✨ Financial Statements and Notes
NEW ZEALAND GAZETTE, No. 158
15 SEPTEMBER 2005
Statement of Cash Flows for the Year Ended 31 March 2005
| Note | 2005 $000 | 2004 $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
| | 703 | 600 |
| | 821 | 757 |
| | – | 1 |
| | 8 | 8 |
| | 1,532 | 1,366 |
Cash was disbursed on:
- Net G.S.T.
- Payment to suppliers, trustees and staff
- Fund management and advisory fees
| | (2) | – |
| | (1,648) | (1,449) |
| | (1,931) | (1,574) |
| | (3,579) | (3,023) |
Net cash outflow from operating activities
| 11 | (2,047) | (1,657) |
Cash flows from investing activities—
Cash was provided from:
- Receipts from fund managers
| | 30,030 | 75,466 |
Cash was disbursed on:
- Purchase of fixed assets
- Transfers to fund managers
| | (19) | (27) |
| | (3,000) | (53,000) |
| | (3,019) | (53,027) |
Net cash inflow from investing activities
| | 27,011 | 22,439 |
Cash flows from funding activities—
Cash was disbursed on:
- Donations to charitable organisations
| | (25,202) | (19,718) |
Net cash outflow from funding activities
| | (25,202) | (19,718) |
Net cash (outflow)/inflow from activities
| | (238) | 1,064 |
Add opening cash brought forward
| | 1,240 | 176 |
Ending cash carried forward
| | 1,002 | 1,240 |
Cash comprises:
- Cash at bank
- Call deposits
| | 5 | 125 |
| | 997 | 1,115 |
| | 1,002 | 1,240 |
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 2005
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.
- 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 receivable 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.
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2005, No 158
Gazette.govt.nz —
NZ Gazette 2005, No 158
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ASB Charitable Trust Financial Statements
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💰 Finance & Revenue30 May 2005
Financial statements, Income, Expenditure, Trust funds, Balance sheet