Notice Type
General Section
Notice Title

ASB Bank Community Trust

Statement of Income and Expenditure for the Year Ended 31 March 2000
2000 1999
$000 $000
Income:
Dividends 6,050 5,325
Other investments (note 2) 237 516
6,287 5,841
Expenditure (note 8) 480 507
5,807 5,334
Investment revaluations (note 3) 26,525 21,700
Surplus before tax 32,332 27,034
Taxation (note 4) 0 0
Net surplus 32,332 27,034
The net surplus has been allocated as follows:
Investment reserve (note 6) 24,051 19,676
Charitable purposes reserve fund (note 6) 2,650 1,667
Uncommitted surplus available for distribution 5,631 5,691
32,332 27,034
Statement of Movement in Trust Funds for the Year Ended 31 March 2000
Total trust funds at beginning of year 166,400 145,789
Net surplus 32,332 27,034
Committed donations (note 5) (5,828) (6,423)
Total trust funds at end of year 192,904 166,400
The notes to these financial statements form part of and should be read in conjunction with this Statement of Income and Expenditure and Statement of Movement in Trust Funds.
Balance Sheet as at 31 March 2000
2000 1999
$000 $000
Source of funds-
Trust funds:
Capital (note 7) 44,320 44,320
Investment reserve (note 6) 128,300 104,249
Charitable purposes reserve fund (note 6) 18,131 15,481
General reserve (note 6) 1,000 1,000
Retained surplus 1,153 1,350
192,904 166,400
Liabilities:
ASB Charitable Trust 51 52
Creditors 13 30
Committed donations (note 5) 3,481 3,433
3,545 3,515
196,449 169,915
Employment of funds-
Investments:
Shares (note 3) 190,375 163,850
Other investments (note 3) 6,067 6,052
196,442 169,902
Current assets:
Cash 7 13
196,449 169,915
Approved on behalf of the board:
JUDITH BASSETT, W. G. WARD-HOLMES,
Chairperson. Deputy Chairman.
Date: 29 May 2000. Date: 29 May 2000.
The notes to these financial statements form part of and should be read in conjunction with this Balance Sheet.
Statement of Cash Flows for the Year Ended 31 March 2000
2000 1999
$000 $000
Cash flows from operating activities-
Cash was provided from:
Dividends received 6,050 5,325
Interest received on investments 322 433
6,372 5,758
Cash was disbursed on:
Payment to suppliers, trustees and staff (38) (44)
Refunds to ASB Charitable Trust for the services of suppliers, trustees and staff (460) (444)
Net charitable purposes reserve fund (252) (186)
Donations to community organisations (5,780) (5,700)
(6,530) (6,374)
Net cash outflow from operating activities (158) (616)

Cash flows from investing activities
Cash was disbursed on:
(Increase)/decrease in term deposits (322) 1,019
Net cash (outflow)/inflow from investing activities (322) 1,019
Net cash (outflow)/inflow from activities (480) 403
Add opening cash brought forward 504 101
Ending cash carried forward 24 504
Cash comprises:
Cash at bank 7 13
Call deposits 17 491
24 504
The notes to these financial statements form part of and should be read in conjunction with this Statement of Cash Flows.
Reconciliation of Reported Surplus to Net Cash Flow from Operating Activities for the Year Ended 31 March 2000
2000 1999
$000 $000
Reported surplus- 32,332 27,034
Add non-cash items:
Unrealised investments revaluations (26,525) (21,700)
Unrealised movement on bonds 85 (83)
(26,440) (21,783)
Movements in working capital items:
(Decrease)/increase in creditors (17) 19
Net charitable purposes reserve fund (252) (186)
Decrease in ASB Charitable Trust (1) 0
(270) (167)
Committed donations (5,780) (5,700)
Net cash outflow from operating activities (158) (616)
Notes to the Financial Statements for the Year Ended 31 March 2000
1. Statement of accounting policies
The ASB Bank 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.
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 excludes charitable purposes reserve fund cash at bank and call deposits.
Dividends
Dividends are recognised as income when they are received by the trust. They are recorded net of any imputation tax credits.
Donations
Donations are accounted for as they are distributed or committed to be distributed to eligible organisations as approved by the trustees.
