New Zealand Gazette – 2002 – No. 90

Page 2459

✨ ASB Charitable Trust Financial Statements



1 AUGUST

NEW ZEALAND GAZETTE

2459

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.

2002 2001
$000 $000

2. Investments

Managed by external managers:

  • Balance as at 1 April
    510,163 | 434,480
  • Movement in market value
    1,887 | (11,883)
  • Transfers/(withdrawals)
    (43,000) | 87,566
  • Balance as at 31 March
    469,050 | 510,163

Investments managed by external managers comprise:

  • Cash, deposits and miscellaneous
    49,097 | 46,991
  • Bonds
    217,102 | 250,437
  • Equities
    202,851 | 212,735
  • Portfolio total
    469,050 | 510,163

Other investments comprise:

  • Call deposits
    1,023 | 79
  • Bonds
    – | 107
    1,023 | 186

“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

3. Income

Investments:

  • Managed funds
    1,887 | (11,883)
  • Other income received
    571 | 629
  • Investment loss
    (2) | (2)
  • Interest on ASB Group Limited term loan
    – | 2,158

Donation from ASB Bank Community Trust

2,456 | (9,098)

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 2001, was donated to the ASB Charitable Trust.

4. Reserves

Capital maintenance reserve:

  • Balance as at 1 April
    79,440 | 69,392
  • Allocation from surplus
    9,033 | 10,048
  • Balance as at 31 March
    88,473 | 79,440

General reserve:

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

5. Donations

For this year:

  • Committed and disbursed
    12,802 | 13,434

  • Committed but not yet disbursed
    17,726 | 25,523

  • Total donations approved
    30,528 | 38,957

  • Donations written back
    (124) | (1,804)

    30,404 | 37,153

Committed but not yet disbursed:

  • Committed in previous years
    5,687 | 7,575

  • Committed this year
    17,714 | 25,367

    23,401 | 32,942



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Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2002, No 90


Gazette.govt.nz — PDF NZ Gazette 2002, No 90




✨ LLM interpretation of page content

💰 ASB Charitable Trust Financial Statements (continued from previous page)

💰 Finance & Revenue
27 May 2002
Income, Expenditure, Trust Funds, Balance Sheet, ASB Charitable Trust