29 JUNE NEW ZEALAND GAZETTE 1687

Of this amount $5,975,300 has been actually paid to community groups during the year.

The remainder of $1,133,000 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.

Donations payable at balance date are:
For the 1999/2000 year 1,133,000
For previous years 593,000
1,726,000

16. CAPITAL COMMITMENTS AND CONTINGENT LIABILITIES

Commitments of $550,000 (1999 $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 (1999 Nil).

Audit Report to the Trustees of The Waikato Community Trust Incorporated

We have audited the financial statements. The financial statements provide information about the past financial performance of the group and its financial position as at 31 March 2000. This information is stated in accordance with the accounting policies set out therein.

Board of Trustees’ Responsibilities

The board of trustees are responsible for the preparation of financial statements in accordance with New Zealand law and generally accepted accounting practice, which give a true and fair view of the financial position of the group as at 31 March 2000 and of the results of the operations and cashflows for the year ended 31 March 2000.

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:

(a) the significant estimates and judgements made by the board of trustees in the preparation of the financial statements; and

(b) whether the accounting policies are appropriate to the group circumstances, consistently applied and adequately disclosed.

We conducted our audit in accordance with generally accepted audit 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 financial statements.

Other than in our capacity as auditors, we have no relationship with or interests in the group.

Unqualified Opinion

We have obtained all the information and explanations we have required.

In our opinion the financial statements fairly reflect the financial position of the group as at 31 March 2000 and the results of its operations and cashflows for the year ended 31 March 2000.

Our audit was completed on 6 June 2000 and our unqualified opinion is expressed as at that date.

Deloitte Touche Tohmatsu, Chartered Accountants, Hamilton, New Zealand.

Note: A copy of these financial statements and a full list of 1999-2000 donations are available on request.

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