Expenses
Some expenses are shared jointly with the ASB Charitable Trust. Whilst each trust bears its own specific costs, the joint expenses are allocated between each trust on the basis of the number of applications processed by each.
Joint expense allocations were:
2000 1999
This trust 40% 40%
ASB Charitable Trust 60% 60%
Investments
Investments in shares are valued at the net tangible asset backing as disclosed in the latest published accounts. Any revaluation difference is transferred to the investment reserve. Other investments are stated at market value. Any gains or losses are recognised in income and expenditure for the period.
Financial instruments
All assets and liabilities of the trust are financial instruments and are recognised in the balance sheet. All financial instruments are recorded at market value or fair value or are not materially different from market value or fair value.
The quantitative disclosures required by FRS 31 Disclosure of Information about Financial Instruments have been included throughout the financial statements where material.
Reserves
The Investment Reserve reflects both the realised and unrealised increase in the net tangible asset value of the shareholding in ASB Group Limited. It excludes the portion of the increases attributable to the Charitable Purposes Reserve Fund.
The Charitable Purposes Reserve Fund represents funds contributed by ASB Charitable Trust to enable the trust to participate in the issue of new equity by ASB Group Limited. In order to maintain the non taxable status of this reserve, the trust is required to segregate these funds contributed from ASB Charitable Trust and the income attributable thereto. There are also certain restrictions on the distribution of income from this fund.
Transfers to other reserves from the unallocated surplus are made at the discretion of the trustees.
Taxation
Taxation includes both current and deferred tax. Deferred tax is calculated using the comprehensive liability method.
Comparatives
Certain comparatives have been restated for disclosure purposes.
Changes in accounting policies
There have been no material changes in accounting policies during the period.
2000 1999
$000 $000
2. Income - other investments
Interest received 322 434
Investment (loss)/profit (85) 82
237 516
3. Investments
Shares in ASB Group Limited
Balance as at 1 April 163,850 142,150
Increase in net tangible assets 26,525 21,700
Balance as at 31 March 190,375 163,850
The increase in net tangible assets is based on unaudited accounts of ASB Group Limited as at 31 December 1999.
Change in shareholding
On 30 March 1999 an arrangement was entered into whereby the trust exchanged its 25% shareholding in ASB Bank Limited for a 25% shareholding in ASB Group Limited. The exchange was at net book value with no resulting profit or loss from the exchange in shareholding. The ASB Group Limited holds 100% of the shares in ASB Bank Limited and ASB Life Assurance Limited.
The investment held in ASB Group Limited is disclosed based on the shares held and net tangible assets of ASB Group Limited as at 31 December 1999 in accordance with the trust's accounting policy.
2000 1999
$000 $000
Other investments
These consist of securities and deposits managed in-house.
Investments comprise:
Call deposits 17 491
Call deposits charitable purposes reserve fund 302 264
Term deposits 3,589 3,267
Term deposits charitable purposes reserve fund 782 568
Bonds 1,377 1,462
6,067 6,052
Certain of the trust's deposits are subject to a right of set off under the terms of the trust's banking agreement. There has been no set off applied in the presentation of these accounts.
2000 1999
$000 $000
4. Taxation
Surplus before taxation 32,332 27,034
Net dividend (6,050) (5,325)
Unrealised investment revaluations (26,525) (21,700)
Income attributable to charitable purposes reserve fund (38) (51)
Non-deductible expenditure 417 431
Distribution to tax approved beneficiaries (180) (425)
Taxable loss brought forward (155) (119)
Taxable loss carried forward (199) (155)
Taxation charge @ 33% 0 0
5. Donations
For this year:
Committed and disbursed 3,028 3,449
Committed but not yet disbursed 2,872 3,035
Total donations approved 5,900 6,484
Donations written back (72) (61)
5,828 6,423
Committed but not yet disbursed
Committed in previous years 615 398
Committed this year 2,866 3,035
3,481 3,433
6. Reserves
Investment reserve-
Balance as at 1 April 104,249 84,573
Increase in value of ASB Group Limited shares 26,525 21,700
Increase attributable to the charitable purposes reserve fund (2,474) (2,024)
Balance as at 31 March 128,300 104,249
Charitable purposes reserve fund-
Balance as at 1 April 15,481 13,814
Increase in value of ASB Group Limited shares 2,474 2,024
Income 603 546
Donations to charitable organisations (427) (903)
Balance as at 31 March 18,131 15,481
General Reserve-
Balance as at 1 April 1,000 1,000
Balance as at 31 March 1,000 1,000
7. Trust capital
Balance as at 1 April 44,320 44,320
Balance as at 31 March 44,320 44,320
8. Other expenditure
Audit fees 6 6
Facilities rental 28 33
Legal fees 11 39
Occupancy costs 23 25
Other operating costs 70 78
Public and statutory reporting 57 58
Staff expenses 212 196
Trustees' fees 62 61
Trustees' expenses 11 11
480 507
9. Financial instruments
Currency risk
All financial instruments are held in New Zealand and therefore the trust is not subject to currency risk.
