NEW ZEALAND GAZETTE, No. 87

15 JULY 2004

Of this amount, $5,758,450 has been actually paid to community groups during the year.
The remainder of $290,500 represents donations which will be paid when it is clear to the trust that the project in question will
proceed and any other conditions have been met.
Donations payable at balance date are:

For the 2003/2004 year

290,500

For previous years

412,500

703,000

16. Conflicts of Interest

During the year, trustees and staff were required to declare when they had either a direct or indirect conflict of interest in a
matter being considered by the trust. 106 such interests were recorded during the course of the year (2003 – 63) and a register
of those conflicts is available for inspection at the trust.

17. Meeting Attendance

The trust held 24 formal meetings during the year. The following table records each trustee’s attendances at these formal
meetings:

In addition during the year, trustees were required as part of their role to attend a number of both formal and informal meetings
to represent the trust. During the year, the trust and trustees were invited to 409 separate formal and informal meetings and
functions. The trust was able to achieve representation at approximately 230 of these meetings/functions.

Audit Report to the Trustees of Waikato Community Trust Incorporated

We have audited the financial statements. The financial statements provide information about the past financial performance of
The Waikato Community Trust Incorporated Group and its financial position as at 31 March 2004. This information is stated
in accordance with the accounting policies.

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 group as at 31 March 2004 and 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 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 group’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
group.

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
group as at 31 March 2004 and the results of its operations and cash flows for the year ended on that date.