2170 NEW ZEALAND GAZETTE No. 82

Board of Trustees’ Responsibilities

The board of trustees is responsible for the preparation of financial statements, in accordance with New Zealand law and generally accepted accounting practice, which fairly reflects the financial position of The Waikato Community Trust Incorporated as at 31 March 2003 and the results of its operations and cash flows for the year ended 31 March 2003.

Auditors’ Responsibilities

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

• the significant estimates and judgements made by the board of trustees in the preparation of the financial statements; and
• whether the accounting policies are appropriate to The Waikato Community Trust Incorporated’s circumstances, consistently applied and adequately disclosed.

We conducted our audit in accordance with New Zealand Auditing Standards. 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 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 Waikato Community Trust Incorporated.

Unqualified Opinion

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

In our opinion, the financial statements fairly reflect the financial position of The Waikato Community Trust Incorporated 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 18 June 2003 and our unqualified opinion is expressed as at that date.

DELOITTE TOUCHE TOHMATSU, Chartered Accountants, Hamilton, New Zealand.

A copy of these financial statements and a full list of 2002–2003 donations is available on request.

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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 2003

Financial Performance

Income (loss) from investments | (9,474) | (1,988) |

Less:

Administration expenses | 299 | 298 |
Investment management fees | 77 | 34 |
Donations | 1309 | 2124 |
| (1,685) | (2,456) |

Surplus after donations | (11,159) | (4,444) |

Financial Position

Trust funds:

Opening equity | 36,214 | 36,461 |
Capital maintenance reserve | – | 4,197 |
Transferred to trust funds | (11,159) | (4,920) |
Transfers to (from) reserves | – | (4,444) |
| (11,159) | (4,444) |
| 25,055 | 36,214 |

Represented by--
Investments and other assets:

ING | 4,667 | 6,480 |
State Street global assets | 20,321 | 30,344 |
Bank and sundry | 270 | 294 |
| 25,258 | 37,118 |

Less current liabilities:

Donations not uplifted | 182 | 877 |
Accounts payable | 21 | 27 |
| 25,055 | 36,214 |

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

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