Interest rate risk
The trust invests in securities that are subject to interest rate risk. The trust actively monitors this risk and changes asset allocations and maturity profiles accordingly.
Credit risk
The trust owns financial instruments that are subject to credit risk. No collateral is required in respect of financial assets.
The maximum credit risk exposure to the trust is the value of investments as disclosed in the financial statements.
Fair values
All financial instruments are carried at market value.
Audit Report
To the Trustees of ASB Bank Community Trust:
We have audited the financial statements comprising the statement of income and expenditure, the statement of movement 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 2000. 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 2000 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 issued by the Institute of Chartered Accountants of New Zealand. 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.
Other than in our capacity as auditors, we have no 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;
· The financial statements:
(a) comply with New Zealand generally accepted accounting practice;
(b) give a true and fair view of the financial position of the trust as at 31 March 2000 and the results of its operations and cash flows for the year ended on that date.
Our audit was completed on 29 May 2000 and our unqualified opinion is expressed as at that date.
KPMG, Auckland.
ASB Charitable Trust
Statement of Income and Expenditure for the Year Ended 31 March 2000
2000 1999
$000 $000
Income
Managed funds 61,196 40,132
Other investments (note 3) 4,333 100
Rent 8 8
65,537 40,240
Direct expenditure
Fund management, custodian and advisory fees 1,997 1,944
63,540 38,296
Other expenditure (note 8) 676 716
Net surplus 62,864 37,580
The net surplus has been allocated as follows:
Capital maintenance reserve (note 4) 4,770 (336)
Uncommitted surplus available for distribution 58,094 37,916
62,864 37,580
Statement of Movement in Trust Funds for the Year Ended 31 March 2000
Total trust funds at beginning of year 440,299 428,637
Net surplus 62,864 37,580
Committed donations (note 5) (29,723) (25,918)
Total trust funds at end of year 473,440 440,299
The notes to these financial statements form part of and should be read in conjunction with this Statement of Income and Expenditure and Statement of Movement in Trust Funds.
Balance Sheet as at 31 March 2000
2000 1999
$000 $000
Source of funds-
Trust funds:
Capital (note 6) 251,786 251,786
Capital maintenance reserve (note 4) 69,392 64,622
General reserve (note 4) 100,000 100,000
Retained surplus 52,262 23,891
473,440 440,299
Liabilities:
Creditors 588 722
Committed donations (note 5) 24,491 15,976
25,079 16,698
498,519 456,997
Employment of funds-
Investments:
Managed funds (note 2) 434,480 454,284
Other investments (note 2) 61,788 448
496,268 454,732
Current assets:
ASB Bank Community Trust 51 52
Cash 7 51
Debtors 14 11
Other Assets 71 0
143 114
Fixed assets (note 7) 2,108 2,151
498,519 456,997
Approved on behalf of the board:
JUDITH BASSETT, W. G. WARD-HOLMES,
Chairperson. Deputy Chairman.
Date: 29 May 2000. Date: 29 May 2000.
The notes to these financial statements form part of and should be read in conjunction with this Balance Sheet.
