2142 NEW ZEALAND GAZETTE, No. 85 8 JULY 2004

14.4 Credit Facilities

The trust has no credit facilities.

14.5 Interest Rate Risk

The trust investments in fixed rate securities are subject to interest rate risk.

15. Net Current Assets

Cash, bank deposits and accrued income are expected to be realised within 12 months. All liabilities are due within 12 months.

Audit Report

To the Trustees of Eastern & Central Community Trust Inc.
We have audited the consolidated financial report. The consolidated financial report provides information about the past financial performance and financial position of Eastern & Central Community Trust Inc. group (the trust) as at 31 March 2004. This information is stated in accordance with the accounting policies set out in the consolidated financial report.

Trustees’ Responsibilities
The trustees are responsible for the preparation, in accordance with New Zealand law and generally accepted accounting practice, of a financial report which gives a true and fair view of the financial position of the trust as at 31 March 2004 and of the results of its operations and cash flows for the year ended 31 March 2004.

Auditors’ Responsibilities
It is our responsibility to express an independent opinion on the financial report 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 report. It also includes assessing:

• the significant estimates and judgements made by the trustees in the preparation of the financial report; 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 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.

Other than our capacity as auditors, 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:

• proper accounting records have been kept by the trust as far as appears from our examination of those records; and
• the consolidated financial report
  – complies with generally accepted accounting practice in New Zealand;
  – gives a true and fair view of the financial position of the trust as at 31 March 2004 and the results of its operations and cash flows for the year ended on that date.

Our audit was completed on 24 June 2004 and our unqualified opinion is expressed as at that date.

DENT ROBERTSON & PARTNERS
Chartered Accountants
Hastings, New Zealand

Schedule of Community Payments for the Year Ended 31 March 2004

Donations by Region

An itemised list of all donations is available at www.ecct.org.nz or free of charge from the Trust Manager, Eastern & Central Community Trust Inc., P.O. Box 1058, Hastings.