NEW ZEALAND GAZETTE

26 JULY

1857

2001
$000

2000
$000

Movements in working capital items—
Increase/(decrease) in creditors
(Increase)/decrease in debtors
Increase/(decrease) in income tax payable
Effect of rounding
Increase in stock
(Increase) in accrued interest
Net cashflow from operating activities

37
(9)
(88)
–
(8)
(35)
(103)
(65)

11
3
88
(1)
–
–
101
(655)

10. Contingent Liabilities

Contingent liabilities at 31 March 2001 consist of donations approved but not disbursed of $8,127,326 (2000 $4,283,665).

11. Loan to Dunedin Community House Trust (Inc.)

The loan was advanced interest free in December 1999. It has a ten year term. Trustees have agreed that the commencement date for principal repayments can be extended from December 2000 to December 2001.

Audit Report

To the Trustees of The Community Trust of Otago Consolidated

We have audited the consolidated financial statements. The consolidated financial statements provide information about the past consolidated financial performance of The Community Trust of Otago and its consolidated financial position as at 31 March 2001. This information is stated in accordance with the accounting policies.

Trustees' Responsibilities

The trustees are responsible for the preparation of consolidated financial statements which give a true and fair view of the consolidated financial position of the Trust as at 31 March 2001, and the results of its consolidated operations and cashflows for the year ended on that date.

Auditors' Responsibilities

It is our responsibility to express an independent opinion on the consolidated financial statements 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 statements. It also includes assessing:

• the significant estimates and judgements made by the trustees in the preparation of the consolidated financial statements;
  and
• 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 consolidated 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 consolidated financial statements.

Our firm carries out other assignments for the Trust in the area of special consultancy projects. The firm has no other interests in the Trust.

Unqualified Opinion

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

In our opinion, the consolidated financial statements:

• comply with New Zealand generally accepted accounting practice; and
• give a true and fair view of the consolidated financial position of the Trust as at 31 March 2001 and the results of its consolidated operations and cashflows for the year ended on that date.

Our audit was completed on 14 June 2001 and our unqualified opinion is expressed as at that date.

TAYLOR MCLACHLAN, Dunedin.

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