New Zealand Gazette – 1995 – No. 73

Page 1996

✨ Financial Statements



1996 NEW ZEALAND GAZETTE No. 73

Expenses

Some expenses are shared jointly with the ASB Bank Community Trust. Whilst each trust bears its own specific costs, the joint expenses are allocated between the trusts on the basis of the number of applications processed by each. Joint expense allocations were:

1995 1994
This trust 60 percent 77 percent
ASB Bank Community Trust 40 percent 23 percent

Fixed Assets

Fixed assets are valued at cost less accumulated depreciation.

Investment Properties

These are valued at market value. Movements in the valuation of investment properties are recorded in the Statement of Income and Expenditure. No provision for depreciation is made on these properties.

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.

Investments

Investments are stated at market value. Any gains or losses are recognised in income and expenditure for the period. Investment transactions are recorded by the fund managers on a settlement date basis. Unsettled transactions are disclosed in the notes as commitments.

Financial Instruments

All assets and liabilities of the trust with the exception of fixed assets are financial instruments and are recognised in the balance sheet. All financial instruments are recorded at market value or fair value. The trust uses financial instruments with off balance sheet risk to reduce exposure to fluctuations in foreign currency exchange rates. Forward exchange contracts are entered into to hedge foreign currency transactions. These are converted to the New Zealand dollar rate at balance date with all realised and unrealised gains and losses being recognised in the income and expenditure statement. The quantitative disclosures required by FRS 31 Disclosure of Information About Financial Instruments, have been included throughout the financial statements where material.

Reserves

  • Transfers to the capital maintenance reserve are based on the annual movement in the consumer price index.
  • Transfers to all other reserves from the unallocated surplus are made at the discretion of the trustees.

Taxation

The trust has been accorded tax exempt status in New Zealand and Australia but is liable to taxation on investment income in some other overseas countries. Tax on overseas income is accounted for as a reduction of that income.

Changes in Accounting Policies

Unrealised gains and losses were previously transferred to the investment fluctuation reserve. In 1995 the balance of the reserve was transferred to uncommitted surplus. There have been no other material changes in accounting policies in this accounting period.

2. Investments

1995 1994
$'000 $'000
Managed by external managers—
Gross income
Realised gains 11,322 32,090
Unrealised loss (17,680) (2,582)
Withdrawals (6,358) 29,508
Balance as at 1 April (15,000) (16,030)
352,584 339,106
Balance as at 31 March $331,226 $352,584

Investments comprise—

1995 1994
Cash, deposits and miscellaneous 70,646 52,793
Bonds 170,925 257,887
Equities 89,655 41,904
Portfolio total $331,226 $352,584

Other investments—

1995 1994
Gross income—
Interest 173 442
Realised gains 17 254
190 696


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✨ LLM interpretation of page content

💰 ASB Charitable Trust Statement of Cash Flows for the Year Ended 31 March 1995 (continued from previous page)

💰 Finance & Revenue
ASB Charitable Trust, Cash Flows, Financial Report, 1995