1800

NEW ZEALAND GAZETTE

No. 75

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. The current investment policy requires full hedging of currency risk for overseas bonds and 50% hedging of currency risk for overseas equities. This is managed by fund managers with a range of tolerance.

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 Eastern & Central Community Trust Inc.

We have audited the consolidated financial report on pages 5 to 13. The consolidated financial report provides information about the past financial performance and financial position of Eastern & Central Community Trust Inc. group (the trust) as at 31 March 2001. This information is stated in accordance with the accounting policies set out on pages 9 and 10.

Trustees’ Responsibilities

The trustees are responsible for the preparation, in accordance with New Zealand law and generally accepted accounting practice, of a financial report which gives a true and fair view of the financial position of the trust as at 31 March 2001 and of the results of its operations and cash flows for the year ended 31 March 2001.

Auditors’ Responsibilities

It is our responsibility to express an independent opinion on the 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 judgements 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 consider necessary in order to provide us with sufficient evidence to give reasonable assurance that the 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 the information in the financial report.

Other than in our capacity as auditors, 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 on pages 5 to 13 fairly reflects the financial position of the trust as at 31 March 2001 and the results of its operations and cash flows for the year ended on that date.

Our audit was completed on 26 June 2001 and our unqualified opinion is expressed as at that date.

DENT ROBERTSON & PARTNERS
Chartered Accountants
Hastings, New Zealand

Schedule of Community Payments for the Year Ended 31 March 2001
Donations by Region

An itemised list of all donations is available at www.ecct.org.nz or free of charge from the Trust Manager, Eastern & Central Community Trust Inc., P.O. Box 1058, Hastings.

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