NEW ZEALAND GAZETTE

No. 118

13. Suspensory Loan

An interest free suspensory loan of $100,000 was made to the Waitara Railway Preservation Society in 2001. 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.

14. Consolidated Financial Statements

The trust has not prepared consolidated financial statements which would include the results and financial position of TSB Bank Ltd. A copy of the financial statements of TSB Bank Ltd are available on request from the office of the trust.

Auditors’ Report

To the Readers of the Financial Statements of the 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 2003. This information is stated in accordance with the accounting policies set out.

Trustees’ Responsibilities

The trustees are responsible for the preparation of financial statements which give a true and fair view of the financial position of the trust as at 31 March 2003 and 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 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 interests in, the trust.

Unqualified Opinion

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

As stated in note 14, the trust has not prepared consolidated financial statements which would include the results and financial position of TSB Bank Ltd. This is a departure from Financial Reporting Standard No. 37 which requires consolidated financial statements to be prepared including all subsidiaries. Had the trust prepared the consolidated financial statements, an estimate of the effect would have been to show a group net surplus after taxation for the year of $17,213,400 and total group accumulated funds of $134,096,000 as at 31 March 2003.

In our opinion:

• proper accounting records have been kept by the trust as far as appears from our examination of those records; and
• except for the effect of the departure from applicable Financial Reporting Standard No. 37 as outlined above, the financial statements:
  • comply with generally accepted accounting practice in New Zealand;
  • give a true and fair view of the financial position of the trust as at 31 March 2003 and the results of its operations and cash flows for the year ended on that date.

Our audit was completed on 21 August 2003 and our unqualified opinion is expressed as at that date.

LANDRIGAN WAITE, Chartered Accountants, New Plymouth.

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Index

A

Airport Authorities (Airport Companies Information Disclosure) Regulations—
Financial statements available
Ardmore Airport Limited: 3214

B

Bankruptcy Notices—
Notices: 3172

Business Development Boards Act—
Business Development Boards (Dissolution) Order: 3196

C

Civil Aviation Act—
Airworthiness directives: 3202

Community Trusts Act—
Annual accounts
The Community Trust of Mid & South Canterbury Inc.: 3214
The Community Trust of Southland: 3221
TSB Community Trust: 3229

Companies Act—
Cessation of business in New Zealand
American Airlines Inc.: 3187