✨ Financial Statements
19 AUGUST 2004
NEW ZEALAND GAZETTE, No. 101
Note
Cash was disbursed on:
Payment to suppliers, trustees and staff
Fund management and advisory fees
Net cash outflow from operating activities
Cash flows from investing activities—
Cash was provided from:
Receipts from fund managers
Cash was disbursed on:
Purchase of fixed assets
Transfers to fund managers
Net cash inflow from investing activities
Cash flows from funding activities—
Cash was disbursed on:
Donations to charitable organisations
Net cash outflow from funding activities
Net cash inflow/(outflow) from activities
Add opening cash brought forward
Ending cash carried forward
Cash comprises:
Cash at bank
Call deposits
11
2511
2004
$000
2003
$000
(1,449)
(1,574)
(3,023)
(1,657)
(1,358)
(1,682)
(3,040)
(1,464)
75,466
40,000
(27)
(53,000)
(53,027)
22,439
(29)
(11,000)
(11,029)
28,971
(19,718)
(19,718)
1,064
176
1,240
(28,382)
(28,382)
(875)
1,051
176
125
36
1,115
140
1,240
176
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 2004
- 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.
Land and buildings
2.5% – 3.0%
Vehicle
31.2%
Office equipment and furniture
9.5% – 48.0%
Dividends
Dividends are recognised as income when they are received by the trust and exclude imputation tax credits.
Donations
Donations are accounted for as they are committed to be distributed to eligible organisations as approved by the trustees.
Expenses
Some expenses are shared jointly with the ASB Bank Community Trust. Whilst each trust bears its own specific costs, the joint expenses are allocated between the trusts on the basis of the number of applications processed by each.
Joint expense allocations were:
2004 2003This trust 50% 50%
ASB Bank Community Trust 50% 50%
Fixed Assets
Fixed assets are valued at cost less accumulated depreciation.
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2004, No 101
Gazette.govt.nz —
NZ Gazette 2004, No 101
✨ LLM interpretation of page content
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ASB Bank Community Trust Financial Statements
(continued from previous page)
💰 Finance & Revenue31 May 2004
Community Trusts Act 1999, Income and Expenditure, Trust Funds, ASB Bank Community Trust