28 JULY NEW ZEALAND GAZETTE 2435

1994 1993
$000 $000

3. Taxation
Surplus before taxation ... 926 5,762
Add: non-deductible expenditure ... 166 360
1,092 6,122
Taxation charge @ 33% ... 360 2,020
Over provision ... (1) (14)
$359 $2,006

Taxation Charge Comprises—
Tax charge on other activities ... 27 42
Imputation tax credit ... 332 1,964
$359 $2,006

4. Investments
Shares in ASB Bank Limited—
Balance as at 1 April ... 64,411 58,513
Call on capital ... 3,750 —
Increase in net tangible assets for the year ... 9,731 5,898
Balance as at 31 March ... $77,892 $64,411

Total number of shares held in ASB Bank Limited as at 31 March 1994 was 18,750,000 (1993 15,000,000) of which 902,692 (1993 nil) are attributable to the Charitable Purposes Reserve Fund. The increase in Net Tangible Assets is based on unaudited accounts as at 31 December 1993.

Other Investments—
These consist of securities & deposits managed in-house.
Investments Comprise:
Call deposits ... 250 100
Bonds ... 1,320 3,479
$1,570 $3,579
Held in New Zealand ... 100% 100%

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.

5. Donations
For this year:
Committed and disbursed ... 1,128 1,982
Committed but not yet disbursed ... 133 1,560
$1,261 $3,542

Committed but not yet disbursed:
Committed in previous years ... 286 231
Committed this year ... 133 1,560
$419 $1,791

6. Reserves
Investment Revaluation Reserve—
Balance as at 1 April ... 20,090 14,192
Increase in value of ASB Bank Ltd shares during the year ... 9,731 5,898
Balance as at 31 March ... 29,821 20,090

Investment Fluctuation Reserve—
Balance as at 1 April ... 39 —
Unrealised gains ... 30 39
Balance as at 31 March ... 69 39

Charitable Purposes Reserve Fund—
Balance as at 1 April ... — —
Transfer from surplus ... 1 —
Transfer from ASB Charitable Trust ... 3,750 —
Balance as at 31 March ... $3,751 —

General Reserve—
Balance as at 1 April ... 1,500 1,300
Allocation (to)/from surplus for the year ... (500) 200
Balance as at 31 March ... $1,000 $1,500

7. Trust Capital
Balance as at 1 April ... 44,320 44,320
Balance as at 31 March ... $44,320 $44,320

8. Financial Instruments
The financial instruments are subject to an interest rate risk and credit risk. No comparison is provided between the carrying value and estimated fair value of financial instruments due to the carrying value reflecting market value.
All financial instruments are held in New Zealand.

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 cashflows 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 1994 and its results and cashflows for the year ended on that date.

Dated at Auckland this 30th day of May 1994.
KPMG PEAT MARWICK, Chartered Accountants.

ASB Charitable Trust

Statement of Income & Expenditure for the Year Ended 31 March 1994

Note 1994 1993
$000 $000
Income—
From managed funds ... 30,505 40,905
From other investments ... 696 1,281
Rent ... 100 61
31,301 42,247

Expenditure—
Audit ... 29 33
Depreciation ... 74 33
Legal ... 3 7
Occupancy ... 78 40
Other operating ... 124 81
Public & statutory reporting ... 84 83
Staff ... 369 252
Trustees' fees ... 119 86
Trustees' expenses ... 30 25
910 640
30,391 41,607
Unrealised investment fluctuations ... 2 (2,722) 3,032
Investment property revaluation ... 2 (23) —
Surplus before allocations ... 27,646 44,639

Allocations—
Capital Maintenance Reserve ... 3 3,712 2,827
Committed donations ... 4 20,565 18,831
General Reserve ... 3 — 23,000
Social Emergencies Reserve ... 3 3,500 —
Investment Fluctuation Reserve ... 3 (3,757) 173
ASB Bank Community Trust Charitable Purposes Reserve Fund ... 3,750 —
27,770 44,831
Uncommitted deficit this year ... (124) (192)
Uncommitted surplus brought forward ... 186 378
Uncommitted surplus carried forward ... $62 $186

The notes to these financial statements form part of and