1 AUGUST

NEW ZEALAND GAZETTE

2039

Shares—Mt Cook Marketing Limited ..................................................................... $ Nil value
.......................................................................................................... $27,002

13. Subsequent Events

Subsequent to balance date the trust sold its shares in Trust Bank New Zealand Limited on the open market for $2.98 realising $32,087,148 net.

Audit Report

To the readers of the financial report of Trust Bank South Canterbury Community Trust Inc.:

We have audited the financial report. The financial report provides 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.

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 1996 and of the results of operations and cash flows for the year ended 31 March 1996.

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 the normal course of business and 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 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 12 July 1996 and our unqualified opinion is expressed as at that date.

MARTIN WAKEFIELD, Auditors.
Timaru.

The Hon. Minister of Finance has directed that the Trust Bank South Canterbury Community Trust Inc. need not publish the full list of its donations but a copy of the list is available to anyone upon request to the chairperson, Trust Bank South Canterbury Community Trust Inc., P.O. Box 591, Timaru, or from the office of the secretary, 39 George Street, Timaru, or from any branch of Trust Bank South Canterbury.

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