Income Statement for the Year Ended 31 March 2008
Notes 2008 2007
$ $
Revenue
Interest 2 237,239 358,350
Dividends 8,800,000 7,800,000
9,037,239 8,158,350
Expenditure
Audit fees – statutory audit 11,070 10,693
Depreciation 29,375 31,403
Grants 6,462,336 9,351,006
Loss on disposal 476 386
Personnel 142,649 129,542
Trustee honoraria 93,964 80,307
Trustee expenses 18,043 11,679
Other expenses 150,688 135,391
6,908,601 9,750,407
Net profit/(loss) 2,128,638 (1,592,057)
Statement of Recognised Income and Expense for the Year Ended 31 March 2008
Notes 2008 2007
$ $
Net profit/(loss) 2,128,638 (1,592,057)
Total recognised income and expenses 2,128,638 (1,592,057)
Balance Sheet as at 31 March 2008
Notes 2008 2007
$ $
Current assets:
Cash and cash equivalents 3 816,921 1,701,509
Trade and other receivables 4 6,312,657 5,609,951
Investments 5 2,064,811 –
9,194,389 7,311,460
Non-current assets:
Investments 5 10,000,000 10,000,100
Property, plant and equipment 6 17,755 39,522
Total assets 19,212,144 17,350,982
Current liabilities:
Trade and other payables 631,073 898,549
Share capital and retained earnings:
Trust capital 7 10,000,100 10,000,100
Retained earnings 8 8,580,971 6,452,333
18,581,071 16,452,433
Total liabilities and equity 19,212,144 17,350,982
These financial statements have been issued for and on behalf of the trustees:
COLLEEN TUUTA. 24 June 2008.
ED PARKER. 24 June 2008.
Statement of Cash Flows for the Year Ended 31 March 2008
Notes 2008 2007
$ $
Cash flow from operating activities—
Cash was provided from:
Interest income 249,534 406,273
Dividend income 8,085,000 7,180,000
8,334,534 7,586,273
Cash was applied to:
Operating expenses 414,698 365,980
Grants paid 6,731,529 10,399,493
7,146,227 10,765,473
Net cash flow from operating activities 9 1,188,307 (3,179,200)
Cash flow from investing activities—
Cash was provided from:
Net decrease in investment securities – 3,350,000
Cash was applied to:
Net increase in investment securities 2,064,811 –
Property, plant and equipment purchased 8,084 16,862
Net cash flow from investing activities (2,072,895) 3,333,138
Net increase in cash (884,588) 153,938
Cash and cash equivalents at start of year 1,701,509 1,547,571
Cash and cash equivalents at end of year 816,921 1,701,509
Represented by:
Petty cash 82 50
TSB Bank cheque account 90,811 151,459
TSB Bank reserve interest account 707 –
TSB Bank term deposits 725,321 1,550,000
816,921 1,701,509
Notes to the Financial Statements for the Year Ended 31 March 2008
1. Statement of Accounting Policies
Reporting Entity
TSB Community Trust is a public benefit entity domiciled in New Zealand. It was established by trust deed dated 30 May 1988 and adopted a revised deed on 8 February 2001.
The nature of the trust’s operations is investment and application of the trust funds for charitable purposes.
The financial statements of TSB Community Trust comply with the requirements of this deed and the Community Trusts Act 1999.
These financial statements have been prepared in accordance with New Zealand Generally Accepted Accounting Practice
(NZ GAAP). They comply with New Zealand equivalents to International Financial Reporting Standards (NZ IFRS) and other applicable financial reporting standards, as appropriate for public benefit entities.
The financial statements were approved by the trustees on 24 June 2008.
Change in Accounting Policies
The trust has adopted NZ IFRS with effect from 1 April 2007. An explanation of how the transition to NZ IFRS affected the reported income statement, statement of recognised income and expense, balance sheet and cash flow statement is provided in Note 15.
The following new standards are not yet effective and have not been applied in the preparation of these financial statements. Adoption of these standards will not have any impact on the trust’s reported profit or financial position.
? NZ IFRS 8 – Operating Segments. NZ IFRS 8 replaces NZ IAS 14 – Segment Reporting. The new standard requires a “management approach”, under which segment information is presented on the same basis as that used for internal reporting purposes.
? NZ IAS 1 – Presentation of Financial Statements (Revised Standard) will apply to the trust from 1 April 2009.
