7 AUGUST

NEW ZEALAND GAZETTE

2489

Approved on behalf of the board:
R. J. FINLAYSON
Chairman.
Date: 26 May 2003.

S. K. PRIME
Deputy Chairman.
Date: 26 May 2003.

The notes to these financial statements form part of and should be read in conjunction with this balance sheet.

Statement of Cash Flows for the Year Ended 31 March 2003

Cash flows from operating activities—
Cash was provided from:
Interest received on other investments

| | 778 | 934 |

Cash was disbursed on:
Payment to suppliers, trustees and staff
Refunds to ASB Charitable Trust for the services of suppliers, trustees and staff
Fund management and advisory fees

| | (54) | (154) |
| | (745) | (711) |
| | (746) | (622) |

Net cash outflow from operating activities

| | (1,545) | (1,487) |

Net cash outflow from operating activities

| 11 | (767) | (553) |

Cash flows from investing activities—
Cash was provided from:
Receipts from fund managers
Bond maturity

| | 53,750 | 9,500 |
| | – | 832 |

| | 53,750 | 10,332 |

Cash was disbursed on:
Transfers to fund managers

| | (25,660) | (25,139) |

Net cash inflow/(outflow) from investing activities

| | 28,090 | (14,807) |

Cash flows from funding activities—
Cash was disbursed on:
Donations to community organisations

| | (28,537) | (13,548) |

Net cash outflow from funding activities

| | (28,537) | (13,548) |

Net cash outflow from activities

| | (1,214) | (28,908) |

Add opening cash brought forward

| | 1,398 | 30,306 |

Ending cash carried forward

| | 184 | 1,398 |

Cash comprises:
Cash at bank
Call deposits

| | 4 | 35 |
| | 180 | 1,363 |
| | 184 | 1,398 |

The notes to these financial statements form part of and should be read in conjunction with this statement of cash flows.

Notes to the Financial Statements for the Year Ended 31 March 2003

1. Statement of Accounting Policies

The ASB Bank Community Trust (“the trust”) is the reporting entity. The trust was formed on 30 May 1988 through the creation of a trust deed in compliance with the Trustee Banks Restructuring Act 1988. Under the terms of the trust deed, the trust was settled with 60 million $1 fully paid ordinary shares in ASB Bank Limited representing 100% of the issued capital. As at 31 March 1988, the net tangible asset backing of those 60 million shares was $147,655,000. In 1989, 45 million shares were sold to the Commonwealth Bank of Australia for $252,000,000 which was then donated to the ASB Charitable Trust. In October 2000, the remaining 15 million shares were sold to the Commonwealth Bank of Australia for $545,000,000.

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.

Consolidated Financial Statements
Consolidated financial statements have not been prepared as the subsidiary companies have not traded since incorporation.

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.

Dividends
Dividends are recognised as income when they are received by the trust. They are recorded net of any imputation tax credits.