✨ Financial Statements
1 AUGUST
NEW ZEALAND GAZETTE
2453
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
Taxation includes both current and deferred tax. Deferred tax is calculated using the comprehensive liability method.
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.
| 2002 | 2001 | |
|---|---|---|
| $000 | $000 |
2. Income
Profit on sale of shares:
- Realisation of shares in ASB Group Limited: – | 545,000
- Book value of investment: – | (190,375)
- Realisation expenses: – | (856)
Other investments:
- Managed funds: 6,716 | (21,542)
- Other income received: 935 | 8,280
- Investment loss: (30) | (3)
| Total Income | 7,621 | (13,265) |
3. Investments
Shares in ASB Group Limited:
- Balance as at 1 April: – | 190,375
- Realisation of shareholding: – | (190,375)
- Balance as at 31 March: – | –
In October 2000, the 25% shareholding in ASB Group Limited was sold for $545,000,000. The net proceeds attributable to the charitable purposes reserve fund, combined with other transactions during the period, was donated to the ASB Charitable Trust.
| 2002 | 2001 | |
|---|---|---|
| $000 | $000 |
Managed by external managers:
- Balance as at 1 April: 463,458 | –
- Transfers to managers: 15,639 | 485,000
- Movement in market value: 6,716 | (21,542)
- Portfolio total: 485,813 | 463,458
Investments managed by external managers comprise:
- Cash, deposits and miscellaneous: 56,533 | 62,329
- Bonds: 209,646 | 230,181
- Equities: 219,634 | 170,948
- Portfolio total: 485,813 | 463,458
Other investments—
These consist of securities and deposits managed in-house
Investments comprise:
- Call deposits: 1,363 | 30,298
- Bonds: 512 | 1,374
- Total: 1,875 | 31,672
“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.
| 2002 | 2001 | |
|---|---|---|
| $000 | $000 |
4. Taxation
- Surplus before taxation: 6,067 | 360,061
- Net dividend and imputation credit adjustment: (734) | (20,350)
- Investment revaluations for tax purposes: 4,278 | –
- Capital gain on sale of shares: – | (353,769)
- Income attributable to charitable purposes reserve fund: – | (1,212)
- Non-deductible expenditure: 590 | 465
- Distribution to tax exempt beneficiaries: (4,730) | –
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2002, No 90
Gazette.govt.nz —
NZ Gazette 2002, No 90
✨ LLM interpretation of page content
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ASB Bank Community Trust Financial Statements
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💰 Finance & RevenueIncome, Expenditure, Trust Funds, Balance Sheet, ASB Bank Community Trust