NEW ZEALAND GAZETTE, No. 143

25 SEPTEMBER 2008

Cash was disbursed on:

Payment to suppliers, trustees and staff (3,517) (2,558)
Fund management and advisory fees (2,664) (2,542)
Grants to community organisations (42,911) (46,535)

Net cash outflow from operating activities (49,092) (51,635)

Cash flows from investing activities—

Cash was provided from:

Receipts from fund managers 75,534 88,952

Cash was disbursed on:

Transfers to fund managers (43,000) (25,189)
Purchase of fixed assets (96) (123)

Net cash inflow from investing activities 32,438 63,640

Net cash (outflow)/inflow from activities (14,251) 14,475

Add: Cash at bank 1 April 15,717 1,242

Cash at bank at 31 March 1,466 15,717

Cash at bank at 31 March comprises:

Cash at bank (overdrawn) (67) 55
Call deposits 1,533 15,662
1,466 15,717

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 2008

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 trust is a public benefit entity which makes grants to qualifying not for profit entities in the Auckland and Northland regions.

Accounting Policies

The measurement basis adopted is that of historical cost except for financial assets and liabilities which are designated at fair value through profit or loss.

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.

In December 2002, the New Zealand Accounting Standards Review Board announced that New Zealand Equivalents to International Financial Reporting Standards (NZ IFRS) will apply to all New Zealand entities for financial reporting periods commencing on or after 1 January 2007. These are the first statements of the trust prepared in accordance with the NZ IFRS.

NZ IFRS 1: First-time Adoption of New Zealand Equivalents to International Financial Reporting Standards has been applied in preparing these financial statements.

The financial statements of the trust until 31 March 2007 have been prepared in accordance with New Zealand Financial Reporting Standards (NZ FRS). NZ FRS differs in certain respects from NZ IFRS. The trust has assessed the differences in accounting policies arising from the adoption of NZ IFRS. The differences upon the transition to NZ IFRS are detailed in the note “Adoption of New Zealand Equivalents to International Financial Reporting Standards”.

These financial statements have been prepared in accordance with, and comply with, the requirements of NZ IFRS and other applicable financial reporting standards as appropriate for public benefit entities.

NZ IAS 1 Revised has been issued but is not yet effective. The trust has assessed the effect of this statement and concluded that there will be no material impact.

The trust’s functional currency is New Zealand dollars.

Basis of Preparation

The preparation of financial statements in conformity with NZ IFRS requires management to make judgements, estimates and assumptions that affect the application of policies and the reported amounts of assets, liabilities, income and expense. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgements about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.