Basis of Preparation
The financial statements are prepared on the historical cost basis. The accounting policies are selected and applied in a manner which ensures that the resulting financial information satisfies the concepts of relevance and reliability, thereby ensuring that the substance of the underlying transaction or other events is reported.
Presentation Currency and Rounding
The financial statements are presented in New Zealand dollars and are rounded to the nearest whole dollar.
Specific Accounting Policies
The following is a summary of the significant accounting policies adopted by the trust in the preparation of these financial statements:
(a) Revenue
Revenue is recognised to the extent that it is probable that economic benefits will flow to the trust and that the revenue can be reliably measured. The principal sources of revenue are interest and dividends.
Interest revenue is accrued on a time basis, by reference to the principal outstanding and at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset’s net carrying amount.
Dividends are recognised on an accrual basis when the trust’s right to receive payment has been established.
(b) Cash and Cash Equivalents
Cash and cash equivalents include cash on hand, deposits held at call and other short term highly liquid investments which are subject to insignificant risks of changes in value.
(c) Financial Instruments
Investments are recognised and derecognised on trade date where purchase or sale of an investment is under a contract whose terms require delivery of the investment within the timeframe established by the market concerned, and are initially measured at fair value, net of transaction costs.
Subsequent to initial recognition, investments in subsidiaries are measured at cost.
At balance date, the trust had the following categories of financial assets:
(i) Held to Maturity
Bonds with fixed or determinable payments and fixed maturity dates that the trust has the positive intent and ability to hold to maturity are classified as held-to-maturity investments. Held to maturity investments are recorded at amortised cost using the effective interest method less any impairment, with revenue recognised on an effective interest basis. Government bonds are designated as held to maturity investments.
(ii) Loans and Receivables
Trade receivables, loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as loans and receivables. Loans and receivables are measured at amortised cost using the effective interest method, less any impairment. Interest income is recognised by applying the effective interest rate. Bank deposits of more than 3 months’ duration are included in this classification.
Effective Interest Method
The effective interest method is a method of calculating the amortised cost of a financial asset and of allocating interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts (including all fees on points paid or received that form an integral part of the effective interest rate, transaction costs and other premiums or discounts) through the expected life of the financial asset0 or, where appropriate, a shorter period to the net carrying amount of the financial asset.
Impairment of Financial Assets
Financial assets, other than those at fair value through profit and loss, are assessed for indicators for impairment at each balance sheet date. Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows of the investment have been impacted.
For certain categories of financial assets, such as trade receivables, assets that are assessed not to be impaired individually are subsequently assessed for impairment on a collective basis. Objective evidence of impairment for a portfolio of receivables could include the trust’s past experience of collecting payments, an increase in the number of delayed payments in the portfolio past the average credit period of 60 days, as well as observable changes in national or local economic conditions that correlate with default on receivables.
For financial assets carried at amortised cost, the amount of the impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.
The carrying amount of the financial asset is reduced by the impairment loss directly for all financial assets with the exception of trade receivables, where the carrying amount is reduced through the use of an allowance account. When a trade receivable is considered uncollectible, it is written off against the allowance account. Subsequent recoveries of amounts previously written off are credited against the allowance account. Changes in the carrying amount of the allowance account are recognised in profit or loss.
With the exception of available for sale equity investments, if, in a subsequent period, the amount of the impairment loss decreases and the decrease can be related objectively to an event occurring after the impairment was recognised, the previously recognised impairment loss is reversed through profit or loss to the extent that the carrying amount
of the investment at the date the impairment is reversed does not exceed what the amortised cost would have been had the impairment not been recognised.
In respect of available for sale equity instruments, impairment losses previously recognised through profit or loss are not reversed through profit or loss. Any increase in fair value subsequent to an impairment loss is recognised directly in equity.
Derecognition of Financial Assets
The trust derecognises a financial asset only when the contractual rights to the cash flows from the asset expire or it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another entity. If the trust neither transfers nor retains substantially all the risks and rewards of ownership and continues to control the transferred asset, the trust recognises its retained interest in the asset and an associated liability for amounts it may have to pay. If the trust retains substantially all the risks and rewards of ownership of a transferred financial asset, the trust continues to recognise the financial asset and also recognises a collateralised borrowing for the proceeds received.
