2438

NEW ZEALAND GAZETTE

No. 75

1994
$000

1993
$000

Other
145
862

$4,054
$9,265

Held in New Zealand
100%
100%

These are managed in-house. Included in these are deposits, certain of which 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.

Investment Properties
Balance as at 1 April
836
–
Expenditure capitalised
37
836
Investment property revaluation
(23)
–
Balance as at 31 March
$850
$836

The valuation of the sole investment property was performed by Jensen & Co Ltd on 13 April 1994.

3. Reserves
   Capital Maintenance Reserve
   Balance as at 1 April
   32,660
   29,833
   Transfers during the period
   3,712
   2,827
   Balance as at 31 March
   36,372
   32,660

Investment Fluctuation Reserve
Balance as at 1 April
10,644
10,471
Net gain/(loss) during the period
(3,757)
173
Balance as at 31 March
$6,887
$10,644

General Reserve
Balance as at 1 April
40,000
17,000
Allocation from surplus for the year
–
23,000
Balance as at 31 March
$40,000
$40,000

Social Emergencies Reserve
Balance as at 1 April
–
–
Allocation from surplus for the year
3,500
–
Balance as at 31 March
3,500
–

4. Donations
   For this year
   Committed and disbursed
   7,120
   5,115
   Committed but not yet disbursed
   13,445
   13,716
   20,565
   18,831

For future years
Committed but not yet disbursed
205
45
(These are not shown on the Balance Sheet)

Committed but not yet disbursed
Committed in previous years
7,528
1,864
Committed this year
13,445
13,716
$20,973
$15,580

5. Trust Capital
   Balance as at 1 April
   251,786
   251,786
   Balance as at 31 March
   $251,786
   $251,786

6. Fixed Assets

Cost
Accumu-
lated
Depreci-
iation
Book
Value
Cost
Accumu-
lated
Depreci-
ation
Book
Value

Land & buildings
2,059
29
2,030
1,585
14
1,571
Vehicle, office equipment & furniture
579
183
396
369
136
233
2,638
212
2,426
1,954
150
1,804

7. Statement of Cash Flows
   The depreciation charged to the cash flow statement includes a sum of $15,394 (1993 $22,361) on charged to the ASB Bank Community Trust as facilities rental.

8. Commitments
   Investments
   Net investment transactions entered into by the Fund Managers but unsettled prior to year end total ($1,023,341) (1993 $11,947,037)

9. Financial Instruments
   The financial instruments are subject to an interest rate risk. There is no credit risk relating to the Fund Managers or the Custodian. Because of the diversification of investments there are no significant concentrations of credit risk within the investment portfolios.

Foreign currency hedges are taken out by the Fund Managers to minimise the exposure to foreign exchange fluctuations.

No comparison is provided between the carrying value and estimated fair value of financial instruments, due to the carrying value reflecting market price.

1994
$000

1993
$000

New Zealand
Bonds & deposits
145,797
134,198
Equities
26,582
24,894
172,379
159,092

Australia
Bonds & deposits
8,090
11
Equities
137
1,915
8,227
1,926

North America
Bonds & deposits
72,272
60,459
Equities
5,144
14,705
77,416
75,164

Europe
Bonds & deposits
72,514
62,154
Equities
5,138
14,286
77,652
76,440

Japan & Far East
Bonds & deposits
12,007
17,620
Equities
4,903
8,864
16,910
26,484

TOTAL
Bonds & deposits
310,680
274,442
Equities
41,904
64,661
$352,584
$339,106

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 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.

A copy of the list of organisations to whom donations have been made by ASB Bank Community Trust and ASB Charitable Trust is available on request from ASB Trusts, P.O. Box 68-048, Newton, Auckland.

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