2194 NEW ZEALAND GAZETTE No. 89

7. Trust capital

Balance as at 1 April 44,320 44,320
Balance as at 31 March 44,320 44,320

8. Other expenditure

9. Financial instruments

Currency risk
All financial instruments are held in New Zealand and therefore the trust is not subject to currency risk.

Interest rate risk
The trust invests in securities that are subject to interest rate risk. The trust actively monitors this risk and changes asset allocations and maturity profiles accordingly.

Credit risk
The trust owns financial instruments that are subject to credit risk. No collateral is required in respect of financial assets. The maximum credit risk exposure to the trust is the value of investments as disclosed in the financial statements.

Fair values
All financial instruments are carried at market value.

Audit Report

To the Trustees of ASB Bank Community Trust:

We have audited the financial statements comprising the statement of income and expenditure, the statement of movement in trust funds, the balance sheet, the statement of cash flows and the notes to these financial statements. The financial statements provide information about the past financial performance of the trust and its financial position as at 31 March 2000. This information is stated in accordance with the accounting policies in the notes to these financial statements.

Trustees’ responsibilities
The trustees are responsible for the preparation of financial statements which give a true and fair view of the financial position of the trust as at 31 March 2000 and the results of its operations and cash flows for the year ended on that date.

Auditors’ responsibilities
It is our responsibility to express an independent opinion on the financial statements presented by the trustees and report our opinion.

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 judgements made by the trustees in the preparation of the financial statements;
• Whether the accounting policies are appropriate to the trust’s circumstances, consistently applied and adequately disclosed.

We conducted our audit in accordance with New Zealand Auditing Standards issued by the Institute of Chartered Accountants of 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 obtain 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 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;
• The financial statements:
  (a) comply with New Zealand generally accepted accounting practice;
  (b) give a true and fair view of the financial position of the trust as at 31 March 2000 and the results of its operations and cash flows for the year ended on that date.\n
  Our audit was completed on 29 May 2000 and our unqualified opinion is expressed as at that date.

KPMG, Auckland.