Statement of Cash Flows for the Year Ended 31 March 2000
2000 1999
$000 $000
Cash flows from operating activities-
Cash was provided from:
Receipts from fund managers 21,000 24,500
Interest received on other investments 3,271 94
Refunds of expenses by ASB Bank Community Trust 460 444
Net G.S.T. 0 4
Receipts from rentals 8 8
24,739 25,050
Cash was disbursed on:
Net G.S.T. (1) 0
Payment to suppliers, trustees and staff (1,128) (1,018)
Fund management and advisory fees (2,133) (1,769)
Donations to charitable organisations (21,208) (22,458)
(24,470) (25,245)
Net cash inflow/(outflow) from operating activities 269 (195)
Cash flows from investing activities-
Cash was provided from:
Receipts from fund managers 60,000 0
Cash was disbursed on:
Purchase of fixed assets (34) (13)
ASB Group Limited term loan (60,000) 0
(60,034) (13)
Net cash outflow from investing activities (34) (13)
Net cash inflow/(outflow) from activities 235 (208)
Add opening cash brought forward 384 592
Ending cash carried forward 619 384
Cash comprises:
Cash at bank 7 51
Call deposits 612 333
619 384
The notes to these financial statements form part of and should be read in conjunction with this Statement of Cash Flows.
Reconciliation of Reported Surplus to Net Cash Flow from Operating Activities for the Year Ended 31 March 2000
2000 1999
$000 $000
Reported surplus- 62,864 37,580
Add non-cash items:
Depreciation 77 83
Unrealised movement in bonds 6 (6)
Interest receivable on ASB Group Limited term loan (1,067) 0
(984) 77
Movements in working capital items:
(Decrease)/increase in creditors (134) 225
Decrease in ASB Bank Community Trust 1 0
Increase in debtors (3) (8)
(Increase)/decrease in other assets (71) 21
(207) 238
Less fund managers' income reinvested by fund managers (40,196) (15,632)
Less committed donations (21,208) (22,458)
Net cash inflow/(outflow) from operating activities 269 (195)
Notes to the Financial Statements for the Year Ended 31 March 2000
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.
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 distributed or 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:
2000 1999
This trust 60% 60%
ASB Bank Community Trust 40% 40%
Fixed Assets
Fixed assets are valued at cost less accumulated depreciation.
Foreign Currencies
All amounts denominated in foreign currencies are converted to New Zealand dollars at balance date and all realised and unrealised gains and losses are recognised in income and expenditure for the period.
Investments
Investments are stated at market value, except for the ASB Group Limited term loan which is to be held to maturity. The ASB Group Limited term loan is stated at cost plus accrued interest. Any gains or losses are recognised in income and expenditure for the period.
Investment transactions are recorded by the fund managers on a settlement date basis. Unsettled transactions are disclosed in the Notes as commitments.
Financial Instruments
All assets and liabilities of the trust with the exception of fixed assets are financial instruments and are recognised in the balance sheet. All financial instruments, except for the ASB Group Limited term loan which is to be held to maturity, are recorded at market value or fair value or are not materially different from market value or fair value.
The trust uses financial instruments with off balance sheet risk to reduce exposure to fluctuations in foreign currency exchange rates. Forward exchange contracts are entered into to hedge foreign currency transactions. These are converted to the New Zealand dollar rate at balance date with all realised and unrealised gains and losses being recognised in the income and expenditure statement.
The quantitative disclosures required by FRS 31 Disclosure of Information about Financial Instruments, have been included throughout the financial statements where material.
Reserves
Transfers to the capital maintenance reserve are based on the annual movement in the Consumer Price Index.
Transfers to all other reserves from the unallocated surplus are made at the discretion of the trustees.
Taxation
The trust has been accorded tax exempt status in New Zealand and Australia but is liable to taxation on investment income in some other overseas countries. Tax on overseas income is accounted for as a reduction of that income.
Comparatives
Certain comparatives have been restated for disclosure purposes.
Changes in accounting policies
There have been no material changes in accounting policies during the period.
2000 1999
$000 $000
2. Investments
Managed by external managers
Balance as at 1 April 454,284 438,652
Movement in market value 61,196 40,132
Withdrawals (81,000) (24,500)
Balance as at 31 March 434,480 454,284
Investments managed by external managers comprise
Cash, deposits and miscellaneous 69,154 76,611
Bonds 135,686 194,781
Equities 229,640 182,892
Portfolio total 434,480 454,284
Other investments comprise
Call deposits 612 333
Bonds 109 115
ASB Group Limited term loan 61,067 0
61,788 448
"Other investments" are managed in-house. Included in these are deposits, certain of which are subject to a right of set-off under the terms of the trust's banking agreement. There has been no set-off applied in the presentation of these accounts.
