99
waikato-tainui
annual report 2014
Independent Auditors’ Report
to the Trustees of Waikato Raupatu Lands Trust
Report on the Financial Statements
We have audited the financial statements of Waikato Raupatu Lands Trust on pages 53 to 98, which comprise the statements of financial
position as at 31 March 2014, the statements of comprehensive income and statements of changes in equity and statements of cash flows for
the year then ended, and the notes to the financial statements that include a summary of significant accounting policies and other explanatory
information.
Trustees’ Responsibility for the Financial Statements
The Trustees are responsible for the preparation of these financial statements in accordance with generally accepted accounting practice in
New Zealand and that give a true and fair view of the matters to which they relate and for such internal controls as the Trustees determine are
necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
Auditors’ Responsibility
Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with
International Standards on Auditing (New Zealand) and International Standards on Auditing. These standards require that we comply with
relevant ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The
procedures selected depend on the auditors’ judgement, including the assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk assessments, the auditors consider the internal controls relevant to the Trust
and the Group’s preparation of financial statements that give a true and fair view of the matters to which they relate, in order to design audit
procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Trust and the
Group’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting
estimates, as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Other than in our capacity as auditors and advisors we have no relationship with, or interests in, Waikato Raupatu Lands Trust and Waikato-
Tainui Te-Kauhanganui Incorporated and their wholly-owned subsidiaries in New Zealand. These services have not impaired our independence
as auditors of the Group.
Opinion
In our opinion, the financial statements on pages 53 to 98:
(i) comply with generally accepted accounting practice in New Zealand; and
(ii) comply with International Financial Reporting Standards; and
(iii) give a true and fair view of the financial position of the Trust and the Group as at 31 March 2014, and their financial performance and cash
flows for the year then ended.
Report on Other Legal and Regulatory Requirements
We also report in accordance with Sections 16(1)(d) and 16(1)(e) of the Financial Reporting Act 1993. In relation to our audit of the financial
statements for the year ended 31 March 2014:
(i) we have obtained all the information and explanations that we have required; and
(ii) in our opinion, proper accounting records have been kept by the Trust and the Group as far as appears from an examination
of those records.
Restriction on Distribution or Use
This report is made solely to the Trustees, as a body, in accordance with Section 205(1) of the Companies Act 1993. Our audit work has been
undertaken so that we might state to the Trustee those matters which we are required to state to them in an auditors’ report and for no other
purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Trust and the Trustee, as a
body, for our audit work, for this report or for the opinions we have formed.
Chartered Accountants
Auckland
20 June 2014
