New Zealand Gazette – 1996 – No. 76

Page 1963

✨ Financial Statements



25 JULY
NEW ZEALAND GAZETTE
1963

  • whether the accounting policies are appropriate to the trust’s circumstances, consistently applied and adequately disclosed.

We conducted our audit in accordance with generally accepted auditing standards in New Zealand. We planned and performed our audit so as to obtain all the information and explanations which we considered necessary in order to provide us with sufficient evidence to give reasonable assurance that the financial statements are free from material misstatements, whether caused by fraud or error. In forming our opinion we also evaluated the overall adequacy of the presentation of information in the financial statements.

Other than in our capacity as auditors we have no relationship with or interest in the trust.

Unqualified Opinion

We have obtained all the information and explanations we have required.

In our opinion the financial statements:

  • comply with generally accepted accounting practice;
  • give a true and fair view of the financial position of the trust as at 31 March 1996 and the results of its operations and cash flows for the year ended on that date.

Our audit was completed on 31 May 1996 and our unqualified opinion is expressed as at that date.

KPMG, Auckland.

ASB Charitable Trust

Statement of Income and Expenditure for the Year Ended 31 March 1996

Income— Note 1996 $000 1995 $000
Managed funds 2 42,467 (6,358)
Sale of investment property 120 0
Other investments 107 59
Rent 74 111
42,768 (6,188)
Direct expenditure
Fund management, custodian and advisory fees 1,659 1,364
Committed donations 4 41,109 (7,552)
ASB Bank Community Trust Charitable Purposes Reserve Fund 13,209 8,067
0 4,075
27,900 (19,694)
Other expenditure
Audit 30 30
Depreciation 52 63
Legal 12 13
Occupancy 29 26
Other operating 66 74
Public and statutory reporting 84 78
Staff 295 287
Trustees’ fees 72 85
Trustees’ expenses 15 22
655 678
Investment property revaluation 2 27,245 (20,372)
Net surplus/(deficit) 0 64
$27,245 ($20,308)

The net surplus/(deficit) has been allocated as follows:
Capital maintenance reserve 3 6,951 11,694
General reserve 3 20,000 (22,000)
Social emergencies reserve 3 0 (3,500)
Investment fluctuation reserve 3 0 (6,887)
Uncommitted surplus 294 385
$27,245 ($20,308)

The notes to these financial statements form part of and should be read in conjunction with this Statement of Income and Expenditure.

Statement of Movement in Trust Funds for the Year Ended 31 March 1996

Total trust funds at beginning of year 1996 $000 1995 $000
318,299 338,607


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✨ LLM interpretation of page content

💰 KPMG Audit Report to the Trustees of ASB Bank Community Trust (continued from previous page)

💰 Finance & Revenue
31 May 1996
Audit Report, Financial Statements, Trustees, KPMG
  • KPMG, Auckland

💰 ASB Charitable Trust Statement of Income and Expenditure

💰 Finance & Revenue
Financial Statements, Income, Expenditure, Trust Funds