28 OCTOBER 2004

NEW ZEALAND GAZETTE, No. 138

3441

24. Subsequent Events

Subsequent to 31 March 2004, the following events took place which readers of the financial statements need to be aware:

Gas Hornby Limited was placed into receivership by Invest South Limited. Due to directors’ assessment of the company’s position post balance date, the full value of the loan has been written off as a doubtful debt as recovery of any portion of the debt is regarded as doubtful.

Audit Report

To the Trustees of the Community Trust of Southland

We have audited the financial statements. The financial statements provide information about the past financial performance and financial position of the trust and the group as at 31 March 2004. 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 and group as at 31 March 2004 and the results of their 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;
• whether the accounting policies are appropriate to the trust’s and group’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 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.

Our firm carries out other assignments for the trust and certain of its subsidiaries in the area of grant audits. The firm has no other interest in the trust or any of its subsidiaries.

Unqualified Opinion

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

In our opinion:

• proper accounting records have been kept by the trust as far as appears from our examination of those records;
• the financial statements:
  – comply with New Zealand generally accepted accounting practice; and
  – give a true and fair view of the financial position of the trust and group as at 31 March 2004 and the results of their operations and cash flows for the year ended on that date.\n
  Our audit was completed on 31 August 2004 and our unqualified opinion is expressed as at that date.

WARD WILSON, Invercargill.

(A list of all distributions of income and capital approved by The Community Trust of Southland during the year ended 31 March 2004 is available, on request, from the trust’s office.)

gs6553

Index

A

Animal Products Act—
Animal products notices available: 3394

B

Bankruptcy Notices—
Notices: 3378

C

Charitable Trusts Act—
Approval of a scheme
Auckland War Amputees’ Association Inc: 3393
Children, Young Persons, and Their Families Act—
Relinquishment of approval of a community service
Te Akatea Iwi Tauawhi Trust: 3394

Civil Aviation Act—
Airworthiness directives: 3423

Community Trusts Act—
Annual accounts
The Community Trust of Southland: 3431

Companies Act—
Amalgamation of companies
Pfizer New Zealand Ltd./Warner Lambert NZ Ltd./Warner Lambert Consumer Healthcare Pty Ltd.: 3393
Cessation of business in New Zealand
Blackmores Ltd.: 3387
Howden Australia Pty Ltd.: 3387
Persons prohibited from managing companies: 3393
Removals
Baydoch Designs Ltd.: 3384
Brackenhead Orchard Ltd.: 3386
Canaan Foods Ltd.: 3385