1876

NEW ZEALAND GAZETTE

No. 75

9. Reconciliation of Net Surplus with Net Cash Flow from Operating Activities

Net surplus .................................................. 29,252,393 888,131
Add/(deduct) non cash items:
Depreciation ............................................. 1,175 1,160

Add/(deduct) movements in other working capital items:
(Increase)/decrease in accounts receivable ............... (141,864) 940
(Increase)/decrease in prepayments ..................... (1,519) –
(Increase)/decrease in accounts payable ............... 54,147 (6,875)
(Increase)/decrease in interest receivable ............. 6,082 (186)
(83,154) (6,121)
Less items classified as an investing activity:
Income—Tower Corporation Holdings Limited ............ 15,420 (742,008)
Net cash flow from operating activities ................. $29,185,834 $141,162

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 1997. 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 1997 and of the results of operations and cash flows for the year ended 31 March 1997.

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 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 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 report.

Other than in our capacity as auditors we have no relationship with or interests in the Trust Bank Wellington Community Trust, other than having provided consultancy services during the year.

Unqualified Opinion

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

In our opinion the financial report fairly reflects the financial position of the Trust Bank Wellington Community Trust as at 31 March 1997 and the results of its operations and cash flows for the year ended on that date.

Our audit was completed on 25 June 1997 and our unqualified opinion is expressed as at that date.

SPICER & OPPENHEIM, Chartered Accountants.

Wellington.

A copy of the 1996–97 annual report and a schedule of distribution of income by way of donations is available on request at the office of the trust, Level Four, Guardian Assurance House, 111–115 Customhouse Quay, or by Telephone: (04) 499 7966.

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