2494 NEW ZEALAND GAZETTE No. 94

Statement of Cash Flows for the Year Ended 31 March 2003

| Note | 2003
$000 | 2002
$000 |
|------|-----------|-----------|

Cash flows from operating activities—
Cash was provided from:
Income received on other investments
Refunds of expenses by ASB Bank Community Trust
Net G.S.T.
Receipts from rentals

| | 822 | 564 |
| | 745 | 711 |
| | 1 | – |
| | 8 | 8 |
| | 1,576 | 1,283 |

Cash was disbursed on:
Net G.S.T.
Payment to suppliers, trustees and staff
Fund management and advisory fees

| | – | (21) |
| | (1,358) | (1,419) |
| | (1,682) | (1,931) |
| | (3,040) | (3,371) |

Net cash outflow from operating activities 11 (1,464) (2,088)

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

| | 40,000 | 43,000 |
| | – | 105 |
| | 40,000 | 43,105 |

Cash was disbursed on:
Purchase of fixed assets
Transfers to fund managers

| | (29) | (107) |
| | (11,000) | – |
| | (11,029) | (107) |

Net cash inflow from investing activities 28,971 42,998

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

| | (28,382) | (39,945) |

Net cash outflow from funding activities (28,382) (39,945)

Net cash (outflow)/inflow from activities (875) 965
Add opening cash brought forward 1,051 86

Ending cash carried forward 176 1,051

Cash comprises:
Cash at bank
Call deposits

| | 36 | 28 |
| | 140 | 1,023 |
| | 176 | 1,051 |

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 Charitable Trust (“the trust”) is the reporting entity. The trust was formed on 31 May 1989 through the creation of a trust deed by the ASB Bank Community Trust and a donation of $252,000,000.

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.

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.

Depreciation
Depreciation is provided over the useful life of the assets. Buildings are depreciated on a straight line basis. Vehicle, office equipment and furniture are depreciated on a diminishing value basis. The rates used are those recommended by the Inland Revenue Department.

Dividends
Dividends are recognised as income when they are received by the trust and exclude imputation tax credits.