✨ Financial Statements and Audit Report
31 JULY NEW ZEALAND GAZETTE 1959
- Fixed Assets
| 1997 Cost $000 | Accum. Depn. $000 | Book Value $000 | 1996 Book Value $000 | |
|---|---|---|---|---|
| Office equipment | 27 | 16 | 11 | 8 |
| Furniture and fittings | 24 | 5 | 19 | 14 |
| $51 | $21 | $30 | $22 |
- Financial Instruments
The financial instruments are subject to an interest rate risk.
The investment portfolios are treated as lump sum investments. The fund managers or custodians manage both the credit risk and foreign exchange risk.
No comparison is provided between the carrying value and estimated fair value of financial instruments, due to the carrying value reflecting market price.
| New Zealand— | 1997 $000 | 1996 $000 |
|---|---|---|
| Bonds and deposits | 112,991 | 44,116 |
| Equities | 14,106 | 66,171 |
| 127,097 | 110,287 |
| Overseas— | | |
| Bonds and deposits | 12,617 | 11,219 |
| Equities | 16,822 | 15,139 |
| | 29,439 | 26,358 |
| Total— | | |
| Bonds and deposits | 126,568 | 55,335 |
| Equities | 30,928 | 81,310 |
| | $157,496 | $136,645 |
- Contingent Liabilities
Contingent liabilities at 31 March 1997 consist of donations approved but not disbursed of $2.748 million (1996: $nil).
Audit Report
To the Trustees of Trust Bank Otago Community Trust
We have audited the consolidated financial statements. The consolidated financial statements provide information about the past consolidated financial performance of the trust and its consolidated financial position as at 31 March 1997. This information is stated in accordance with the accounting policies set out.
Trustees’ Responsibilities
The trustees are responsible for the preparation of consolidated financial statements which give a true and fair view of the consolidated financial position of the trust as at 31 March 1997 and of the consolidated results of operations and cash flows for the year ended 31 March 1997.
Auditors’ Responsibilities
It is our responsibility to express an independent opinion on the consolidated 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 consolidated financial statements. It also includes assessing:
- the significant estimates and judgments made by the trustees in the preparation of the consolidated 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 consolidated 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 consolidated financial statements.
Our firm carries out other assignments for the trust in the area of special consultancy projects. The firm has no other interest in the trust.
Unqualified Opinion
We have obtained all the information and explanations we have required. In our opinion:
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NZ Gazette 1997, No 79
✨ LLM interpretation of page content
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Notes to the Consolidated Financial Statements for the Year Ended 31 March 1997
(continued from previous page)
💰 Finance & RevenueAccounting Policies, Financial Statements, Fixed Assets, Financial Instruments, Contingent Liabilities, Audit Report, Trust Bank Otago Community Trust
💰 Audit Report for Trust Bank Otago Community Trust
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