New Zealand Gazette – 2004 – No. 101

Page 2509

✨ Financial Statements and Audit Report



19 AUGUST 2004 NEW ZEALAND GAZETTE, No. 101 2509

11. Reconciliation of Reported Surplus/(Loss) to Net Cash Flow From Operating Activities
Reported surplus/(loss) 71,774 (37,340)
Movements in working capital items:
Decrease in creditors (4) (18)
(Increase)/decrease in debtors (22) 141
Increase/(decrease) in ASB Charitable Trust 3 (4)
(23) 119
Fund managers’ (income reinvested)/loss (72,652) 36,454
Movement on bonds 12 –
Net cash outflow from operating activities (889) (767)

Audit Report

To the Trustees of ASB Bank Community 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 2004. 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 2004 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. 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 has also provided other services to the trust in relation to taxation advisory services. These matters have not impaired our independence as auditors of the trust. The firm has no other relationship with, or interest in, the trust.

Unqualified Opinion

We have obtained all the information and explanations we have required.

In our opinion, proper accounting records have been kept by the trust as far as appears from our examination of those records and 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 2004 and the results of its operations and cash flows for the year ended on that date.

Our audit was completed on 31 May 2004 and our unqualified opinion is expressed as at that date.

KPMG, Auckland.

ASB Charitable Trust

Statement of Income and Expenditure for the Year Ended 31 March 2004

Note 2004 2003
Income:
Investments 3 72,911 (32,827)
Rent 8 8 8
72,919 (32,819)
Direct expenditure:
Fund management, custodian and advisory fees 1,690 1,525
71,229 (34,344)
Other expenditure 792 757
Net surplus/(loss) 70,437 (35,101)


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Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2004, No 101


Gazette.govt.nz — PDF NZ Gazette 2004, No 101




✨ LLM interpretation of page content

💰 ASB Bank Community Trust Financial Statements (continued from previous page)

💰 Finance & Revenue
31 May 2004
Community Trusts Act 1999, Income and Expenditure, Trust Funds, ASB Bank Community Trust
  • KPMG, Auckland