New Zealand Gazette – 1998 – No. 100

Page 2308

✨ Trust Financial Statements



2308 NEW ZEALAND GAZETTE No. 100

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 1998 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, whether caused by fraud or error. In forming our opinion we also evaluated the overall adequacy of the presentation of information in the financial statements.

Other than in our capacity as auditors we have no relationship with or interest in the trust.

Unqualified Opinion

We have obtained all the information and explanations we have required.

In our opinion the financial statements:

  • comply with generally accepted accounting practice;
  • give a true and fair view of the financial position of the trust as at 31 March 1998 and the results of its operations and cash flows for the year ended on that date.

Our audit was completed on 25 May 1998 and our unqualified opinion is expressed as at that date.

KPMG, Auckland.

ASB Charitable Trust

Statement of Income and Expenditure for the Year Ended 31 March 1998

Note 1998 $000 1997 $000
Income—
Managed funds 77,598 42,111
Other investments 7 78 132
Rent 8 8 7
77,684 42,250
Direct expenditure—
Fund management, custodian and advisory fees 1,913 1,683
75,771 40,567
Committed donations 4 19,876 12,029
55,895 28,538
Other expenditure—
Audit 27 25
Depreciation 51 47
Loss on disposal of fixed assets 1 7
Legal 4 4 3
Occupancy 57 34
Other operating 6 67 63
Public and statutory reporting 78 82
Staff 300 295
Trustees’ fees 84 77
Trustees’ expenses 17 21
686 654
Net surplus $55,209 $27,884

The net surplus has been allocated as follows:

| Capital maintenance reserve | 3 | 4,393 | 5,548 |
| General reserve | 3 | 42,000 | 20,000 |
| Uncommitted surplus | | 8,816 | 2,336 |
| | | $55,209 | $27,884 |



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✨ LLM interpretation of page content

💰 Audit Report (continued from previous page)

💰 Finance & Revenue
Audit, Financial Statements, Trust Funds, KPMG, Auckland
  • KPMG, Auckland

💰 ASB Charitable Trust Statement of Income and Expenditure

💰 Finance & Revenue
Charitable Trust, Income, Expenditure, Financial Report, ASB