3 AUGUST 2006 NEW ZEALAND GAZETTE, No. 91

2745

11. Trustee Remuneration

Rates of trustees’ remuneration are set by the Minister of Finance. Remuneration includes the honoraria and meeting fees.

| Board Meetings | | Other Official | Honorarium and |
| No. Held | No. Attended | Meetings Attended | Meeting Fees Paid |
|--------------|---------------|---------------------|-------------------|
| | | | $ |
| Hilary Allison | 11 | 10 | 13 | 15,442 |
| Duncan Butcher | 11 | 11 | 15 | 14,765 |
| John Farry | 11 | 9 | 21 | 26,470 |
| Russell Hendry | 11 | 11 | 23 | 17,855 |
| Sally Hope | 11 | 7 | 14 | 11,155 |
| Alan McLay | 11 | 10 | 12 | 12,715 |
| Barbara Payton | 11 | 10 | 13 | 10,735 |
| Raewynne Pedofski | 11 | 11 | 19 | 14,065 |
| Mark Ryan | 11 | 7 | 6 | 7,165 |
| David Shepherd | 11 | 11 | 16 | 13,435 |
| Nicola Taylor | 9 | 9 | 9 | 8,193 |
| Bill Thomson | 11 | 10 | 13 | 13,820 |
| Total remuneration | | | 165,815 |

12. Trustee Register of Interests

The trust maintains a "Register of Interests" which is held at its office and which is available for public inspection.

13. Trustee Liability Insurance

The trust has insured its trustees against liability to other parties that may arise from their position as trustees. The insurance does not cover liabilities arising from criminal actions.

Audit Report

To the Trustees of The Community Trust of Otago

We have audited the financial report. The financial report provides information about the past financial performance and financial position of the trust and group as at 31 March 2006. This information is stated in accordance with the accounting policies.

Trustees’ Responsibilities

The trustees are responsible for the preparation of a financial report which fairly reflects the financial position of the trust and group as at 31 March 2006, and the results of its operations and cashflows for the year ended on that date.

Auditors’ Responsibilities

It is our responsibility to express an independent opinion on the financial report presented by the trustees.

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 and group’s circumstances, consistently applied and adequately disclosed.

We have 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 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 in our capacity as auditor we have no relationship with, or 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, the financial report fairly reflects the financial position of the trust and group as at 31 March 2006 and the results of its operations and cash flows for the year ended on that date.

Our audit was completed on 27 June 2006 and our unqualified opinion is expressed as at that date.

POLSON HIGGS, Chartered Accountants, Dunedin.

(A summary of donations approved during the financial year ended 31 March 2006 is available on request from the office of the trust – freephone 0800 101 240 or email info@cto.org.nz or by writing to the Trust at P.O. Box 5751, Dunedin.)