(iii) Financial Liabilities
Financial liabilities are classified as either financial liabilities at fair value through profit and loss or other financial liabilities. There were no financial liabilities at balance date that were designated as fair value through profit and loss.
Other Financial Liabilities
Other financial liabilities, including borrowings, are initially measured at fair value, net of transaction costs. Other financial liabilities are subsequently measured at amortised cost using the effective interest method, with interest expense recognised on an effective interest basis.
The effective interest method is a method of calculating the amortised cost of a financial liability and of allocating interest expense of the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments through the expected life of the financial liability or, where appropriate, a shorter period to the net carrying amount of the financial liability.
Derecognition of Financial Liabilities
The trust derecognises financial liabilities when, and only when, the trust’s obligations are discharged, cancelled or they expire.
(d) Goods and Services Tax
The financial statements have been prepared on a GST inclusive basis.
(e) Taxation
The trust is exempt from income tax under section CB4(1)(m) of the Income Tax Act 2004.
(f) Property, Plant and Equipment
Property, plant and equipment is stated at cost less accumulated depreciation and impairment losses.
The cost amount of property, plant and equipment less the estimated residual value is depreciated over their useful lives on a straight line basis. The range of useful lives of the asset classes are:
Building improvements 4 years
Furniture and fittings 4 years
Other fixed assets 2–10 years
The assets’ residual values, useful lives and depreciation methods are reviewed and adjusted if appropriate at each balance date.
Assets are reviewed for indications of impairment at least annually and whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An asset’s carrying amount is written down immediately to its recoverable amount if the asset’s carrying amount is greater than its estimated recoverable amount. Any impairment loss or write-down is recognised in the income statement as an expense.
(g) Employee Benefits
Provision is made for benefits accruing to employees in respect of wages and salaries, annual leave, long service leave and sick leave when it is probable that settlement will be required and they are capable of being measured reliably.
Provisions made in respect of employee benefits expected to be settled within 12 months are measured at their nominal values using the remuneration rate expected to apply at the time of settlement.
Provisions made in respect of employee benefits which are not expected to be settled within 12 months are measured as the present value of the estimated future cash outflows to be made by the consolidated entity in respect of services provided by employees up to reporting date.
(h) Capital
The trust’s capital consists of equity and retained earnings. The trust manages its capital by effectively managing income and expenses, assets and liabilities and investments to ensure it achieves its charitable objectives and purpose. As a part of this process, the trust maintains a minimum reserve fund of $2m invested in NZ Government Bonds.
(i) Grants
Grants are approved for payment if the grant application meets the specified criteria. They are recognised as expenditure when the specified criteria for the grant has been met. Grants which have not met the specified criteria are recognised as contingent liabilities.
(j) Critical Accounting Estimates, Assumptions and Judgements
The preparation of financial statements in conformity with NZ IFRS requires the use of certain critical accounting estimates.
It also requires management to exercise its judgement in the process of applying the trust’s accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements, are disclosed in the relevant accounting policy or in the relevant note.
The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
The trust has exercised judgement in determining the categorisation of financial assets and liabilities and the recognition of grants payable. The categories and measurement of these items are disclosed in paragraph (c) and the carrying values in Note 5. The criteria used to determine whether or not a grant is a payable or contingent liability is disclosed in paragraph (i). Grants payable are included within trade and other payables in the balance sheet. The carrying value of grants payable at 31 March 2008 was $573,300 (2007 – $827,393) and the value of contingent liabilities in relation to grants has been disclosed in Note 12.
