2184 NEW ZEALAND GAZETTE No. 84

“Other investments” are managed in-house. Included in these are deposits, certain of which 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.

4. Taxation

Surplus before taxation
360,061 32,332

Net dividend
(20,350) (6,050)

Unrealised investment revaluations
0 (26,525)

Capital gain on sale of shares
(353,769) 0

Income attributable to charitable purposes reserve fund
(1,212) (38)

Non-deductible expenditure
465 417

Distribution to tax approved beneficiaries
0 (180)

Taxable loss brought forward
(199) (155)

Taxable loss carried forward
(15,004) (199)

Taxation charge @ 33%
0 0

5. Donations

For this year:
Committed and disbursed
4,159 3,028

Committed but not yet disbursed
7,059 2,872

Total donations approved
11,218 5,900

Donations written back
(332) (72)

                    10,886              5,828

Committed but not yet disbursed:
Committed in previous years
457 615

Committed this year
7,059 2,866

                    7,516               3,481

6. Reserves

Investment reserve:
Balance as at 1 April
128,300 104,249

Increase in value of ASB Group Limited shares
0 26,525

Increase attributable to the charitable purposes reserve fund
0 (2,474)

Allocation to surplus on realisation of shares
(128,300) 0

Balance as at 31 March
0 128,300

The investment reserve reflected both the realised and unrealised increase in the net tangible asset value of the shareholding in
ASB Group Limited. It excluded the portion of the increases attributable to the charitable purposes reserve fund.

Charitable purposes reserve fund:
Balance as at 1 April
18,131 15,481

Increase in value of ASB Group Limited shares
0 2,474

Income
3,111 603

Donations to charitable organisations
0 (427)

Donations transferred to ASB Charitable Trust
310 0

Profit on sale of shareholding
32,991 0

Donation to ASB Charitable Trust
(54,543) 0

Balance as at 31 March
0 18,131

The charitable purposes reserve fund represented funds contributed by ASB Charitable Trust to enable the trust to participate
in the issue of new equity by ASB Group Limited. In order to maintain the non taxable status of this reserve, the trust was
required to segregate these funds contributed from ASB Charitable Trust and the income attributable thereto. There were also
certain restrictions on the distribution of income from this fund.\n
| | 2001 | 2000 |
|----------------|----------|----------|
| | $000 | $000 |

General Reserve:
Balance as at 1 April
1,000 1,000

Allocation from surplus
99,000 0

Balance as at 31 March
100,000 1,000

7. Trust Capital

Balance as at 1 April
44,320 44,320

Allocation from surplus
283,000 0

Balance as at 31 March
327,320 44,320