NEW ZEALAND GAZETTE, No. 110
30 AUGUST 2010

WHANGANUI COMMUNITY FOUNDATION INC

Consolidated Statement of Cashflows for the year ended 31 March 2010

| Net cash outflow from investing activities | | - | 106,616 |
| Purchase fixed assets | | 5,723 | - |
| Make loans | | 486,913 | - |
| | | 492,636 | - |

| Which resulted in an increase of cash of | | (943,280) | 106,616 |
| Add cash at 1 April 2009 | | 3,894,122 | 3,787,506 |
| Closing cash balance | | 2,950,842 | 3,894,122 |

The notes to the Financial Statements are to be read in conjunction with this Consolidated Statement of Cashflows.

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 21. The financial report provides information about the past financial performance of the Foundation and Group and its financial position as at 31 March 2010. This information is stated in accordance with the accounting policies set out on pages 11 to 14.

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 2010. 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 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 2010 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:

The financial report presents fairly, in all material respects, the financial position of Whanganui Community Foundation Incorporated and its subsidiaries as at 31 March 2010, and its financial performance and cash flows for the year then ended in accordance with generally accepted accounting practice in New Zealand.