1970 NEW ZEALAND GAZETTE No. 76

• 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’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.

Unqualified Opinion

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

In our opinion:

• proper accounting records have been kept by the trust as far as appears from our examination of those records; and
• the financial report:
  – complies with generally accepted accounting practice;
  – gives 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 31 May 1996 and our unqualified opinion is expressed as at that date.

DELOITTE TOUCHE TOHMATSU.
Hamilton.

Statement of Financial Performance for the Year Ended 31 March 1996

| Expenses— | | |
| Accountancy/secretarial fees | 31,893 | 48,272 |
| Audit | 3,938 | 2,250 |
| Bank charges | 8 | – |
| Community Trusts Investments Limited—share of costs | 28,785 | 18,894 |
| Conference | 1,360 | 756 |
| Consultants fees | 225 | – |
| General | 3,987 | 614 |
| Donation stationery and advertising | 15,222 | 4,272 |
| Investment advisory services | 266,930 | 89,897 |
| Legal | 338 | 747 |
| Memberships | 338 | 56 |
| Office | 3,186 | – |
| Postage and stationery | 9,261 | – |
| Publications | 1,311 | 4,075 |
| Rent | 2,608 | – |
| Recruitment | 9,735 | – |
| Telephone and tolls | 1,518 | – |
| Travel | 7,965 | 3,576 |
| Trustees fees | 36,646 | 37,050 |
| Wages | 30,050 | – |

| Depreciation | 454,966 | 210,459 |
| Total expenses | 459,856 | 210,459 |

| Net income before donations | 5,823,523 | 4,327,388 |
| Less donations | 1,706,125 | 1,181,025 |

| Net income after donations | 4,117,398 | 3,146,363 |
| Increase (decrease) in market value of investments | 1,366,656 | (964,448) |
| Net surplus | 5,484,054 | 2,181,915 |

Statement of Movements in Equity for the Year Ended 31 March 1996