New Zealand Gazette – 1996 – No. 76

Page 1966

✨ ASB Charitable Trust Financial Statements



1966 NEW ZEALAND GAZETTE No. 76

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:

1996 1995
This trust 60 percent 60 percent
ASB Bank Community Trust 40 percent 40 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.

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. Investments
Managed by external managers–
Balance as at 1 April 331,226 352,584
Movement in market value 42,467 (6,358)
Withdrawals (15,000) (15,000)
Balance as at 31 March $358,693 $331,226

Investments managed by external managers comprise–

1996 $'000 1995 $'000
Cash, deposits and miscellaneous 54,732 70,646
Bonds 189,669 170,925
Equities 114,292 89,655
Portfolio total $358,693 $331,226

Other investments comprise–

1996 $'000 1995 $'000
Call deposits 1,483 714
Bonds 214 217
$1,697 $931


Next Page →

PDF embedding disabled (Crown copyright)

View this page online at:


VUW Te Waharoa — PDF NZ Gazette 1996, No 76


NZLII — PDF NZ Gazette 1996, No 76




✨ LLM interpretation of page content

💰 ASB Charitable Trust Financial Statements (continued from previous page)

💰 Finance & Revenue
31 May 1996
Financial Statements, Accounting Policies, Investments, Fixed Assets, Reserves, Taxation