Waikato-Tainui: Annual Report 2016

INDEPENDENT AUDITORS’ REPORT

to the Trustees of Waikato Raupatu Lands Trust

Report on the Consolidated Financial Statements

We have audited the consolidated financial statements of Waikato Raupatu Lands Trust on pages 51 to 89, which comprise

the consolidated statement of financial position as at 31 March 2016, the consolidated statement of comprehensive revenue

and expense, and consolidated statement of changes in equity and consolidated statement of cash flows for the year then

ended, and the notes to the consolidated financial statements that include a summary of significant accounting policies and

other explanatory information for the Trust. The Trust comprises Waikato Raupatu Lands Trust and the entities it controlled at

31 March 2016 or from time to time during the financial year.

Trustees Responsibility for the Consolidated Financial Statements

The Trustees are responsible on behalf of the Waikato Raupatu Lands Trust for the preparation and fair presentation of

financial statements in accordance with Not-for-profit Public Entities Accounting Standards (PBE Standards) as issued by

New Zealand Accounting Standards Board and for such internal controls as the Trustees determine are necessary to enable

the preparation of consolidated 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 consolidated 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 consolidated

financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated

financial statements. The procedures selected depend on the auditors’ judgement, including the assessment of the risks of

material misstatement of the consolidated financial statements, whether due to fraud or error. In making those risk assessments,

the auditors consider the internal controls relevant to the Waikato Raupatu Lands Trust’s preparation of consolidated 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 Waikato Raupatu Lands Trust’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 consolidated 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 Trust. Our firm carries out other services for the Trust in the areas of tax and advisory services.

The provision of these other services has not impaired our independence.

Opinion

In our opinion, the consolidated financial statements on pages 51 to 89 present fairly, in all material respects, the financial

position of the Trust as at 31 March 2016, and its financial performance and cash flows for the year ended on that date in

accordance with Not-for-profit Public Benefit Entities Accounting Standards (PBE Standards) as issued by New Zealand

Accounting Standards Board.

Restriction on Use of our Report

This report is made solely to the Waikato Raupatu Lands Trust’s 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 Waikato Raupatu Lands

Trust’s Trustees, as a body, for our audit work, for this report or for the opinions we have formed.

Chartered Accountants

Auckland

24 June 2016

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

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