Waikato-Tainui Annual Report 2015

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 49 to 94, which comprise the statement of

financial position as at 31 March 2015 the statement of comprehensive income and statement of changes in equity and statement 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 for the Group. The Group comprises the Trust and the entities it controlled at 31 March 2015 or

from time to time during the financial year.

Trustee’s Responsibility for the Financial Statements

The Trustees are responsible for the preparation and fair presentation of financial statements in accordance with generally accepted

accounting practice in New Zealand 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). 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 entity’s preparation of financial statements that present fairly 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 entity’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.

We are independent of the Group. Our firm carries out other services for the Group in the areas of tax, advisory and other assurance.

These services have not impaired our independence as auditors of the Trust and the Group.

Opinion

In our opinion, the financial statements on pages 49 to 94 present fairly, in all material respects, the financial position of the Group as

at 31 March 2015, and its financial performance and cash flows for the year ended on that date in accordance with generally accepted

accounting practice in New Zealand.

Restriction on Use of our Report

This report is made solely to the Trustees, as a body. Our audit work has been undertaken so that we might state those matters which

we are required to state 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 Trustees, as a body, for our audit work, for this report or for the opinions we have

formed.

Chartered Accountants

Auckland

26 June 2015

PricewaterhouseCoopers, 188 Quay Street, Private Bag 92162, Auckland 1142, New Zealand

T: +64 9 355 8000, F: +64 9 355 8001,

pwc.co.nz

waikato-tainui

annual report 2015