New Zealand Gazette – 1998 – No. 100

Page 2307

✨ Financial Statements

30 JULY NEW ZEALAND GAZETTE 2307

Distribution to tax approved beneficiaries ... 1998 $000 1997 $000
(225) 0
Taxable loss brought forward ... (79) 0
$0 $282

Taxation charge @ 33 percent ... $0 $93

Over provision of prior years ... $(93) $0

Donations
For this year—
Committed and disbursed ... 1,366 999
Committed but not yet disbursed ... 2,101 2,981
Total donations approved ... 3,467 3,980
Donations written back ... (18) (15)
$3,449 $3,965

Committed but not yet disbursed—
Committed in previous years ... 613 223
Committed this year ... 2,097 2,981
$2,710 $3,204

Reserves
Investment reserve—
Balance as at 1 April ... 65,859 52,081
Increase in value of ASB Bank Limited shares ... 20,638 15,196
Increase attributable to the charitable purposes reserve fund ... (1,924) (1,418)
Balance as at 31 March ... $84,573 $65,859

Charitable purposes reserve fund—
Balance as at 1 April ... 11,382 10,244
Increase in value of ASB Bank Limited shares ... 1,924 1,418
Income ... 508 393
Donations to voluntary organisations ... 0 (673)
Balance as at 31 March ... $13,814 $11,382

General reserve—
Balance as at 1 April ... 1,000 1,000
Balance as at 31 March ... $1,000 $1,000

Trust Capital
Balance as at 1 April ... 44,320 44,320
Balance as at 31 March ... $44,320 $44,320
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 1998. This information is stated in accordance with the accounting policies included in the notes to these financial statements.

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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

💰 Taxation Details (continued from previous page)

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

💰 Audit Report

Domain💰 Finance & Revenue
KeywordsAudit, Financial Statements, Trust Funds
👩‍💼 Officials

KPMG Audit Report to the Trustees of ASB Bank Community Trust

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