1574

Hamilton Truancy Services
5,000

Waikato Society of Arts
(2,500)

Social Service Waikato Trust
15,000

Music and Art Waikato Trust
15,000

Waikato Sports Leaders Group
1,000

Taumarunui Kokiri Trust
1,000

Morrinsville Seniornet
500

Philanthropy New Zealand
15,000

Hot Water Beach Lifeguard Service
7,000

Asia 2000 Foundation
3,000

Total donations for the year
14,937,550

Represented by:

Donations paid from income
12,770,000

Donations paid from donation reserve
2,167,550

14,937,550

Of this amount, $13,954,550 has been actually paid to community groups during the year.

The remainder of $1,343,000 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 2000/2001 year
1,343,000

For previous years
382,000

1,725,000

16. Capital Commitments and Contingent Liabilities

Commitments of $1,500,000 (2000 – $550,000) 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 (2000 – Nil).

Audit Report to the Board of Trustees of 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 2001. This information is stated in accordance with the accounting policies
set out therein.

Board of Trustees’ Responsibilities

The Trustees are responsible for the preparation of financial statements, in accordance with New Zealand law and generally
accepted accounting practice, which fairly reflect the financial position of the group as at 31 March 2001 and of the results of
its operations and cashflows for the year ended 31 March 2001.

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 judgements 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 New Zealand Auditing Standards. 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 auditor, we have no relationship with or interests in the group.

Unqualified Opinion

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

In our opinion, the financial statements fairly reflect the financial position of the group as at 31 March 2001 and the results of
its operations and cashflows for the year ended on that date.

Our audit was completed on 8 June 2001 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 2000–2001 donations are available on request.

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