2448 NEW ZEALAND GAZETTE No. 101

7. Related Party Transactions
   Bay of Plenty Community Trust Charities Limited (the company) is wholly owned by Bay of Plenty Community Trust Incorporated (the trust). During the year the trust made a beneficiaries income distribution to the company of $14.22 million. No related party debts have been written off or forgiven during the year.

8. Segment Information
   The trust’s only activity is to receive income to allocate for charitable, cultural, philanthropic, recreational and other purposes beneficial to the community, principally in the Bay of Plenty area.

Schedule of Distributions of Income by Way of Donations for the Year Ended 31 March 1999
Donations made by the trust may be summarised as follows:

1998–99 donations round.......................................................... $2,447
Employment initiatives—
Business grow ................................................................. 90
Task Force Green .............................................................. 2
Dillon Scholarship ............................................................ 47
........................................................................... $2,586

(A full list covers a number of pages and is attached to the original of this document. A copy is available on request.)

Audit Report to the Members of the Trust Bank Bay of Plenty Community Trust Incorporated
We have audited the consolidated financial statements. The consolidated financial statements provide information about the past financial performance of Bay of Plenty Community Trust Incorporated and its financial position as at 31 March 1999. 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 present a true and fair view of the financial position of the trust as at 31 March 1999 and of the financial performance and cash flows for the year ended on that date.

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 circumstances of the trust, 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 financial statements.

Other than in our capacity as auditors, we have no relationship with, or interest 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 consolidated financial statements shown:
  • comply with generally accepted accounting practice; and
  • give a true and fair view of the financial position of the trust as at 31 March 1999 and the financial performance and cashflows for the year ended on that date.

Our audit was completed on 5 August 1999 and our unqualified opinion is expressed as at that date.

INGHAM MORA MALCOLM & RASSELL, Chartered Accountants.
Tauranga.
gn6176

The Community Trust Consolidated Financial Statements for the Year Ended 31 March 1999
The Community Trust—Trust Directory for the Year Ended the 31st day of March 1999

Trust Particulars:
The Community Trust was incorporated as a charitable trust in accordance with the provisions of the Trustee Banks Restructuring Act 1988.