On 1 April 1999, the trust provided a 5 year term loan of $60 million to a related party ASB Group Limited, at a fixed interest rate of 7.11%.
3. Income - other investments
Other interest received 57 74
Investment (loss)/profit (6) 26
Interest on ASB Group Limited loan 4,282 0
4,333 100
4. Reserves
Capital maintenance reserve
Balance as at 1 April 64,622 64,958
Allocation from/(to) surplus 4,770 (336)
Balance as at 31 March 69,392 64,622
General reserve
Balance as at 1 April 100,000 100,000
Balance as at 31 March 100,000 100,000

5. Donations
For this year
Committed and disbursed 8,156 13,902
Committed but not yet disbursed 21,691 12,681
Total donations approved 29,847 26,583
Donations written back (124) (665)
29,723 25,918
Committed but not yet disbursed
Committed in previous years 2,820 3,580
Committed this year 21,671 12,396
24,491 15,976
6. Trust capital
Balance as at 1 April 251,786 251,786
Balance as at 31 March 251,786 251,786
7. Fixed assets
2000 1999
Cost Accumulated Book Cost Accumulated Book
Depreciation Value Depreciation Value
Land and buildings 2,079 154 1,925 2,079 133 1,946
Vehicle, office equipment and furniture 643 460 183 657 452 205
2,722 614 2,108 2,736 585 2,151
8. Other expenditure
2000 1999
$000 $000
Audit fees 24 23
Depreciation 42 50
Loss on disposal of fixed asset 3 0
Legal fees 6 9
Occupancy costs 33 37
Other operating costs 43 98
Public and statutory reporting 86 87
Staff expenses 324 299
Trustees' fees 93 91
Trustees' expenses 22 22
676 716
9. Statement of cash flows
The depreciation charged to the cash flow statement includes a sum of $28,153 (1999 $33,353) on charged to the ASB Bank Community Trust as facilities rental.
10. Commitments
Investments
Net investment transactions receivable by the fund managers but unsettled prior to year end total $87,793 (1999 $28,960,599).
11. Financial instruments
Currency risk
The trust invests in securities that are denominated in foreign currencies and therefore result in a currency risk. In order to minimise the currency risk, foreign currency assets are hedged.

2000 1999
$000 $000
Foreign currency denominated assets 329,132 252,020
Less foreign currency contracts 215,668 178,393
Unhedged exposure 113,464 73,627
Interest rate risk
The trust, through its fund managers, invests in securities that are subject to interest rate risk. The trust actively monitors this risk and changes asset allocations and maturity profiles accordingly.
Credit risk
The trust in the normal course of business enters into arrangements with other parties. These arrangements give rise to credit risk for the trust and hence policies and procedures are maintained so that this risk is minimised. No collateral is required in respect of financial assets.
For all classes of financial assets held by the trust, the maximum credit risk exposure to the trust is the carrying value as disclosed in the financial statements at balance date.
Due to the diversification of the investment portfolio and the policies and procedures in place, there is no significant concentrations of credit risk.
Fair values
As at 31 March 2000, due to a rise in interest rates, the fair value of the ASB Group Limited term loan of $60,000,000 was $57,138,828.
All other financial instruments are carried at market value.
12. Foreign currency monetary assets
As at 31 March 2000, the trust had the following foreign currency monetary assets that were not hedged.
Foreign currency exposure
Receivables stated in NZ$ equivalents:
2000 1999
$000 $000
USA and Canada 65,611 59,470
UK and Continental Europe 22,417 9,743
Japan and Far East 9,227 2,346
Other 16,209 2,068
113,464 73,627
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 movement 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 2000. 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 2000 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 issued by the Institute of Chartered Accountants of New Zealand. 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.
Other than in our capacity as auditors, we have no 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;
· The financial statements:
(a) comply with New Zealand generally accepted accounting practice;
(b) give a true and fair view of the financial position of the trust as at 31 March 2000 and the results of its operations and cash flows for the year ended on that date.
Our audit was completed on 29 May 2000 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 or paid by the ASB Bank Community Trust and
ASB Charitable Trust is available on request from ASB Trusts, P.O. Box 68-048, Newton, Auckland.