26 JULY 2007 NEW ZEALAND GAZETTE, No. 84

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Trustees’ Responsibilities

The trustees are responsible for the preparation and presentation of the consolidated financial statements which present fairly the financial position of the trust and subsidiaries as at 31 March 2007, and their financial performance and cash flows for the year ended on that date.

Auditors’ Responsibilities

We are responsible for expressing an independent opinion on the consolidated financial statements presented by the trustees and reporting our opinion to you.

Basis of Opinion

An audit includes examining, on a test basis, evidence relevant to the amounts and disclosures in the consolidated financial statements. It also includes assessing:

● the significant estimates and judgements made by the trustees in the preparation of the consolidated financial statements; and

● whether the accounting policies are appropriate to the circumstances of the trust and subsidiaries, 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 to provide us with sufficient evidence to give reasonable assurance that the consolidated 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.

We have no relationship with or interests in the trust and subsidiaries other than in our capacity as auditors.

Unqualified Opinion

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

In our opinion, the consolidated financial statements:

● comply with generally accepted accounting practice in New Zealand; and

● present fairly the financial position of the trust and subsidiaries as at 31 March 2007, and their financial performance and cash flows for the year ended on that date.

Our audit was completed on 5 July 2007 and our unqualified opinion is expressed as at that date.

PRICEWATERHOUSECOOPERS, Chartered Accountants, Christchurch.

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A full list of all distributions of income by way of donations for the year ended 31 March 2007 is available from the trust’s office on request.

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The Community Trust of Wellington

Community Trusts Act 1999

The Community Trust of Wellington
Statement of Financial Performance for the Year Ended 31 March 2007

Revenue:
Investment income (net) | 6 | 3,035,252 | 8,064,709 |
Interest received | | 218,272 | 205,046 |
Donations returned | | 428 | 25,000 |
Rental income | | 127,421 | 104,254 |
Other income | | 24,314 | 23,034 |
GST prior period adjustment | | 2,200 | – |
Total revenue | | 3,407,887 | 8,422,043 |

Less expenses:
Auditors’ fees | | 7,500 | 7,965 |
Depreciation | 3 | 7,152 | 8,107 |
Donation expenses | | 19,162 | 6,659 |
Operating costs | | 379,552 | 370,118 |
Trustee expenses | | 10,112 | 7,225 |
Trustee fees | | 56,082 | 52,223 |
Total expenses | | 479,560 | 452,297 |
Net surplus before donations | | 2,928,327 | 7,969,746 |

Less:
Donations | | 1,155,908 | 1,001,780 |

Net surplus after taxation | | 1,772,419 | 6,967,966