New Zealand Gazette – 2001 – No. 84

Page 2189

✨ Financial Statements



9 AUGUST

NEW ZEALAND GAZETTE

2189

The trust uses financial instruments with off balance sheet risk to reduce exposure to fluctuations in foreign currency exchange
rates. Forward exchange contracts are entered into to hedge foreign currency transactions. These are converted to the
New Zealand dollar rate at balance date with all realised and unrealised gains and losses being recognised in the income and
expenditure statement.

The quantitative disclosures required by FRS 31 Disclosure of Information about Financial Instruments have been included
throughout the financial statements where material.

Reserves

Transfers to the capital maintenance reserve are based on the annual movement in the Consumer Price Index.
Transfers to all other reserves from the unallocated surplus are made at the discretion of the trustees.

Taxation

The trust has been accorded tax exempt status in New Zealand and Australia but is liable to taxation on investment income in
some other overseas countries. Tax on overseas income is accounted for as a reduction of that income.

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.

2001
$000
2000
$000

2. Investments

Managed by external managers:

  • Balance as at 1 April:
    • 434,480
    • 454,284
  • Movement in market value:
    • (11,883)
    • 61,196
  • Transfers/(withdrawals):
    • 87,566
    • (81,000)
  • Balance as at 31 March:
    • 510,163
    • 434,480

Investments managed by external managers comprise:

  • Cash, deposits and miscellaneous:
    • 46,991
    • 69,154
  • Bonds:
    • 250,437
    • 135,686
  • Equities:
    • 212,735
    • 229,640
  • Portfolio total:
    • 510,163
    • 434,480

Other investments comprise:

  • Call deposits:
    • 79
    • 612
  • Bonds:
    • 107
    • 109
  • ASB Group Limited term loan:
    • 61,067
    • 186
    • 61,788

“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.

On 1 April 1999, the trust provided a 5 year term loan of $60 million to a related party ASB Group Limited, at a fixed interest
rate of 7.11%. This was repaid on 3 October 2000.

2001
$000
2000
$000

3. Income

Investments:

  • Managed funds:
    • (11,883)
    • 61,196
  • Other income received:
    • 629
    • 57
  • Investment loss:
    • (2)
    • (6)
  • Interest on ASB Group Limited term loan:
    • 2,158
    • 4,282

Donation from ASB Bank Community Trust

The net proceeds attributable to the charitable purposes reserve fund in respect of the sale of the shares in ASB Group Limited,
combined with other transactions during the period, was donated to the ASB Charitable Trust.

4. Reserves

Capital maintenance reserve:

  • Balance as at 1 April:
    • 69,392
    • 64,622
  • Allocation from surplus:
    • 10,048
    • 4,770
  • Balance as at 31 March:
    • 79,440
    • 69,392

General reserve:

  • Balance as at 1 April:
    • 100,000
    • 100,000
  • Balance as at 31 March:
    • 100,000
    • 100,000


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Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2001, No 84


Gazette.govt.nz — PDF NZ Gazette 2001, No 84




✨ LLM interpretation of page content

💰 Notes to the Financial Statements for the Year Ended 31 March 2001 (continued from previous page)

💰 Finance & Revenue
Financial instruments, Off-balance sheet risk, Foreign currency exchange, Forward exchange contracts, FRS 31, Reserves, Capital maintenance, Consumer Price Index, Taxation, Accounting policies, Investments, Managed funds, Bonds, Equities, ASB Group Limited, Term loan, Income, Donations, Charitable purposes