidated Financial Statements for the Year Ended 31 March 1996

Trust Directory for the Year Ended 31 March 1996

Trust Particulars:
The Trust Bank Canterbury Community Trust Inc. was incorporated as a charitable trust in accordance with the provisions of the Trustee Banks Restructuring Act 1988. The purpose of the community trust is to provide charitable, cultural, philanthropic and recreational benefits to the community.

Date of Trust Deed:
30 May 1988.

Settlor:
Minister of Finance.

Trustees:
I. D. Howell (Chairperson), V. S. Buck, J. C. Bedwell, B. P. Duncan, Sir Hamish Hay (retired 31 May 1995), P. H. Malone, J. M. McKendry, J. L. Palmer, R. H. Scott, F. J. Smith, H. C. Sutton (retired 31 May 1995), R. J. Todd, M. W. Wisheart and N. A. Allan (appointed 1 June 1995).