New Zealand Gazette – 1996 – No. 76

Page 1962

✨ Financial Statements and Audit Report



1962
NEW ZEALAND GAZETTE
No. 76

Committed this year .............................. $1,245 $687

  1. Reserves
    Investment revaluation reserve—
    Balance as at 1 April .......................... 39,617 29,821
    Increase in value of ASB Bank Limited shares .... 13,746 10,603
    Increase attributable to the charitable purposes reserve fund .. (1,282) (807)
    Balance as at 31 March ........................ $52,081 $39,617

Investment fluctuation reserve—
Balance as at 1 April .......................... - 69
Transfer to surplus ............................ - (69)
Balance as at 31 March ........................ - -

Charitable purposes reserve fund—
Balance as at 1 April .......................... 8,638 3,751
Donation from ASB Charitable Trust .............. - 4,075
Increase in value of ASB Bank Limited shares .... 1,282 807
Income ....................................... 324 175
Donations to voluntary organisations ........... - (170)
Balance as at 31 March ........................ $10,244 $8,638

General reserve—
Balance as at 1 April .......................... 1,000 1,000
Allocation to surplus .......................... - -
Balance as at 31 March ........................ $1,000 $1,000

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

  2. Financial Instruments

Currency Risk
All financial instruments are held in New Zealand and therefore the trust is not subject to currency risk.

Interest Rate Risk
The trust invests in securities that are subject to interest rate risk. The trust actively monitors this risk and changes asset allocations and maturity profiles accordingly.

Credit Risk
The trust owns financial instruments that are subject to credit risk. The maximum credit risk exposure to the trust is the value of investments as disclosed in the financial statements.

Fair Values
All financial instruments are carried at market value.

KPMG Audit Report to the Trustees of ASB Bank Community Trust
We have audited the financial statements (comprising the statement of income and expenditure, the balance sheet, the statement of cash flows and the notes to these financial statements). The financial statements provide information about the past financial performance of the trust and its financial position as at 31 March 1996. This information is stated in accordance with the accounting policies included in the notes to these financial statements.

Trustees’ Responsibilities
The trustees are responsible for the preparation of financial statements which give a true and fair view of the financial position of the trust as at 31 March 1996 and of the results of operations and cash flows for the year ended 31 March 1996.

Auditors’ Responsibilities
It is our responsibility to express an independent opinion on the financial statements presented by the trustees and report our opinion.

Basis of opinion
An audit includes examining, on a test basis, evidence relevant to the amounts and disclosures in the financial statements. It also includes assessing:

  • the significant estimates and judgments made by the trustees in preparation of the financial statements, and


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✨ LLM interpretation of page content

💰 Financial Statements and Reserves (continued from previous page)

💰 Finance & Revenue
Financial Statements, Reserves, Investment Revaluation, Charitable Purposes, Trust Capital

💰 KPMG Audit Report to the Trustees of ASB Bank Community Trust

💰 Finance & Revenue
Audit Report, Financial Statements, Trustees, KPMG
  • KPMG