New Zealand Gazette – 2000 – No. 89

Page 2193

✨ Financial Statements

10 AUGUST NEW ZEALAND GAZETTE 2193

The increase in net tangible assets is based on unaudited accounts of ASB Group Limited as at 31 December 1999.

Change in shareholding
On 30 March 1999 an arrangement was entered into whereby the trust exchanged its 25% shareholding in ASB Bank Limited for a 25% shareholding in ASB Group Limited. The exchange was at net book value with no resulting profit or loss from the exchange in shareholding. The ASB Group Limited holds 100% of the shares in ASB Bank Limited and ASB Life Assurance Limited.

The investment held in ASB Group Limited is disclosed based on the shares held and net tangible assets of ASB Group Limited as at 31 December 1999 in accordance with the trust’s accounting policy.

	2000	1999
	$000	$000

Other investments
These consist of securities and deposits managed in-house.
Investments comprise:
Call deposits ... 17 ... 491
Call deposits charitable purposes reserve fund ... 302 ... 264
Term deposits ... 3,589 ... 3,267
Term deposits charitable purposes reserve fund ... 782 ... 568
Bonds ... 1,377 ... 1,462
| | 6,067 | 6,052 |

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.

	2000	1999
	$000	$000

4. Taxation
Surplus before taxation ... 32,332 ... 27,034
Net dividend ... (6,050) ... (5,325)
Unrealised investment revaluations ... (26,525) ... (21,700)
Income attributable to charitable purposes reserve fund ... (38) ... (51)
Non-deductible expenditure ... 417 ... 431
Distribution to tax approved beneficiaries ... (180) ... (425)
Taxable loss brought forward ... (155) ... (119)
Taxable loss carried forward ... (199) ... (155)
Taxation charge @ 33% ... 0 ... 0

5. Donations
For this year:
Committed and disbursed ... 3,028 ... 3,449
Committed but not yet disbursed ... 2,872 ... 3,035
Total donations approved ... 5,900 ... 6,484
Donations written back ... (72) ... (61)
| | 5,828 | 6,423 |

Committed but not yet disbursed
Committed in previous years ... 615 ... 398
Committed this year ... 2,866 ... 3,035
| | 3,481 | 3,433 |

6. Reserves
Investment reserve—
Balance as at 1 April ... 104,249 ... 84,573
Increase in value of ASB Group Limited shares ... 26,525 ... 21,700
Increase attributable to the charitable purposes reserve fund ... (2,474) ... (2,024)
Balance as at 31 March ... 128,300 ... 104,249

Charitable purposes reserve fund—
Balance as at 1 April ... 15,481 ... 13,814
Increase in value of ASB Group Limited shares ... 2,474 ... 2,024
Income ... 603 ... 546
Donations to charitable organisations ... (427) ... (903)
Balance as at 31 March ... 18,131 ... 15,481

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

VUW Te Waharoa — NZ Gazette 2000, No 89

Gazette.govt.nz — NZ Gazette 2000, No 89

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✨ LLM interpretation of page content

💰 ASB Bank Community Trust Notes to the Financial Statements for the Year Ended 31 March 2000 (continued from previous page)

Domain💰 Finance & Revenue
KeywordsFinancial Statements, Accounting Policies, Dividends, Donations, Investments, Financial Instruments, Reserves, Taxation

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