NEW ZEALAND GAZETTE

No. 75

14. Related Party Information

Waikato Community Trust Charities Limited (WCTC Limited) is a wholly-owned charitable company established by the trust and will be used to carry out some of the trust’s future activities.
The trust acts as nominee for investments held by WCTC Limited.

15. Donations

On 14 October 1998 the Waikato Times published a list, totalling $5,363,800 which showed all of the donations approved by the trust from the period 1 April 1998 to 14 October 1998. In the period from 15 October to 31 March 1999 the trust has also committed or made the following donations:

These donations bring the total donations for the 1998–99 financial year to $8,217,950. Of this amount $4,344,950 has been actually paid to community groups during the year. The remainder of $3,873,000 represents donations which will be paid when it is clear to the trust that the project in question will proceed and any other conditions have been met.
The total of donations payable at balance date for the 1998–99 and previous years is $2,318,500.

16. Capital Commitments and Contingent Liabilities

Commitments of $6,750,000 exist for donations that have been approved in the current or previous years subject to the fulfilment of certain conditions in future years. These donations which will be distributed from either capital or future income sources have not been recorded in either the statements of financial performance or financial position.
There are no other capital commitments or contingent liabilities at balance date (1998 Nil).

Audit Report to the Trustees of Waikato Community Trust Incorporated

We have audited the consolidated financial statements. The consolidated financial statements provide information about the past financial performance of the group and its financial position as at 31 March 1999. This information is stated in accordance with the accounting policies set out in the statement of accounting policies.

Board of Trustees' Responsibilities

The board of trustees are responsible for the preparation of consolidated financial statements which give a true and fair view of the financial position of the group as at 31 March 1999 and of the results of the operations and cash flows for the year ended 31 March 1999.

Auditors' Responsibilities

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

• the significant estimates and judgments made by the board of trustees in the preparation of the financial statements, and
• whether the accounting policies are appropriate to the group'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 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.