NEW ZEALAND GAZETTE, No. 101

19 AUGUST 2004

Fair Values

All financial instruments are carried at market value.

10. Foreign Currency Monetary Assets

As at 31 March, the trust had the following foreign currency monetary assets that were not hedged.

| Foreign currency exposure—
| Receivables stated in NZ$ equivalents: | 2004
$000 | 2003
$000 |
|---------------------------------------|----------|----------|
| U.S.A. and Canada | 58,881 | 44,989 |
| U.K. and Continental Europe | 29,005 | 20,942 |
| Japan and Far East | 8,798 | 6,283 |
| | 96,684 | 72,214 |

11. Reconciliation of Reported Surplus/(Loss) to Net Cash Flow From Operating Activities

| | 2004
$000 | 2003
$000 |
|------------------------------------|-----------|-----------|
| Reported surplus/(loss) | 70,437 | (35,101) |
| Add non cash items: | | |
| Depreciation | 75 | 96 |
| Loss on disposal of fixed assets | – | 6 |
| | 75 | 102 |
| Movements in working capital items: | | |
| Increase/(decrease) in creditors | 124 | (135) |
| (Increase)/decrease in ASB Bank |
Community Trust | (3) | 4 |
| Decrease in debtors | 21 | 157 |
| | 142 | 26 |
| Fund managers’ (income reinvested)/losses | (72,311) | 33,509 |
| Net cash outflow from operating activities | (1,657) | (1,464) |

Audit Report

To the Trustees of ASB Charitable 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 payroll and 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.\n
  Our audit was completed on 31 May 2004 and our unqualified opinion is expressed as at that date.

KPMG, Auckland.

A copy of the list of all distributions of income and capital approved by the ASB Bank Community Trust and ASB Charitable Trust is available on request from ASB Trusts, P.O. Box 68-048, Newton, Auckland.