3526 NEW ZEALAND GAZETTE, No. 133 28 AUGUST 2008

2. Entries recorded in the interests register

The following entries were recorded in the interest register of the Parent and its subsidiaries during the year:

(A) Trustees’ interests in transactions

The trust maintains a “register of interests” which is held at its offices and which is available for public inspection.

(B) 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.

3. Employee’s remuneration

During the year, the following number of employees received remuneration of at least $100,000:

Audit Report

To the Trustees of The Community Trust of Otago

We have audited the financial statements. The financial statements provides information about the past financial performance and financial position of the trust and Group as at 31 March 2008. This information is stated in accordance with the accounting policies.

Trustees’ Responsibilities

The trustees are responsible for the preparation of the financial statements which fairly give a true and fair view of the financial position of the trust and Group as at 31 March 2008, 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 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 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 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 performed a human resource consulting assignment for the trust during the year. We have no other relationship with, or interest in, the trust or any of its subsidiaries other than in our capacity as auditor.

Unqualified Opinion

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

In our opinion:

• Proper accounting records have been kept by the trust and Group as far as appears from our examination of those records; and
• the financial statements:
  • comply with generally accepted accounting practice in New Zealand;
  • comply with International Financial Reporting Standards; and
  • give a true and fair view of the financial position of The Community Trust of Otago as at 31 March 2008 and the results of their operations and cash flows for the year ended on that date.

Our audit was completed on 24 June 2008 and our unqualified opinion is expressed as at that date.

POLSON HIGGS, Chartered Accountants, Dunedin.

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(A summary of donations approved during the financial year ended 31 March 2008 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 PO Box 5751, Dunedin.)

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