NEW ZEALAND GAZETTE

No. 150

ASB CHARITABLE TRUST

Statement of Income and Expenditure

FOR THE PERIOD ENDED 31 MARCH, 1990

| EXPENSES | | |
| Audit | 10 | 30 |
| Depreciation | 7 | 57 |
| Legal | | 14 |
| Occupancy | | 71 |
| Other Operating| | 68 |
| Public Information| | 161 |
| Staff | | 7 |
| Trustee Fees | 19 | 510 |
| | | 918 |

| Defact provision for investment fluctuations | | 24,000 |
| SURPLUS for allocation | | 16,576 |

| ALLOCATIONS | | |
| Capital Reserve| 2 | 8,418 |
| Donations | 3 | 8,336 |
| Uncommitted surplus carried forward | | (142) |

The attached notes form part of and are to be read in conjunction with these financial statements.

Balance Sheet

AS AT 31 MARCH, 1990

| EMPLOYMENT OF FUNDS | | |
| INVESTMENTS | | |
| Managed Funds | 5 | 263,174 |
| Deposits | | 8,748 |
| | | 271,922 |
| OTHER | | |
| Fixed Assets | 6 | 1,371 |
| Debtors | | 25 |
| | | 1,396 |
| | | 263,318 |

TRUSTEE
Judith O. Bascett

TRUSTEE
Warni G. Warnes-Humes

The attached notes form part of and are to be read in conjunction with these financial statements.

Statement of Cash Flows

FOR THE PERIOD ENDED 31 MARCH, 1990

| CASH FLOWS FROM INVESTING ACTIVITIES | |
| Cash was applied to | |
| Cash outflow to Fund Managers| (250,000)|
| Cash outflow for Land & Building | (1,147) |
| Cash outflow for Furniture & Fittings | (109) |
| Net cash used in investing | (251,377)|

| CASH FLOWS FROM FINANCING ACTIVITIES | |
| Cash was provided from | |
| Donation from ASB Bank Community Trust| 257,000|
| Cash was applied to | (214) |
| Settlement of associated costs| |
| Net Cash available from Financing | 256,786 |

| Net increase/(decrease) in cash held | 8,720 |
| Add Opening Cash Brought Forward | --- |
| Ending Cash Carried Forward | 8,720 |

Notes to the Financial Statements

FOR THE PERIOD ENDED 31 MARCH, 1990

1. STATEMENT OF ACCOUNTING POLICIES

The ASB Charitable Trust (the Trust) was formed on 31 May, 1989 through the creation of a trust deed by the ASB Bank Community Trust.

GENERAL ACCOUNTING POLICIES

The measurement basis adopted is that of historical cost adjusted for the revaluation of certain assets. Reference is placed to the fact that the Trust is a going concern. Accrual accounting is used to match income and expenditure.

PARTICULAR ACCOUNTING POLICIES

Investments
Investments are stated at the lower of cost or market value calculated on the cost of the portfolio and any write downs or recoveries of prior year write downs are recognised as income and expenditure for the period.

Foreign Currency
All amounts denominated in foreign currencies are converted to New Zealand dollars at balance date and all foreign currency gains and losses are recognised in income and expenditure for the period.

Fixed Assets
Fixed assets are valued at cost less accumulated depreciation.

Depreciation
Depreciation is provided over the useful life of the assets on a diminishing value basis. The rates used are:

• Land and Buildings: 2%
• Furniture and Fittings: 20%

Donations
Donations are accounted for as they are distributed or committed to be distributed to eligible organisations as approved by the Trustees except those where donations approved are payable over a number of accounting periods; the future donations payable are accounted for in the year in which they are paid.

Taxation
The Trust has been accepted as an exempt status in New Zealand and Australia but is liable to taxation on income not deemed to come from some other overseas sources. Tax on general income is accounted for as a reduction of that income.

Dividends
Dividends are recognised as income when they are received by the Trust.

Trust Capital Reserve
As the discretion of the Trustees, an amount is transferred to the Trust Capital Reserve from the Unallocated Surplus.

Changes in Accounting Policies

There have been no changes in the accounting policies since the last financial year of operation.

2. TRUST CAPITAL RESERVE

3. DONATIONS

For the year to 31 March, 1990:

• Committed and disbursed: $5,646
• Committed but not yet disbursed: $2,690

For the years 1 April 1990 to 31 March 1992:

• Committed but not disbursed: $3,472

4. TRUST CAPITAL

5. INVESTMENTS

There are held 6.6% in New Zealand and 31.4% offshore.

6. FIXED ASSETS

7. PERIOD OF ACCOUNTS
   The Trust was formed on 31 May 1989 and the accounts cover a ten month period. As this is the first period there are no comparative figures.

Report of the Auditors to the Trustees of ASB CHARITABLE TRUST

We have examined the accompanying balance sheet, statement of income and expenditure and statement of cash flows and have obtained all the information and explanations we have required. We are of the opinion that proper accounting records have been kept by the Trust.

We are of the opinion that the balance sheet, statement of income and expenditure and statement of cash flows are in accordance with the Financial Reporting Act 1993.

We further view of the financial position of the Trust as at 31 March 1990 and its results and cash flow for the ten months ended on that date.

Ernst & Young
Chartered Accountants
KPMG Peat Marwick
AUCKLAND