New Zealand Gazette – 1998 – No. 100

Page 2306

✨ Financial Statements

2306 NEW ZEALAND GAZETTE No. 100

Investments

Investments in shares are valued at the net tangible asset backing as disclosed in the latest published accounts. Any revaluation difference is transferred to the investment reserve.

Other investments are stated at market value. Any gains or losses are recognised in income and expenditure for the period.

Financial Instruments

All assets and liabilities of the trust are financial instruments and are recognised in the balance sheet. All financial instruments are recorded at market value or fair value or are not materially different from market value or fair value.

The quantitative disclosures required by FRS 31 disclosure of information about financial instruments, have been included throughout the financial statements where material.

Reserves

The investment reserve reflects both the realised and unrealised increase in the net tangible asset value of the shareholding in ASB Bank Limited and the increase in value realised through the receipt of the special dividend. It excludes the portion of the increases attributable to the charitable purposes reserve fund.

The charitable purposes reserve fund represents funds contributed by ASB Charitable Trust to enable the trust to participate in the issue of new equity by ASB Bank Limited. In order to maintain the non taxable status of this reserve, the trust is required to segregate these funds contributed from ASB Charitable Trust and the income attributable thereto. There are also certain restrictions on the distribution of income from this fund.

Transfers to other reserves from the unallocated surplus are made at the discretion of the trustees.

Taxation

Taxation includes both current and deferred tax. Deferred tax is calculated using the comprehensive liability method.

Changes in Accounting Policies

There have been no material changes in accounting policies during the period.

	1998 $000	1997 $000
2. Income—Other Investments
Interest received	444	396
Investment loss	(6)	0
	$438	$396

3. Investments

Shares in ASB Bank Limited—

Balance as at 1 April | 121,512 | 106,316 |
Special dividend | 0 | (57,995) |
Share purchase | 0 | 57,995 |
Increase in net tangible assets | 20,638 | 15,196 |
Balance as at 31 March | $142,150 | $121,512 |

Total number of shares held in ASB Bank Limited as at 31 March 1998 was 80,780,325 (1997 80,780,325) of which 7,533,391 (1997 7,533,391) are attributable to the charitable purposes reserve fund.

The increase in net tangible assets is based on unaudited accounts of ASB Bank Limited as at 31 December 1997.

Other Investments

These consist of securities and deposits managed in-house.

Investments comprise:

	1998 $000	1997 $000
Call deposits	110	502
Call deposits charitable purposes reserve fund	0	690
Term deposits	4,250	3,310
Term deposits charitable purposes reserve fund	643	0
Bonds	1,380	879
	$6,383	$5,381

Certain of the trust’s deposits are subject to a right of set off under the terms of the trust’s banking agreement. There has been no set off applied in the presentation of these accounts.

4. Taxation

	1998 $000	1997 $000
Surplus before taxation	22,015	14,957
Net dividend	(4,850)	(3,750)
Committed donations	3,449	3,965
Unrealised investment revaluations	(20,638)	(15,196)
Income attributable to charitable purposes reserve fund	(56)	(44)
Non-deductible expenditure	384	350

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VUW Te Waharoa — NZ Gazette 1998, No 100

NZLII — NZ Gazette 1998, No 100

The General Assembly Library (on the right) was completed in 1899 and survived the 1907 fire. Now the oldest remaining original Parliament building, still used as the Parliamentary Library.

✨ LLM interpretation of page content

💰 Statement of Cash Flows for the Year Ended 31 March 1998 (continued from previous page)

Domain💰 Finance & Revenue
KeywordsCash Flows, Dividends, Interest, Charitable Funds, Taxes

💰 Investment Valuation and Accounting Policies

Domain💰 Finance & Revenue
KeywordsInvestments, Valuation, Financial Instruments, Reserves, Taxation, Accounting Policies

💰 Income from Other Investments

Domain💰 Finance & Revenue
KeywordsIncome, Interest, Investment Loss

💰 Investments in ASB Bank Limited

Domain💰 Finance & Revenue
KeywordsShares, Dividends, Net Tangible Assets, Charitable Funds

💰 Other Investments

Domain💰 Finance & Revenue
KeywordsCall Deposits, Term Deposits, Bonds, Charitable Funds

💰 Taxation Details

Domain💰 Finance & Revenue
KeywordsTaxation, Surplus, Dividends, Donations, Investment Revaluations

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