New Zealand Gazette – 1996 – No. 76

Page 1961

✨ Financial Statements and Notes



25 JULY NEW ZEALAND GAZETTE 1961

required to segregate these funds appropriated from ASB Charitable Trust and the income attributable thereto. There are also certain restrictions on the distribution of income from this fund.
Transfers to other reserves from the unallocated surplus are made at the discretion of the trustees.

Taxation

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

Comparatives

Certain comparatives have been restated for disclosure purposes.

Changes in Accounting Policies

There have been no material changes in accounting policies during the period.

1996 $000 1995 $000
2. Income—Other Investments
Interest received 265 167
Investment loss (13) (109)
$252 $58

3. Investments

Shares in ASB Bank Limited—

  • Balance as at 1 April | 92,570 | 77,892 |
  • Call on capital | — | 4,075 |
  • Increase in net tangible assets | 13,746 | 10,603 |
  • Balance as at 31 March | $106,316 | $92,570 |

Total number of shares held in ASB Bank Limited as at 31 March 1996 was 22,825,000 (1995 22,825,000) of which 2,128,608 (1995 2,128,608) are attributable to the charitable purposes reserve fund.

The increase in net tangible assets is based on unaudited accounts as at 31 December 1995.

Other Investments
These consist of securities & deposits managed in-house.
Investments comprise:

  • Call deposits | 410 | 200 |
  • Term deposits | 2,168 | 1,307 |
  • Bonds | 879 | 892 |
    | $3,457 | $2,399 |

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.

4. Taxation

1996 1995
Surplus before taxation 14,457 15,307
Net dividend (3,300) (2,600)
Committed donations 2,417 1,577
Unrealised investment fluctuations 104 —
Unrealised investment revaluations (13,746) (10,603)
Donation from ASB Charitable Trust — (4,075)
Income attributable to charitable purposes reserve fund (16) (5)
Non-deductible expenditure 378 357
$190 $62

Taxation charge @ 33 percent | 63 |
Over provision | 0 | (6) |
| $63 | $14 |

5. Donations

For this year—

  • Committed and disbursed | 1,274 | 904 |
  • Committed but not yet disbursed | 1,161 | 684 |

Total donations approved | 2,435 | 1,588 |
Donations written back | (18) | (11) |

Committed but not yet disbursed—

  • Committed in previous years | 94 | 6 |
    | $2,417 | $1,577 |


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✨ LLM interpretation of page content

💰 Reserves (continued from previous page)

💰 Finance & Revenue
Reserves, Investment Revaluation, Charitable Purposes

💰 Taxation

💰 Finance & Revenue
Taxation, Current Tax, Deferred Tax

💰 Comparatives

💰 Finance & Revenue
Comparatives, Restatement

💰 Changes in Accounting Policies

💰 Finance & Revenue
Accounting Policies, No Changes

💰 Income—Other Investments

💰 Finance & Revenue
Income, Interest Received, Investment Loss

💰 Investments

💰 Finance & Revenue
Investments, Shares, ASB Bank Limited, Charitable Purposes Reserve Fund

💰 Other Investments

💰 Finance & Revenue
Investments, Call Deposits, Term Deposits, Bonds

💰 Taxation

💰 Finance & Revenue
Taxation, Surplus Before Taxation, Net Dividend, Committed Donations, Unrealised Investment Fluctuations, Unrealised Investment Revaluations, Donation from ASB Charitable Trust, Non-Deductible Expenditure

💰 Donations

💰 Finance & Revenue
Donations, Committed Donations, Disbursed Donations, Written Back Donations