NEW ZEALAND GAZETTE

No. 81

13. Suspensory Loan

An interest free suspensory loan of $100,000 was made to the Waitara Railway Preservation Society during the year. The funding is to be used for infrastructure, heritage, tourism and job creation. The loan is secured over the rail with the provision that the mortgage will be suspended after four years if, in the trust’s view, the Waitara Railway Preservation Society has fulfilled certain obligations under the loan.

Auditors’ Report

To the Trustees of TSB Community Trust

We have audited the financial statements. The financial statements provide information about the past financial performance of the trust and its financial position as at 31 March 2002. This information is stated in accordance with the accounting policies set out.

Trustees’ Responsibilities

As trustees you are responsible for the preparation of financial statements which comply with generally accepted accounting practice and present a true and fair view of the financial position of the trust as at 31 March 2002 and its financial performance 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 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 trustees in the preparation of the 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 generally accepted auditing standards in 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 give 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 interest in, the trust.

Unqualified Opinion

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

In our opinion, the financial statements:

• comply with generally accepted accounting practice; and
• present a true and fair view of the financial position of the trust as at 31 March 2002 and its financial performance and cash flows for the year ended on that date.

Our audit was completed on 28 May 2002 and our unqualified opinion is expressed as at that date.

STAPLES RODWAY, Chartered Accountants, New Plymouth.

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Whanganui Community Foundation Incorporated

Community Trusts Act 1999

Whanganui Community Foundation Incorporated

Consolidated Financial Statements for the Year Ended 31 March 2002

Capital maintenance reserve
Transferred to trust funds | 476 | 1,102 |
| | (4,920) | (8,135) |
| | (4,444) | (7,033) |

A full set of audited annual financial statements is available from the Executive Director, P.O. Box 365, Wanganui.

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