3084 NEW ZEALAND GAZETTE No. 144

The following notes form part and tie in to the leaf in conjunction with these financial statements.

NOTES to the FINANCIAL STATEMENTS

THE PERIOD ENDED 31 MARCH 1991

1. ESTABLISHMENT OF ACCOUNTING POLICIES

The ASB Trust (from ‘the Trust’) was established on 31 March 1989 along the creation of a trust deed by the ASB Bank Community Trust.

GENERAL ACCOUNTING POLICIES

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

PARTICULAR ACCOUNTING POLICIES

Bank
Bank is stated at the balance in the bank account rather than the balance after the cut-off bank.

Investments
Investments are stated at market value. Any unrealised gains or losses are recognised as income and expenditure for the period.

Debtors
Debtors balances are recorded by the Trust Managers on a settlement date basis. 1 year stated transactions are classified as current assets.

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

Current Hedges
All hedging contracts are evaluated using the New Zealand dollar rate at balance date and all realised and unrealised 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.

The rates used are:

• Land & Buildings .. .. .. 2.5% straight line basis
• Office Equipment & Furniture .. .. .. 10% diminishing value basis

Donations
Donations are accounted for as they are paid either on a committed or in advance by the Trustees. 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 accorded tax exempt status in New Zealand and no provision has therefore been made for income tax or any other tax (excluding GST) in relation to the fund.

Dividends
Dividends are recognised as income when they are received. The Trust and each individual organisation tax credits.

Capital Maintenance Reserve
Transfers to the Capital Maintenance Reserve from the 1 realised net surplus are made at the discretion of the Trustees.

Changes in Accounting Policies

The accounting policy for disclosure of bank balances has been changed (refer banks note above). The effect is to increase the bank account and committed donations by $601,804. The comparative have been adjusted accordingly, increasing bank and committed gains by $148,959.

2. DONATIONS

3. TRUST CAPITAL

4. RESERVES

5. INVESTMENTS: MANAGED FUNDS

Investments comprise:

• Cash Deposits: nz institutions .. .. .. $73,847 .. .. .. $55,295
• Bonds .. .. .. $191,100 .. .. .. $237,754
• Shares .. .. .. $4,547

Bartonia total, at market value .. .. .. $269,494 .. .. .. $293,174

• Held in New Zealand .. .. .. 60 .. .. .. 60
• Offshore .. .. .. 40 .. .. .. 31

6. FIXED ASSETS

The Government Valuation of the land and buildings on 1 May 1987 was $1,000,000.

7. DEPOSITS

Certain of the Trust’s deposits are subject to a right of set-off under the terms of the Trust’s banking agreement. There has been no set-off applied on the presentation of these accounts.

8. COMMITMENTS

Investment transactions entered into by the Fund Managers that must settle post year end total $3,891,147 (1990 $Nil)

Report of the Auditors to the Members 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, that the balance sheet and statement of income and expenditure are in agreement with these records and comply with generally accepted accounting practice, and that the financial statements fairly reflect the financial position of the Trust as at 31 March 1991 and its results and cash flows for the year then ended.

KPMG Peat Marwick
Chartered Accountants

17 May 1991
Auckland

A copy of the list of the names of donees and the amounts they received is available on request, at no cost, from the offices of the Trust at 50 Ponsonby Road, Auckland.

PUBLISHED BY AUTHORITY OF DEPARTMENT OF INTERNAL AFFAIRS: GP PRINT LIMITED, WELLINGTON, NEW ZEALAND – 1991

ISSN 0111-5650
Price $3.20 (incl. G.S.T.)