4 NOVEMBER

NEW ZEALAND GAZETTE

3919

Currency Risk

The Trust incurs currency risk as a result of investment in Australian property shares and Australian shares - i.e. gives rise to currency risk in Australian dollars.

Interest Rate Risk

The following investments of the trust are sensitive to changes in interest rate: bank call accounts and term deposits, government and local authority securities, Telenotes, Fletcher Challenge Capital Notes, Housing Corporation, Transpower Bonds and various convertible notes.

Audit Report to the Readers of the Consolidated Financial Statements of the Community Trust of Mid and South Canterbury Inc.

We have audited the financial report on pages 5 to 13 and 15 to 25. The financial report provides information about the past financial performance of the trust and its financial position as at 31 March 1999. The information is stated in accordance with the accounting policies set out on page 10.

Trustees Responsibilities

The 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 1999 and of the results of operations for the year ended 31 March 1999.

Auditor’s Responsibilities

It is our responsibility to express an independent opinion on the financial report 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 financial report. It also includes assessing:

• the significant estimates and judgments made by the trustees in the preparation of the financial report, and
• whether the accounting policies are appropriate to the trust 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 to 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 on pages 5 to 13 and 15 to 25:
  • complies with generally accepted accounting practice;
  • gives a true and fair view of the financial position of trust as at 31 March 1999 and the results of it’s operations for the year ended on that date.

Our audit was completed on 8 July 1999 and our unqualified opinion is expressed as at that date.

MARTIN WAKEFIELD, Auditors.

Timaru.

The Hon. Minister of Finance has directed that the Community Trust of Mid and South Canterbury 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, the Community Trust of Mid and South Canterbury Inc., P.O. Box 983, Timaru, or from the offices of the executive director, Community House, 82–90 Sophia Street, Timaru.

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