✨ Financial Statements and Accounting Policies
2188
NEW ZEALAND GAZETTE
No. 84
Reconciliation of Reported Surplus to Net Cash Flow from Operating Activities for the Year Ended 31 March 2001
| 2001 | 2000 | |
|---|---|---|
| $000 | $000 | |
| Reported surplus— | 42,508 | 62,864 |
| Add non-cash items: | ||
| Depreciation | 66 | 77 |
| Unrealised movement in bonds | 2 | 6 |
| Interest receivable on ASB Group Limited term loan | 0 | (1,067) |
| 68 | (984) | |
| Movements in working capital items: | ||
| Increase/(decrease) in creditors | 363 | (134) |
| Increase/(decrease) in ASB Bank Community Trust | (25) | 1 |
| Increase in debtors | (131) | (3) |
| Decrease/(increase) in other assets | 71 | (71) |
| 278 | (207) | |
| Fund managers’ losses/(income reinvested) | 11,883 | (61,196) |
| Net cash inflow from operating activities | 54,737 | 477 |
Notes to the Financial Statements for the Year Ended 31 March 2001
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:
| 2001 | 2000 | |
|---|---|---|
| This trust | 60% | 60% |
| ASB Bank Community Trust | 40% | 40% |
Fixed Assets
Fixed assets are valued at cost less accumulated depreciation.
Foreign Currencies
All amounts denominated in foreign currencies are converted to New Zealand dollars at balance date and all realised and unrealised gains and losses are recognised in income and expenditure for the period.
Investments
Investments are stated at market value, except for the ASB Group Limited term loan which is stated at cost plus accrued interest. Any gains or losses are recognised in income and expenditure for the period.
Investment transactions are recorded by the fund managers on a settlement date basis.
Financial Instruments
All assets and liabilities of the trust with the exception of fixed assets are financial instruments and are recognised in the balance sheet. All financial instrument are recorded at market value or fair value or are not materially different from market value or fair value.
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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
💰
Statement of Cash Flows for the Year Ended 31 March 2001
(continued from previous page)
💰 Finance & RevenueCash flows, Operating activities, Investing activities, Funding activities
💰 Notes to the Financial Statements for the Year Ended 31 March 2001
💰 Finance & RevenueAccounting policies, Financial statements, Trust, Depreciation, Dividends, Donations, Expenses, Fixed assets, Foreign currencies, Investments, Financial instruments