✨ Financial Statements and Audit Report
1946 NEW ZEALAND GAZETTE No. 79
| 1997 $000 | 1996 $000 | |
|---|---|---|
| Committed this year | 2,981 | 1,151 |
| $3,204 | $1,245 |
6. Reserves
Investment reserve—
Balance as at 1 April ... 52,081 39,617
Increase in value of ASB Bank Limited shares ... 15,196 13,746
Increase attributable to the charitable purposes reserve fund ... (1,418) (1,282)
Balance as at 31 March ... 65,859 52,081
Charitable purposes reserve fund—
Balance as at 1 April ... 10,244 8,638
Increase in value of ASB Bank Limited shares ... 1,418 1,282
Income ... 393 324
Donations to voluntary organisations ... (673) 0
Balance as at 31 March ... 11,382 10,244
General reserve—
Balance as at 1 April ... 1,000 1,000
Balance as at 31 March ... $1,000 $1,000
7. Trust Capital
Balance as at 1 April ... 44,320 44,320
Balance as at 31 March ... $44,320 $44,320
8. 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, statement of movement in trust funds, 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 1997. 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 1997 and of the results of its operations and cash flows for the year ended on that date.
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
- 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.
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NZ Gazette 1997, No 79
✨ LLM interpretation of page content
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ASB Bank Community Trust Financial Statements
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💰 Finance & Revenue26 May 1997
Income, Expenditure, Trust Funds, Balance Sheet, ASB Bank Community Trust, Cash Flows, Investments, Dividends, Donations