Notice Type
General Section
Notice Title

ASB Bank Community Trust

Statement of Income and Expenditure for the Year Ended 31 March 2004
Note 2004 2003
$000 $000
Income:
Investments 2 73,277 (35,818)
Direct expenditure:
Fund management, custodian and advisory fees 690 734
72,587 (36,552)
Other expenditure 7 813 788
Surplus/(loss) before tax 71,774 (37,340)
Taxation 4 - -
Net surplus/(loss) 71,774 (37,340)
Statement of Movement in Trust Funds for the Year Ended 31 March 2004
Total trust funds at beginning of year 396,490 466,674
Net surplus/(loss) 71,774 (37,340)
Committed donations 5 (20,846) (32,844)
Total trust funds at end of year 447,418 396,490
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 2004
Note 2004 2003
$000 $000
Source of funds-
Trust funds:
Capital 327,320 327,320
Capital maintenance reserve 6 22,252 16,719
General reserve 6 50,000 50,000
Retained surplus 47,846 2,451
447,418 396,490
Liabilities:
ASB Charitable Trust 81 78
Creditors 189 193
Committed donations 5 24,990 25,204
25,260 25,475
472,678 421,965
Employment of funds-
Investments:
Managed funds 3 472,120 421,269
Other investments 3 521 692
472,641 421,961
Current assets:
Cash 15 4
Debtors 22 -
37 4
472,678 421,965
Approved on behalf of the board:
S. K. PRIME P. N. SNEDDEN
Chairman. Deputy Chairman.
Date: 31 May 2004. Date: 31 May 2004.
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 2004
Note 2004 2003
$000 $000
Cash flows from operating activities-
Cash was provided from:
Interest received on other investments 637 778
Cash was disbursed on:
Payment to suppliers, trustees and staff (56) (54)
Refunds to ASB Charitable Trust for the services of suppliers, trustees and staff (757) (745)
Fund management and advisory fees (713) (746)
(1,526) (1,545)
Net cash outflow from operating activities 11 (889) (767)
Cash flows from investing activities-
Cash was provided from:
Receipts from fund managers 60,250 53,750
Bond maturity 500 -
60,750 53,750
Cash was disbursed on:
Transfers to fund managers (38,449) (25,660)
Net cash inflow from investing activities 22,301 28,090
Cash flows from funding activities-
Cash was disbursed on:
Donations to community organisations (21,060) (28,537)
Net cash outflow from funding activities (21,060) (28,537)
Net cash inflow/(outflow) from activities 352 (1,214)
Add opening cash brought forward 184 1,398
Ending cash carried forward 536 184
Cash comprises:
Cash at bank 15 4
Call deposits 521 180
536 184
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 2004
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. In October 2000, the remaining 15 million shares were sold to the Commonwealth Bank of Australia for $545,000,000.
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.
Consolidated Financial Statements
Consolidated financial statements have not been prepared as the subsidiary companies have not traded since incorporation.
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.
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 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:
2004 2003
This trust 50% 50%
ASB Charitable Trust 50% 50%
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
Investment in managed funds and other investments are stated at market value. 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.
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 trust uses financial instruments 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
Taxation includes both current and deferred tax. Deferred tax is calculated using the comprehensive liability method. Deferred tax assets are recognised when future taxable income is certain.
Changes in accounting policies
There have been no material changes in accounting policies during the period.

