NEW ZEALAND GAZETTE, No. 131

21 AUGUST 2008

16. Separate Financial Statements

The trust has prepared these separate financial statements to provide more relevance to users, as the size and presentation of the consolidated financial statements does not facilitate a meaningful comparison of the trust’s results by those users.

The trust has 100% ownership of the TSB Bank Limited, a company incorporated in New Zealand. The trust holds 100% of the voting power.

The investment is accounted for at cost.

The consolidated financial statements of the trust can be obtained from the Trust Manager, PO Box 667, New Plymouth, or by telephoning (06) 769 9471.

17. Publishing Requirements

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

1st Quarter 25 July 2007
2nd Quarter 23 October 2007
3rd Quarter 31 January 2008
4th Quarter 15 April 2008

A copy of the list of grants is available to anyone upon request from the trust’s office, PO Box 667, New Plymouth.

Audit 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 its financial position as at 31 March 2008. This information is stated in accordance with the accounting policies set out.

Trustees’ Responsibilities

The trustees are responsible for the preparation, in accordance with New Zealand law and generally accepted accounting practice, of financial statements which fairly reflect the financial position of TSB Community Trust as at 31 March 2008 and the results of its operations and cash flows for the year ended on that date.

Auditors’ Responsibilities

It is our responsibility to express to you an independent opinion on the financial statements 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 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’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.

Unqualified Opinion

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

In our opinion, the financial statements fairly reflect the financial position of TSB Community Trust as at 31 March 2008 and the results of its operations and cash flows for the year ended on that date.

Our audit was completed on 16 July 2008 and our unqualified opinion is expressed as at that date.

DELOITTE, Chartered Accountants, Hamilton, New Zealand.

This audit report relates to the financial statements of TSB Community Trust for the year ended 31 March 2008 that have been published in the New Zealand Gazette. The New Zealand Gazette is required to publish hard copies of audited financial statements and the related audit report of TSB Community Trust for the year ended 31 March 2008, and to include an electronic version of the published New Zealand Gazette on the New Zealand Gazette’s website. We have not been engaged to report on the integrity of the financial statements of TSB Community Trust that have been published on the New Zealand Gazette’s website. We accept no responsibility for any changes that may have occurred to the financial statements since they were initially signed and published. This audit report refers only to the financial statements named above. If readers of this audit report are concerned with the inherent risks arising from electronic data communication, they should refer to the original signed and published hard copy of the audited financial statements and related audit report dated 16 July 2008 to confirm the information included in the audited financial statements published in the New Zealand Gazette or on the New Zealand Gazette’s website. Legislation in New Zealand governing the preparation and dissemination of financial information may differ from legislation in other jurisdictions.

A list of all distributions approved or paid for the period year ended 31 March 2008 is available, on request, from the office of the TSB Community Trust, 64–66 Vivian Street, New Plymouth, or via the website www.tsbtrust.org.nz.