11 JULY NEW ZEALAND GAZETTE 2101

Add/(deduct) items classified as an investing activity:
Movement-BT Funds Management (NZ) Limited (404,959) (6,352)
Movement-Tower Asset Management 8,962 (4,524)
(395,997) (10,876)

Add/(deduct) movements in trust funds:
Donations paid from prior years’ trust fund (257,250) (182,195)
Net cash flow from operating activities (2,743,356) (3,820,833)

14. Events After Balance Date

Since balance date, there has been a change in fund managers. The investments are now managed by BT Funds Management Limited and New Zealand Guardian Trust Funds Management Limited.

Audit Report

To the readers of the financial report of The Community Trust of Wellington and its subsidiary companies.

We have audited the financial report. The financial report provides information about the past financial performance and its financial position of The Community Trust of Wellington and its subsidiary companies as at 31 March 2002. This information is stated in accordance with the accounting policies.

Board of Trustees’ Responsibilities

The board of trustees is responsible for the preparation of a financial report which gives a true and fair view of the financial position of The Community Trust of Wellington and its subsidiary companies as at 31 March 2002 and of the results of 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 report 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 report. It also includes assessing:

• the significant estimates and judgements made by the board of trustees in the preparation of the financial report; and
• whether the accounting policies are appropriate to The Community Trust of Wellington and its subsidiary companies’ circumstances, consistently applied and adequately disclosed.

We conducted our audit in accordance with New Zealand auditing standards in. 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 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 information in the financial report.

Our firm carries out other assignments for The Community Trust of Wellington and its subsidiary companies in the area of special consultancy projects. Other than in our capacity as auditor, we have no other relationship with or interest in The Community Trust of Wellington and its subsidiary companies.

Unqualified Opinion

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

In our opinion:

• proper records have been kept by The Community Trust of Wellington and its subsidiary companies as far as appears from our examination of those records; and
• the financial report:
  • complies with generally accepted accounting practice;
  • gives a true and fair view of the financial position of The Community Trust of Wellington and its subsidiary companies as at 31 March 2002 and the results of its operations and cash flows for the year ended on that date.

Our audit was completed on 6 June 2002 and our unqualified opinion is expressed as at that date.

GRANT THORNTON, Wellington.

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A copy of the complete annual report, which includes a list of the successful recipients for the 2001/2002 financial year, is available on request from the office of the trust at Level One, 28 Grey Street, Wellington, or by phoning (04) 499 7966.

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