Annual Report 2010 - Royal New Zealand Ballet

Annual Report 2010\ 21FINANCIAL STATEMENTSIndependent Auditors’ ReportTo the Trustees of The Royal New Zealand Ballet (“the Ballet”)Report on the Financial StatementsWe have audited the financial statements of the Ballet on pages 23 to 35, which comprisethe statement of financial position as at 31 December 2010, the statement of comprehensiveincome and statement of changes in equity for the year then ended, and a summary ofsignificant accounting policies and other explanatory information.Trustees’ Responsibility for the Financial StatementsThe Trustees are responsible for the preparation of these financial statements in accordancewith generally accepted accounting practice in New Zealand and that give a true and fairview of the matters to which they relate and for such internal controls as the Trusteesdetermine are necessary to enable the preparation of financial statements that are free frommaterial misstatement, whether due to fraud or error.Auditors’ ResponsibilityOur 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 (NewZealand) and International Standards on Auditing. These standards require that we complywith relevant ethical requirements and plan and perform the audit to obtain reasonableassurance about whether the financial statements are free from material misstatement.An audit involves performing procedures to obtain audit evidence about the amountsand disclosures in the financial statements. The procedures selected depend on theauditors’ judgement, including the assessment of the risks of material misstatement ofthe financial statements, whether due to fraud or error. In making those risk assessments,the auditor considers the internal controls relevant to the entity’s preparation of financialstatements that give a true and fair view of the matters to which they relate, in order todesign audit procedures that are appropriate in the circumstances, but not for the purposeof expressing an opinion on the effectiveness of the entity’s internal control. An audit alsoincludes evaluating the appropriateness of accounting policies used and the reasonablenessof accounting estimates, as well as evaluating the overall presentation of the financialstatements.We believe that the audit evidence we have obtained is sufficient and appropriate to providea basis for our audit opinion.Other than in our capacity as auditors we have no relationship with, or interests in, theBallet.OpinionIn our opinion, the financial statements on pages 23 to 35:(i) comply with generally accepted accounting practice in New Zealand;(ii) present fairly, in all material effects, the financial position of the Ballet as at 31December 2010, and its financial performance for the year ended.