2022 NEW ZEALAND GAZETTE No. 85

1999 1998
$ $
Beyond 5 years ... - 18,280
$150,470 $187,030

A 6 year renewal option exists.

9. Segmental Reporting
The trust operates as a charitable trust distributing funds to the community in the Central North Island region.

10. Financial Instruments
Financial instruments include short-term deposits, New Zealand bonds and investments in managed funds both within New Zealand and overseas.

10.1 Credit Risk
The trustees regularly review their investment strategy. The investment strategy ensures an appropriate diversification of investments so that the trust has no significant concentration of counterparty or credit risk.

10.2 Fair Values
The trust has recorded its financial assets and liabilities at current market values, which represent estimated fair values and credit risk exposure.

10.3 Currency Risk
The trust has exposure to currency risk through its investments in offshore equities and bonds. Offshore bonds are covered by forward exchange contracts.

10.4 Credit Facilities
The trust has no credit facilities.

10.5 Interest Rate Risk
The trust investments in fixed rate securities are subject to interest rate risk.

11. Net Current Assets
Cash, bank deposits and accrued income are expected to be realised within 12 months. All liabilities are due within 12 months.

Audit Report
To the trustees of Trustbank Eastern and Central Community Trust Inc

We have audited the consolidated financial report. The consolidated financial report provides information about the past financial performance of Trustbank Eastern and Central Community Trust Inc group (the trust) 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 a consolidated financial report which fairly reflects the financial position of the trust as at 31 March 1999 and of the results of operations and cash flows for the year ended 31 March 1999.

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

• the significant estimates and judgments made by the trustees in the preparation of the consolidated financial report, 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. We obtained sufficient evidence to give reasonable assurance that the consolidated 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 consolidated financial report.

During the year we performed an internal audit of donations. Other than in our capacity as auditors and internal auditors of donations 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 the consolidated financial report fairly reflects the financial position of the trust as at 31 March 1999 and the results of its operations and cash flows for the year ended on that date.

Our audit was completed on 30 June 1999 and our unqualified opinion is expressed as at that date.