4260

NEW ZEALAND GAZETTE

No. 187

net tangible asset backing of those 60 million shares was $147,655,000. Subsequently 45 million shares were sold in 1989 to the Commonwealth Bank of Australia for $252,000,000 which was then donated to the ASB Charitable Trust.

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.

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

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.

Fixed Assets
Fixed Assets were valued at cost less accumulated depreciation.

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.

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

Changes in Accounting Policies
There have not been any material changes in accounting policy during this accounting period.

2. TAXATION

3. TRUST CAPITAL
   Balance as at 1 April 44,320 44,320
   Balance as at 31 March 44,320 44,320

4. RESERVES

Investment Revaluation Reserve
Balance as at 1 April 10,378 4,827
Increase in value of ASB
shares during the year 3,814 5,551
Balance as at 31 March 14,192 10,378

Donations Reserve
Balance as at 1 April 1,300 1,300
Allocation from Surplus for the year 1,300
Transferred to General Reserve (1,300)
Balance as at 31 March 1,300 1,300

General Reserve
Balance as at 1 April — —
Transferred from Donations Reserve 1,300
Balance as at 31 March 1,300 —

5. INVESTMENT
   ASB Bank Limited
   Balance as at 1 April 54,698 49,147
   Increase in Net Tangible Assets for the year 3,815 5,551
   Balance as at 31 March 58,513 54,698

The increase in Net Tangible Assets is based on unaudited accounts as at 31 December 1991.

6. FIXED ASSETS
   Office Equipment and Furniture
   Cost — 355
   Accumulated Depreciation — 20
   Sold to ASB Charitable Trust at valuation — 277
   Loss on sale — 58

7. DONATIONS
   For this year
   Committed and disbursed 1,951 1,675
   Committed but not yet disbursed 918 756
   2,869 2,431
   Transfer to Donations Reserve — 1,300
   2,869 3,731

For future years
Committed but not yet disbursed (These are not shown on the Balance Sheet)
Payable in the years 1 April 1990 to 31 March 1992 — 38
Payable in the year 1 April 1992 to 31 March 1993 15 —
2,884 3,769

8. DIVIDENDS
   Cash Received 3,375 3,637
   Imputation Tax Credits Received 1,662 1,792
   5,037 5,429

9. 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 in the presentation of these accounts.

REPORT OF THE AUDITORS TO THE TRUSTEES OF ASB BANK COMMUNITY 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, statement of income and expenditure and statement of cashflows are properly drawn up and give, on an historical cost basis, adjusted by the revaluation of certain assets, a true and fair view of the financial position of the Trust as at 31 March 1992 and its results and cash flows for the year ended on that date.

15 May 1992

King Peat Marwick

AUCKLAND

CHARTERED ACCOUNTANTS