9 AUGUST

NEW ZEALAND GAZETTE

2183

Reserves

Transfers to 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.

Comparatives

Certain comparatives have been restated for disclosure purposes.

Changes in accounting policies

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

2. Income

| | 2001
| $000 | 2000
| $000 |
|----------------|-------|----------------|-------|
| Profit on sale of shares: | | | |
| Realisation of shares in ASB Group Limited | 545,000 | 0 |
| Book value of investment | (190,375) | 0 |
| Realisation expenses | (856) | 0 |
| | 353,769 | 0 |

| Investments: | | | |
| Managed funds | (21,542) | 0 |
| Other income received | 8,280 | 322 |
| Investment loss | (3) | (85) |
| | (13,265) | 237 |

3. Investments

Shares in ASB Group Limited:

| | 2001
| $000 | 2000
| $000 |
|---------------------|--------|------------------|-------|
| Balance as at 1 April | 190,375 | 163,850 |
| Increase in net tangible assets | 0 | 26,525 |
| Realisation of shareholding | (190,375) | 0 |
| Balance as at 31 March | 0 | 190,375 |

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 was 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.

In October 2000, the 25% shareholding in ASB Group Limited was sold for $545,000,000. The net proceeds attributable to the charitable purposes reserve fund, combined with other transactions during the period, was donated to the ASB Charitable Trust.

| Managed by external managers: | 2001
| $000 | 2000
| $000 |
|--------------------------------|-------|------------------|-------|
| Transfers to managers | 485,000 | 0 |
| Movement in market value | (21,542) | 0 |
| | 463,458 | 0 |

Investments managed by external managers comprise:

| | 2001
| $000 | 2000
| $000 |
|----------------------------------|-------|------------------|-------|
| Cash, deposits and miscellaneous | 62,329 | 0 |
| Bonds | 230,181 | 0 |
| Equities | 170,948 | 0 |
| Portfolio total | 463,458 | 0 |

Other Investments

These consist of securities and deposits managed in-house—

Investments comprise:

| | 2001
| $000 | 2000
| $000 |
|------------------------------------|-------|------------------|-------|
| Call deposits | 30,298 | 17 |
| Call deposits charitable purposes reserve fund | 0 | 302 |
| Term deposits | 0 | 3,589 |
| Term deposits charitable purposes reserve fund | 0 | 782 |
| Bonds | 1,374 | 1,377 |
| | 31,672 | 6,067 |