2162

NEW ZEALAND GAZETTE

No. 90

Cash comprises:
Cash at bank ........................................................................................................ 51 40
Call deposits ..................................................................................................... 333 552

                                                                                       $384     $592
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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 for the Year Ended 31 March 1999

1999 1998
$000 $000
Reported surplus ......................................................................................... 37,580 75,085
Add non-cash items:
Depreciation ............................................................................................ 83 85
Unrealised movement on bonds ............................................................................ (6) 4

                                                                                       77       89

Movements in working capital items:
Increase in creditors ................................................................................... 225 2
Increase/(decrease) in committed donations ........................................................ 3,460 (376)
Decrease in ASB Bank Community Trust ................................................................ 0 11
(Increase)/decrease in debtors ....................................................................... (8) 15
Decrease in other assets ............................................................................... 21 2

                                                                                       3,698    (346)

Movements in investments:
Loss on disposal of fixed assets .................................................................... 0 2
Less fund managers’ income reinvested by fund managers ............................................ (15,632) (55,347)
Less committed donations ............................................................................. (25,918) (19,876)
Net cash outflow from operating activities .......................................................... $(195) $(393)
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Notes to the Financial Statements for the Year Ended 31 March 1999

1. Statement of Accounting Policies

The ASB Charitable Trust (“the Trust”) is the reporting entity. 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:

This trust ................................................................................................... 60 percent 60 percent
ASB Bank Community Trust .............................................................................. 40 percent 40 percent

Fixed Assets

Fixed Assets are valued at cost less accumulated depreciation.