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NEW ZEALAND GAZETTE, No. 91

16 AUGUST 2007

15. Conflicts of Interest

During the year, trustees and staff were required to declare either a direct or indirect conflict of interest in a matter being considered by the trust. One hundred and ten (110) such interests were recorded during the year and a register is available for inspection at the trust.

16. Adoption of International Financial Reporting Standards

In December 2002, the New Zealand Accounting Standards Review Board announced that New Zealand equivalents to International Financial Reporting Standards (NZ IFRS) will apply to all New Zealand entities for financial reporting periods commencing on or after 1 January 2007.

The trust has commenced assessing the differences between accounting policies under NZ IFRS and current accounting policies to identify key areas of the financial statements that will be impacted by the transition to NZ IFRS. This review has not been completed at balance date.

Audit Report

To the Trustees of ASB Community Trust:

We have audited the financial statements. The financial statements provide information about the past financial performance of the ASB Community Trust (“the trust”) and its financial position as at 31 March 2007. This information is stated in accordance with the accounting policies.

Trustees’ Responsibilities

The trustees are responsible for the preparation of financial statements which give a true and fair view of the financial position of the trust as at 31 March 2007 and the results of its operations and cash flows for the year ended on that date.

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;
● whether the accounting policies are appropriate to the trust’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.

Our firm has also provided tax advisory services to the trust in respect of the year ended 31 March 2007. These services have not impaired our independence as auditors of the trust. The firm has no other relationship with, or interest in, the trust.

Unqualified Opinion

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

In our opinion, the financial statements:

● comply with New Zealand generally accepted accounting practice;
● give a true and fair view of the financial position of the trust as at 31 March 2007 and the results of its operations and cash flows for the year ended on that date.

Our audit was completed on 28 May 2007 and our unqualified opinion is expressed as at that date.

KPMG, Auckland.

A copy of the list of all distributions of income and capital approved by the ASB Community Trust is available on request from ASB Trusts, PO Box 68048, Newton, Auckland.

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New Zealand Meat Board

Meat Board Act 2004

European Union Sheepmeat and Goatmeat (227,854 tonnes), and United States Beef and Veal (213,402 tonnes) Reserved Quota Allowance Applications for the 2008 Quota Year

In accordance with the provisions of the Meat Board Act 2004 Quota Allowance Allocation System in Respect of European Union (EU) Sheepmeat and Goatmeat Tariff Rate Quota and Quota Allowance Allocation System in Respect of United States (US) Beef and Veal Tariff Rate Quota, up to 2% of each of the total annual tariff quotas available to New Zealand is set aside as Reserved Quota Allowance (RQA) for possible allocation to New Entrants.

The closing date for applications from New Entrants (including Year 2 and Year 3 New Entrants) for RQA for the 2008 Quota Year for both tariff quotas is 1 September 2007.

Applications must be made in writing on Form 7 (US Beef and Veal) or Form 8 (EU Sheepmeat and Goatmeat), Section 17 of the respective Quota Manuals.

Printable copies of the appropriate application forms are available from New Zealand Meat Board’s website

http://www.nzmeatboard.org

or by contacting the board direct.