NEW ZEALAND GAZETTE, No. 133

4 SEPTEMBER 2009


AUDIT REPORT

To the Trustees of Whanganui Community Foundation Incorporated ("The Foundation")

We have audited the financial report on pages 5 to 8 and 11 to 23. The financial report provides information about the past financial performance of the Foundation and Group and its financial position as at 31 March 2009. This information is stated in accordance with the accounting policies set out on pages 11 to 15.

This report is provided solely for your exclusive use and solely for the purpose of expressing an opinion on the financial statements for the year ended 31 March 2009. Our report is not to be used for any other purpose, recited or referred to in any document, copied or made available (in whole or in part) to any other person without our prior written express consent. We accept or assume no duty, responsibility or liability to any other party in connection with the report or this engagement, including without limitation, liability for negligence.

Board of Trustees' Responsibilities

The Board of Trustees is responsible for the preparation of a financial report which gives a true and fair view of the financial position of the Foundation and Group as at 31 March 2009 and of the results of operations and cash flows for the year then ended.

Auditors' Responsibilities

It is our responsibility to express an independent opinion on the financial report presented by the Board of 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 report. It also includes assessing:

• the significant estimates and judgements made by the Board of Trustees in the preparation of the financial report, and
• whether the accounting policies are appropriate to the Foundation and the Group's circumstances, 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 in order to provide us with sufficient evidence to give reasonable assurance that the financial report is 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 report.

Other than in our capacity as auditors we have no relationship with or interests in the Foundation or its subsidiary.

Unqualified Opinion

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

In our opinion:

• proper accounting records have been kept by the Foundation as far as appears from our examination of those records; and
• the financial report on pages 5 to 8 and 11 to 23:
  • complies with generally accepted accounting practice;
  • complies with International Financial Reporting Standards; and
  • gives a true and fair view of the financial position of the Foundation and Group 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 17 August 2009 and our unqualified opinion is expressed as at that date.

Silks
Chartered Accountants
Wanganui

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