✨ Financial Statements and Notes
31 JULY NEW ZEALAND GAZETTE 1949
1997 1996
$000 $000
Net cash (outflow)/inflow from investing activities ... (58) 1,075
Net cash (outflow)/inflow from activities ... (543) 773
Add opening cash brought forward ... 1,486 713
Ending cash carried forward ... $943 $1,486
The notes to these financial statements form part of and should be read in conjunction with this statement of cash flows.
Reconciliation of Reported Surplus to Net Cash Flow From Operating Activities
1997 1996
$000 $000
Reported surplus ... 27,884 27,245
Add non-cash items:
Depreciation ... 79 87
Unrealised movement on bonds ... 1 3
80 90
Movements in working capital items:
Increase in creditors ... 90 90
Decrease in committed donations ... (3,898) (53)
Increase in ASB Bank Community Trust ... (49) (77)
Decrease/(increase) in debtors ... 6 (11)
Decrease in other assets ... 1 1
(3,850) (50)
Movements in investments:
Loss on disposal of fixed assets ... 12 0
Profit on disposal of investment property ... 0 (120)
12 (120)
Less fund managers' income reinvested by fund managers ... (24,611) (27,467)
Net cash outflow from operating activities ... $(485) $(302)
Notes to the Financial Statements for the Year Ended 31 March 1997
1. Statement of Accounting Policies
The ASB Charitable Trust ("the trust") was formed on 31 May 1989 through the creation of a trust deed by the ASB Bank Community Trust and a donation of $252,000,000.
The measurement basis adopted is that of historical cost adjusted for the revaluation of certain assets. Reliance is placed on the fact that the trust is a going concern. The financial statements have been prepared in accordance with the requirements of the Financial Reporting Act 1993.
Bank
Bank is stated as the balance in the bank account rather than the balance as per the cash book.
Statement of Cash Flows
Cash comprises cash at bank and call deposits but does not include cash or deposits held by the fund managers. Therefore the statement of cash flows does not reflect the cash flows within the fund managers' portfolios.
Depreciation
Depreciation is provided over the useful life of the assets. Buildings are depreciated on a straight line basis. Vehicle, office equipment and furniture are depreciated on a diminishing value basis. The rates used are those recommended by the Inland Revenue Department.
Dividends
Dividends are recognised as income when they are received by the trust and exclude imputation tax credits.
Donations
Donations are accounted for as they are distributed or committed to be distributed to eligible organisations as approved by the trustees.
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:
1997 1996
This trust ... 60 percent 60 percent
ASB Bank Community Trust ... 40 percent 40 percent
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NZ Gazette 1997, No 79
✨ LLM interpretation of page content
💰
ASB Charitable Trust Statement of Cash Flows
(continued from previous page)
💰 Finance & RevenueCash Flows, Financial Statements, ASB Charitable Trust
💰 Reconciliation of Reported Surplus to Net Cash Flow From Operating Activities
💰 Finance & RevenueReconciliation, Surplus, Cash Flow, Operating Activities, ASB Charitable Trust
💰 Notes to the Financial Statements for the Year Ended 31 March 1997
💰 Finance & RevenueFinancial Statements, Accounting Policies, ASB Charitable Trust