2. Interest
2008 2007
$ $
Bank deposits 176,549 358,349
Held-to-maturity investments 60,690 –
237,239 358,349
3. Cash at Bank
Petty cash 82 50
TSB Bank cheque account 90,811 151,459
TSB Bank reserve interest account 707 –
TSB Bank term deposits 725,321 1,550,000
816,921 1,701,509
4. Trade and Other Receivables
2008 2007
$ $
Dividend receivable 6,310,000 5,595,000
Accrued interest 2,657 14,951
6,312,657 5,609,951
5. Investments
Current—
Loans and receivables carried at amortised cost:
TSB Bank Limited term deposits 65,000 –
Held-to-maturity investments carried at amortised cost:
NZ Government Bonds 1,999,811 –
2,064,811 –
Non current—
Investments carried at cost:
Shares in TSB Bank Limited 10,000,000 10,000,000

6. Property, Plant & Equipment
2008 Buildings$ Furniture&Fittings$ OtherFixedAssets$ Total$
Cost 2,070 9,913 136,232 148,215
Accumulated depreciation (2,070) (5,721) (100,902) (108,693)
Opening net book value – 4,192 35,330 39,522
Additions – – 8,084 8,084
Disposals – – (476) (476)
Depreciation – (2,477) (26,898) (29,375)
Closing net book value – 1,715 16,040 17,755
Cost 2,070 9,913 125,518 137,501
Accumulated depreciation (2,070) (8,198) (109,478) (119,746)
– 1,715 16,040 17,755
2007 Buildings$ Furniture&Fittings$ OtherFixedAssets$ Total$
Cost 2,070 9,913 122,311 134,294
Accumulated depreciation (1,554) (3,242) (75,049) (79,845)
Opening net book value 516 6,671 47,262 54,449
Additions – – 16,862 16,862
Disposals – – (386) (386)
Depreciation (516) (2,479) (28,408) (31,403)
Closing net book value – 4,192 35,330 39,522
Cost 2,070 9,913 136,232 148,215
Accumulated depreciation (2,070) (5,721) (109,902) (108,693)
– 4,192 35,330 39,522
7. Trust Capital
2008 2007
$ $
Trust capital 100 100
Initial gift 10,000,000 10,000,000
10,000,100 10,000,100
The initial gift comprises 20,000,000 fully paid shares at 50 cents each in the TSB Bank Limited.
8. Retained Earnings
2008 2007
$ $
Balance at beginning of year 6,452,333 8,044,390
Net profit/(loss) 2,128,638 (1,592,057)
Balance at end of year 8,580,971 6,452,333
9. Reconciliation of Net Surplus With Net Cash Flows From Operating Activities
2008 2007
$ $
Net surplus 2,128,638 (1,592,057)
Add back:
Depreciation 29,375 31,403
Loss on disposal 476 386
2,158,489 (1,560,268)
Add/deduct:
(Increase)/decrease in trade and other receivables (702,705) (572,076)
Increase/(decrease) in trade and other payables (267,477) (1,046,856)
1,188,307 (3,179,200)
10. Related Parties
Subsidiary
During the year, the trust received dividend and interest income from, and invested funds with its wholly owned subsidiary, TSB Bank Limited, as follows:
Dividend income 8,800,000 7,800,000
Interest income 237,239 358,349
Short term deposits 790,321 1,550,000
The amounts outstanding at balance date were:
Dividends receivable 6,310,000 5,595,000
Interest receivable 2,657 14,951
Short term deposits 790,321 1,550,000
Donations to related interests 160,052 315,940
The trust paid donations throughout the year to community organisations of which the trustees are members. There were no amounts outstanding at 31 March 2008 relating to these transactions.
Key management compensation:
Short term employees benefits 142,649 129,542
Short term trustee benefits 93,964 80,307
There were no long term benefits associated with key employees or trustees.
11. Financial Instruments
Exposure to interest rate, credit, and liquidity risks arise in the normal course of the trust’s business.
Market Risk
Interest Rate Risk
Interest rate risk is the risk that the value of the trust’s assets and liabilities will fluctuate due to changes in market interest rates. The trust is exposed to interest rate risk primarily through its cash balances and investments.
Liquidity and Interest Rate Risk
Liquidity risk is the risk that the trust will encounter difficulty in raising funds at short notice to meet its financial commitments as they fall due.
The trust’s policy for management of liquidity and interest rate risk is to vary the amount and duration of its investments, taking into consideration the grant cycles and operational needs of the trust. The trust manages its risk by monitoring investments on an ongoing basis.
The following tables detail the remaining contractual maturity for the trust’s non derivative financial liabilities. The tables have been drawn up based on the undiscounted cash flows of financial liabilities based on the earliest date on which the trust can be required to pay. The table includes both interest and principal cash flows.
