9 AUGUST

NEW ZEALAND GAZETTE

Fair Values
All financial instruments are carried at market value.

11. Foreign Currency Monetary Assets
As at 31 March 2001, the trust had the following foreign currency monetary assets that were not hedged.

Foreign Currency Exposure
Receivables stated in NZ$ equivalents:

Audit Report
To the Trustees of ASB Charitable Trust:

We have audited the financial statements comprising the statement of income and expenditure, the statement of movements in trust funds, the balance sheet, the statement of cash flows and the notes to these financial statements. The financial statements provide information about the past financial performance of the trust and its financial position as at 31 March 2001. This information is stated in accordance with the accounting policies in the notes to these financial statements.

Trustees’ Responsibilities
The trustees are responsible for the preparation of financial statements which 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.

Auditors’ Responsibilities
It is our responsibility to express an independent opinion on the financial statements presented by the trustees and report our opinion.

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.

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A copy of the list of all distributions of income and capital approved or paid by the ASB Bank Community Trust and ASB Charitable Trust is available on request from ASB Trusts, P.O. Box 68-048, Newton, Auckland.

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Meat New Zealand

Meat Board Act 1997

European Union Sheepmeat and Goatmeat and United States Beef and Veal Reserved Quota Allowance Applications for the 2002 Quota Year

In accordance with the Quota Allowance Allocation System in Respect of European Union Sheepmeat and Goatmeat Tariff Rate Quota and Quota Allowance Allocation System in Respect of United States Beef and Veal Tariff Rate Quota, up to 3% of each of the total quotas available to New Zealand is set aside as Reserved Quota Allowance for possible allocation to New Entrants.

The closing date for applications from New Entrants (including Year 2 and Year 3 New Entrants) for Reserved Quota Allowance for the 2002 Quota Year for both quotas is 1 September 2001.

Applications must be made in writing on Form 8 or 9, Appendix Three of the Quota Manual.

Printable copies of the appropriate application forms are available from Meat New Zealand’s web site at http://www.meatnz.co.nz/wdbctx/corporate/exporting.home