16 AUGUST 2007

NEW ZEALAND GAZETTE, No. 91

2409

Represented by—

Trust funds:
| | Note | 2007 | 2006 |
|--------------------------|------|-----------|-----------|
| Original capital | 7.1 | 579,106 | 579,106 |
| Capital maintenance reserve | 7.2 | 188,483 | 169,761 |
| General reserve | 7.3 | 200,000 | 200,000 |
| Community innovation reserve | 7.4 | 51,679 | 65,000 |
| Retained surplus | 7.5 | 43,486 | 30,076 |
| Total trust funds as 31 March | | 1,062,754 | 1,043,943 |

Approved on behalf of the board:
S. K. PRIME, Chairman.
P. N. SNEDDEN, Deputy Chairman.
Date: 28 May 2007.

The notes to these financial statements form part of and should be read in conjunction with this statement of financial position.

Statement of Cash Flows for the Year Ended 31 March 2007

Cash flows from operating activities—
Cash was provided from:
Income received on other activities and investments | | 2,470 | 438 |

Cash was disbursed on:
Payment to suppliers, trustees and staff | | (2,558) | (63) |
Refunds to ASB Charitable Trust for the services of suppliers, trustees and staff | | – | (859) |
Fund management and advisory fees | | (2,542) | (771) |
Net cash outflow from operating activities | 12 | (2,630) | (1,255) |

Cash flows from investing activities—
Cash was provided from:
Receipts from fund managers | | 88,952 | 43,736 |
Cash was disbursed on:
Transfers to fund managers | | (25,189) | (12,000) |
Purchase of fixed assets | | (123) | – |
Net cash inflow from investing activities | | 63,640 | 31,736 |

Cash flows from funding activities—
Cash was disbursed on:
Grants to community organisations | | (46,535) | (30,185) |
Net cash outflow from funding activities | | (46,535) | (30,185) |
Net cash (outflow)/inflow from activities | | 14,475 | 296 |
Add: Cash at bank 1 April 2006 | | 1,242 | 322 |
ASB Charitable Trust cash received on distribution | | – | 624 |
Cash at bank at 31 March 2007 | | 15,717 | 1,242 |

Cash at bank at 31 March 2007 comprises:
Cash at bank | | 55 | 18 |
Call deposits | | 15,662 | 1,224 |
| | 15,717 | 1,242 |

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 2007

1. Statement of Accounting Policies

The ASB Community Trust (“the trust”) is the reporting entity. The trust was formed on 30 May 1988 through the creation of a trust deed in compliance with the Trustee Banks Restructuring Act 1988. Under the terms of the trust deed, the trust was settled with 60 million $1 fully paid ordinary shares in ASB Bank Limited representing 100% of the issued capital. As at 31 March 1988, the net tangible asset backing of those 60 million shares was $147,655,000. In 1989, 45 million shares were sold to the Commonwealth Bank of Australia for $252,000,000 which was then donated to the ASB Charitable Trust. In October 2000, the remaining 15 million shares were sold to the Commonwealth Bank of Australia for $545,000,000.

On 27 February 2006, the trustees of the ASB Charitable Trust resolved to distribute, on or before 31 March 2006, the capital of that trust (including all accumulations of income and capital to that date less accrued liabilities) in specie to the ASB Bank Community Trust. Subsequent to this distribution, the ASB Charitable Trust was wound up.

The ASB Bank Community Trust formally changed its name to the ASB Community Trust by way of deed dated 17 July 2006.

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.