New Zealand Gazette – 1991 – No. 144

Page 3082

✨ Financial Statements



3082

NEW ZEALAND GAZETTE

No. 144

ASB BANK COMMUNITY TRUST

Statement of Income and Expenditure for the Year Ended 31 March 1991

NOTE 1991 $000 1990 $000
INCOME
Dividends 5,329 8,754
Interest 219 246
5,548 9,000
EXPENDITURE
Audit 10 11
Depreciation — 6
Loss on Asset Disposals 7 58
Occupancy 47 9
Other Operating 63 40
Public Reporting 56 41
Staff 202 115
Trustees’ Fees 73 68
Expenses 13 13
526 329
Surplus Before Taxation and Extraordinary Item 5,122 8,671
Tax 2 1,854
SURPLUS Before Allocations 3,268 5,707
ALLOCATIONS
Committed Donations 8 2,431
Donations Reserve 5 1,300
Donation to ASB Charitable Trust — 118,824
Surplus (Deficit) this year 1463 509
Uncommitted Surplus Brought Forward 566 57
Uncommitted Surplus Carried Forward 111 566

Balance Sheet as at 31 March 1991

NOTE 1991 $000 1990 $000
SOURCE OF FUNDS
TRUST FUNDS
Capital 4 44,320
Investment Revaluation Reserve 5 10,578
Donations Reserve 1,300
Uncommitted Surplus 111
56,101 50,713
LIABILITIES
Creditors 38 84
Committed Donations 767 816
Taxation — 40
ASB Charitable Trust 270 —
1,065 940
57,166 50,682
EMPLOYMENT OF FUNDS
INVESTMENTS
Shares 6 54,698
Deposits 10 2,421
57,119 50,297
CURRENT ASSETS
Cash 1 —
Debtors 26 9
ASB Charitable Trust — 9
Taxation 20 —
47 33
FIXED ASSETS 7 —
57,166 50,682

Statement of Cash Flows for Year Ended 31 March 1991

1991 $000 1990 $000
CASH FLOWS FROM INVESTING ACTIVITIES
Cash was provided from:
Dividends received 3,637
Interest received on deposits 198
Sale of office equipment & furniture 277
Proceeds of sale of ASB Bank Limited shares —
Cash was disbursed:
To purchase office equipment & furniture (37)
On increase in deposits (1,271)
Net cash flow from investing activities 2,802

CASH FLOWS FROM OPERATING ACTIVITIES
Cash was provided from
Refunds of expenses by ASB Charitable Trust 735 (146)
Cash was disbursed to:
Payments to suppliers, trustees & staff (956) (112)
Taxes paid (1,92) (77)
Donations to voluntary organisations (2,481) (4,601)
Donation to ASB Charitable Trust — (252,000)
Net cash outflow from operating activities (2836) (256,886)
Net increase (decrease) on cash held (34) 60
Add opening cash brought forward 35 (25)
Ending cash carried forward 1 35

TRUSTEES

Judith O. Bassett
Waari G. Ward-Holmes

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

Notes to the Financial Statements for the Period Ended 31 March 1991

1. STATEMENT OF ACCOUNTING POLICIES

The ASB Bank Community Trust ("the Trust") was formed on 30 May 1988 through the creation of a trust deed in compliance with the Trustee Banks Restructuring Act 1988. Under the terms of the trust deed the Trust was settled with 60 million, $1 fully paid ordinary shares in ASB Bank Limited representing 100% of the issued capital. Subsequently 45 million shares were sold in 1990 to the Commonwealth Bank of Australia.

GENERAL ACCOUNTING POLICIES

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

PARTICULAR ACCOUNTING POLICIES

Bank

Bank is stated as the balance in the bank account rather than the balance as per the cash book.

Investments

Investments in shares are valued at the net tangible asset backing as disclosed in the latest published accounts. Any revaluation difference is transferred direct to an investment revaluation reserve.

Fixed Assets

Fixed Assets were valued at cost less accumulated depreciation.

Depreciation

Office equipment and furniture were depreciated on a diminishing value basis.

Taxation

Taxation on index both current and deferred tax. Deferred tax is calculated using the liability method.

Dividends

Dividends are recognised as income when they are received by the Trust, and include imputation tax credits if any.

Donations

Donations are accounted for as they are distributed or committed to be distributed to eligible organisations as approved by the Trustees except that 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.

Changes in Accounting Policies

The accounting policy for disclosure of bank balances has been changed (refer Bank note above). The effect is to increase the bank account and committed donations by $120,733. The comparatives have been adjusted accordingly, increasing bank and committed grants by $33,010.

1991 $000 1990 $000
2. TAXATION
Surplus before Taxation 5,122
Add: Non-deductible Expenditure 481
5,603
Taxation Charge & TVG 1,849
Underprovision 5
1,854
Taxation Charge Comprises:
Tax charge on other activities 62
Imputation tax credit 1,792
1,854

3. EXTRAORDINARY ITEM

The extraordinary item represents the profit, net of tax, on disposal of 75% of the Trust’s shareholding in ASB Bank Limited to the Commonwealth Bank of Australia.
Gross sale proceeds 332,600
Less: Disposal Expenses 214
Book Value of Investment 132,962
118,824

DISTRIBUTION TO ASB CHARITABLE TRUST
From Income 118,824
From Capital 132,962
251,786

4. TRUST CAPITAL
Balance as at 1 April 44,320
Transfer to ASB Charitable Trust —
Balance as at 31 March 44,320


Next Page →

PDF embedding disabled (Crown copyright)

View this page online at:


VUW Te Waharoa — PDF NZ Gazette 1991, No 144


NZLII — PDF NZ Gazette 1991, No 144




✨ LLM interpretation of page content

💰 ASB Bank Community Trust Financial Statements

💰 Finance & Revenue
Financial Statements, Income, Expenditure, Balance Sheet, Cash Flows, Trustees
  • Judith O. Bassett, Trustee
  • Waari G. Ward-Holmes, Trustee