2008 AverageEffectiveInterestRate% 0–6Months$ 6–12Months$ 1–2Years$ 2–5Years$ Over 5Years$ Total$
Financial liabilities:
Payables (631,073) – – – – – (631,073)
Total financial liabilities (631,073) – – – – – (631,073)

2007 AverageEffectiveInterestRate% 0–6Months$ 6–12Months$ 1–2Years$ 2–5Years$ Over 5Years$ Total$
Financial liabilities:
Payables (898,549) – – – – – (898,549)
Total financial liabilities (898,549) – – – – – (898,549)
Sensitivity Analysis
If interest rates on cash balances and investments moved by +/ 0.5%, the trust’s income from its cash balances and investments could be higher or lower by $17,623. This sensitivity is based on the average cash balances and investments held at month end throughout the year. There has been no change to the method of calculation from previous periods.
Credit Risk
Credit risk is the risk that the counterparty to a transaction with the trust will fail to discharge its obligations, causing the trust to incur a financial loss. Financial instruments which potentially subject the trust to credit risk principally consist of cash and cash equivalents, loans and receivables and investments.
The trust has a significant concentration of credit risk with the TSB Bank Limited. The trust’s policy is to keep investments with the TSB Bank Limited conditional upon the bank’s credit rating remaining at a predetermined level. The trust manages its credit risk by maintaining a reserve fund in order to maintain the level of grants paid in the event that income decreases.
Maximum exposures to credit risk at balance date are the carrying amounts of financial assets in the balance sheet.
No financial assets are past due or impaired.
Fair Value
The estimated fair values of financial instruments that differ from carrying values are as follows:
Carrying Amount 2008 Fair Value2008 Carrying Amount 2007 FairValue2007
$ $ $ $
NZ Government Bonds 1,999,811 2,023,000 – –
The fair value has been determined as the amount payable on maturity.
The carrying values for cash and cash equivalents and loans and receivables are their fair values.
It is not practicable to estimate the fair value of the shares in the TSB Bank Limited. Their fair value cannot be reliably measured as the market for such shares is unknown. The trust intends to hold the shares for the long term.
12. Contingent Liabilities
2008 2007
$ $
Grants approved but the distribution is subject to the donees’ meeting certain conditions 1,282,700 1,745,200
13. Capital Commitments
The company has no material capital commitments at balance date (2007 – $Nil).
14. Subsequent Events
There were no material events subsequent to balance date.
15. Impacts of the Adoption of New Zealand Equivalents to International Financial Reporting Standards
The trust changed its accounting policies on 1 April 2007 to comply with the NZ IFRS. The transition to NZ IFRS is accounted for in accordance with NZ IFRS 1: First-time Adoption of New Zealand Equivalents to International Financial Reporting Standards with 1 April 2006 as the date of transition. An explanation of how the transition from superseded policies to NZ IFRS has affected the trust’s balance sheet, income statement and cash flows is set out below:
(a) Balance Sheet
Transition Balance Sheet – 1 April 2006
PreviousGAAP Effect of Transitionto NZ IFRS NZ IFRS
Cash and cash equivalents 47,571 1,500,000 1,547,571
Receivables 5,037,875 – 5,037,875
Total current assets 5,085,446 1,500,000 6,585,446
Property, plant & equipment 54,449 – 54,449
Investments 14,850,000 (1,500,000) 13,350,000
Total assets 19,989,895 – 19,989,895
Current liabilities 1,945,405 – 1,945,405
Equity 18,044,490 – 18,044,490
Total liabilities and equity 19,989,895 – 19,989,895
Comparative Balance Sheet – 31 March 2007
PreviousGAAP Effect of Transitionto NZ IFRS NZ IFRS
Cash and cash equivalents 151,509 1,550,000 1,701,509
Trade and other receivables 5,609,951 – 5,609,951
Total current assets 5,761,460 1,550,000 7,311,460
Property, plant and equipment 39,522 – 39,522
Investments 11,550,000 (1,550,000) 10,000,000
Total assets 17,350,982 – 17,350,982
Current liabilities 898,549 – 898,549
Equity 16,452,433 – 16,452,433
Total liabilities and equity 17,350,982 – 17,350,982
(b) Income Statement
The above change has had no effect on reported profit for all periods presented in these financial statements.
(c) Cash Flow Statement
The material difference between the cash flow statement presented under NZ IFRS and the cash flow statement presented under the previous NZ GAAP was:
– Under previous NZ GAAP, cash flows arising from movements in short term deposits were treated as an investing activity. Under NZ IFRS, these are now treated as operating activity. The effect of this change was to increase the net cash inflow from investments by $50,000, the cash and cash equivalents at the start of the year by $1,500,000 and at the end of the year by $1,550,000.
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