14 JULY 2005

NEW ZEALAND GAZETTE, No. 108

2603

3. Investments (at cost)

An interest free suspensory loan of $100,000 was made to the Waitara Railway Preservation Society in 2001. The funding was to be used for infrastructure, heritage, tourism and job creation. The loan was 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 fulfilled certain obligations under the loan. The loan was suspended on 7 December 2004.

4. Other Income

5. Commitments and Contingent Liabilities

At balance date, $NIL has been approved for donations in the 2005/2006 financial year (2004 – $NIL).

6. Financial Instruments

Financial instruments that potentially have credit risk are cash, accrued interest, and accrued charges. The maximum credit risk exposure at balance date is the carrying value of the bank, accrued interest, and accrued charges. This is also the fair value.

7. Income Tax

The trust has income tax losses of $531,191 (2004 – $468,303) available to be carried forward and set off against future assessable income.

8. Publishing Requirements

A comprehensive list itemising all recipients was published in the Taranaki Daily News on the following dates:

1st Quarter 28 August 2004
2nd Quarter 20 October 2004
3rd Quarter 7 March 2005
4th Quarter 28 April 2005

A copy of the list of grants is available to anyone upon request (P.O. Box 667, New Plymouth).

9. Segment Information

The trust operates predominantly in one industry – investment. All operations are carried out within New Zealand.

10. Related Party Transactions

The trust paid donations throughout the year to community organisations of which the trustees may be members. These donations were made on normal terms and conditions. There were no amounts outstanding at 31 March relating to these transactions.

11. Transactions at Nil or Nominal Value

Professional services have been provided to the trust during the year at no cost.

Auditors’ Report

To the Trustees of the TSB Community Trust

We have audited the financial statements. The financial statements provide information about the past financial performance of TSB Community Trust and Group and its financial position as at 31 March 2005. This information is stated in accordance with the accounting policies set out.

Trustees’ Responsibilities

The trustees are 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 TSB Community Trust and Group as at 31 March 2005 and the results of its operations and cash flows for the year ended 31 March 2005.

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 TSB Community Trust and 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 TSB Community Trust and Group.