5 AUGUST 2009

NEW ZEALAND GAZETTE, No. 113

AUDIT REPORT

TO THE TRUSTEES OF

THE WAIKATO COMMUNITY TRUST INCORPORATED

We have audited the financial statements of the Waikato Community Trust Incorporated. The financial statements provide information about the past financial performance of The Waikato Community Trust Incorporated and its financial position as at 31 March 2009. This information is stated in accordance with the accounting policies set out in note 1 of the financial statements.

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 The Waikato Community Trust Incorporated as at 31 March 2009 and the results of 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 The Waikato Community Trust Incorporated 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 The Waikato Community Trust Incorporated.

Unqualified Opinion

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

In our opinion the financial statements fairly reflect the financial position of The Waikato Community Trust Incorporated as at 31 March 2009 and the results of its operations and cash flows for the year ended on that date.

Our audit was completed on 15 June 2009 and our unqualified opinion is expressed as at that date.

Chartered Accountants
HAMILTON, NEW ZEALAND

This audit report relates to the financial statements of The Waikato Community Trust Incorporated for the year ended 31 March 2009 that have been published in the New Zealand Gazette. The New Zealand Gazette is required to publish hard copies of the audited financial statements and the related audit report of The Waikato Community Trust for the year ended 31 March 2009, 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 The Waikato Community Trust Incorporated for the year ended 31 March 2009 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. It does not provide an opinion or any other form of assurance on any other information which may have been published with these financial statements. 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 financial statements and related audit report dated 15 June 2009 to confirm the information included in the 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.