✨ ASB Charitable Trust Financial Statements
2186
NEW ZEALAND GAZETTE
No. 84
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 judgements made by the trustees in the preparation of the financial statements;
- whether the accounting policies are appropriate to the trust’s circumstances, consistently applied and adequately disclosed.
We conducted our audit in accordance with New Zealand Auditing Standards issued by the Institute of Chartered Accountants of 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 obtain 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.
Our firm carries out other assignments for the company in the area of taxation advice and special consultancy projects. The firm has no other interests in the trust.
Unqualified Opinion
We have obtained all the information and explanations we have required.
In our opinion, the financial statements:
- comply with New Zealand generally accepted accounting practice;
- give a true and fair view of the financial position of the trust as at 31 March 2001 and the results of its operations and cash flows for the year ended on that date.
Our audit was completed on 28 May 2001 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 2001
| Income: | Note | 2001 $000 | 2000 $000 |
|---|---|---|---|
| Investments | 3 | (9,098) | 65,529 |
| Rent | 8 | 8 | |
| Donation from ASB Bank Community Trust | 3 | 54,543 | 0 |
| 45,453 | 65,537 | ||
| Direct expenditure: | |||
| Fund management, custodian and advisory fees | 2,171 | 1,997 | |
| Other expenditure | 8 | 43,282 | 63,540 |
| Net surplus | 42,508 | 62,864 | |
| The net surplus has been allocated as follows: | |||
| Capital maintenance reserve | 4 | 10,048 | 4,770 |
| Uncommitted surplus available for distribution | 32,460 | 58,094 | |
| 42,508 | 62,864 |
Statement of Movement in Trust Funds for the Year Ended 31 March 2001
| 2001 $000 | 2000 $000 | ||
|---|---|---|---|
| Total trust funds at beginning of year | 473,440 | 440,299 | |
| Net surplus | 42,508 | 62,864 | |
| Committed donations | 5 | (37,153) | (29,723) |
| Total trust funds at end of year | 478,795 | 473,440 |
The notes to these financial statements form part of and should be read in conjunction with this statement of income and expenditure and statement of movement in trust funds.
Balance Sheet as at 31 March 2001
| Notes | 2001 $000 | 2000 $000 |
|---|---|---|
| Source of funds— | ||
| Trust funds: | ||
| Capital | 6 | 251,786 |
| Capital maintenance reserve | 4 | 79,440 |
| General reserve | 4 | 100,000 |
| Retained surplus | 47,569 | |
| 478,795 | ||
| Liabilities: | ||
| Creditors | 962 | |
| Committed donations | 5 | 32,942 |
| 33,904 | ||
| 512,699 |
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2001, No 84
Gazette.govt.nz —
NZ Gazette 2001, No 84
✨ LLM interpretation of page content
💰
Audit Report for the ASB Bank Community Trust
(continued from previous page)
💰 Finance & Revenue28 May 2001
Audit report, Financial statements, Trustees' responsibilities, Auditors' responsibilities, Financial performance, Trust funds
- KPMG, Auckland