2004 2003
$000 $000
2. Income
Investments:
Pooled funds 24,743 (84,289)
Dividends 1,678 1,121
Interest 7,386 8,863
Realised gains 1,754 3,938
Unrealised gains/(losses) 9,379 (1,431)
Realised foreign exchange gains 33,766 36,544
Unrealised foreign exchange losses (6,054) (1,200)
Other income received 625 636
73,277 (35,818)
3. Investments
Managed by external managers:
Balance as at 1 April 421,269 485,813
Transfers from managers (21,801) (28,090)
Movement in market value 72,652 (36,454)
472,120 421,269
Investments managed by external managers comprise:
Cash, deposits and miscellaneous 24,256 55,587
Bonds 211,414 201,016
Equities 236,450 164,666
Portfolio total 472,120 421,269
Other investments:
These consist of securities and deposits managed in-house
Investments comprise:
Call deposits 521 180
Bonds - 512
521 692
4. Taxation
Surplus/(loss) before taxation 71,774 (37,340)
Net dividend and imputation credit adjustment (1,394) (953)
Investment revaluations for tax purposes (10,059) (123)
Non-deductible expenditure 600 587
Distribution to tax exempt beneficiaries (10,288) (14,205)
Prior year tax adjustment (7,312) (8,674)
Taxable loss brought forward (76,237) (15,529)
Taxable loss carried forward (32,916) (76,237)
Taxation charge @ 33% - -
5. Donations
For this year:
Committed and disbursed 5,476 11,615
Committed but not yet disbursed 15,899 21,469
Total donations approved 21,375 33,084
Donations written back (529) (240)
20,846 32,844
Committed but not yet disbursed:
Committed in previous years 9,129 3,735
Committed this year 15,861 21,469
24,990 25,204
6. Reserves
Capital maintenance reserve:
Balance as at 1 April 16,719 8,254
Transfer from surplus 5,533 8,465
Balance as at 31 March 22,252 16,719
General reserve:
Balance as at 1 April 50,000 100,000
Transfer to surplus - (50,000)
Balance as at 31 March 50,000 50,000
7. Other Expenditure
Audit fees 17 17
Facilities rental 38 48
Legal fees - 6
Occupancy costs 50 29
Other operating costs 96 110
Public and statutory reporting 75 76
Staff expenses 415 387
Trustees' fees 87 79
Trustees' expenses 35 36
813 788
8. Subsidiaries
Name Interest Held Balance Date Principal Activity
ASB Trusts Amateur Public Sports Promotion Limited 100% 31 March Donations to amateur sport bodies
ASB Trusts Public Amenities Development Limited 100% 31 March Donations to public beautification bodies
These subsidiaries were incorporated on 29 March 2001. They have not traded since incorporation.
9. 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.
2004 2003
$000 $000
Foreign currency denominated assets 288,490 238,296
Less foreign currency contracts 189,200 166,540
Unhedged exposure 99,290 71,756
Interest Rate Risk
The trust, through its fund managers, invests in securities that are subject to interest rate risk. The trust actively monitors this risk and changes asset allocations and maturity profiles accordingly.
Credit Risk
The trust, in the normal course of business, enters into arrangements with other parties. These arrangements give rise to credit risk for the trust and hence policies and procedures are maintained so that this risk is minimised. No collateral is required in respect of financial assets.
For all classes of financial assets held by the trust, the maximum credit risk exposure to the trust is the carrying value as disclosed in the financial statements at balance date.
Due to the diversification of the investment portfolio and the policies and procedures in place, there is no significant concentrations of credit risk.
Fair Values
All financial instruments are carried at market value.
10. Foreign Currency Monetary Assets
As at 31 March, the trust had the following foreign currency monetary assets that were not hedged.
Foreign currency exposure-
Receivables stated in NZ$ equivalents: 2004 2003
$000 $000
U.S.A. and Canada 60,468 44,704
U.K. and Continental Europe 29,787 20,809
Japan and Far East 9,035 6,243
99,290 71,756
11. Reconciliation of Reported Surplus/(Loss) to Net Cash Flow From Operating Activities
Reported surplus/(loss) 71,774 (37,340)
Movements in working capital items:
Decrease in creditors (4) (18)
(Increase)/decrease in debtors (22) 141
Increase/(decrease) in ASB Charitable Trust 3 (4)
(23) 119
Fund managers' (income reinvested)/loss (72,652) 36,454
Movement on bonds 12 -
Net cash outflow from operating activities (889) (767)
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 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 taxation 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.
Our audit was completed on 31 May 2004 and our unqualified opinion is expressed as at that date.
KPMG, Auckland.
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ASB Charitable Trust
Statement of Income and Expenditure for the Year Ended 31 March 2004
Note 2004 2003
$000 $000
Income:
Investments 3 72,911 (32,827)
Rent 8 8
72,919 (32,819)
Direct expenditure:
Fund management, custodian and advisory fees 1,690 1,525
71,229 (34,344)
Other expenditure 792 757
Net surplus/(loss) 70,437 (35,101)
Statement of Movement in Trust Funds for the Year Ended 31 March 2004
Total trust funds at beginning of year 390,222 448,512
Net surplus/(loss) 70,437 (35,101)
Committed donations 5 (20,006) (23,189)
Total trust funds at end of year 440,653 390,222
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 2004
Note 2004 2003
$000 $000
Source of funds-
Trust funds:
Capital 251,786 251,786
Capital maintenance reserve 4 102,666 97,056
General reserve 4 50,000 50,000
Retained surplus/(loss) 36,201 (8,620)
440,653 390,222
Liabilities:
Creditors 575 451
Committed donations 5 18,496 18,208
19,071 18,659
459,724 408,881
Employment of funds-
Investments:
Managed funds 2 456,386 406,541
Other investments 2 1,115 140
457,501 406,681
Current assets:
ASB Bank Community Trust 81 78
Cash 125 36
Debtors 25 46
231 160
Fixed assets 6 1,992 2,040
459,724 408,881
Approved on behalf of the board:
S. K. PRIME P. N. SNEDDEN
Chairman. Deputy Chairman.
Date: 31 May 2004. Date: 31 May 2004.
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 2004
Note 2004 2003
$000 $000
Cash flows from operating activities-
Cash was provided from:
Income received on other investments 600 822
Refunds of expenses by ASB Bank Community Trust 757 745
Net G.S.T. 1 1
Receipts from rentals 8 8
1,366 1,576
Cash was disbursed on:
Payment to suppliers, trustees and staff (1,449) (1,358)
Fund management and advisory fees (1,574) (1,682)
(3,023) (3,040)
Net cash outflow from operating activities 11 (1,657) (1,464)
Cash flows from investing activities-
Cash was provided from:
Receipts from fund managers 75,466 40,000
Cash was disbursed on:
Purchase of fixed assets (27) (29)
Transfers to fund managers (53,000) (11,000)
(53,027) (11,029)
Net cash inflow from investing activities 22,439 28,971
Cash flows from funding activities-
Cash was disbursed on:
Donations to charitable organisations (19,718) (28,382)
Net cash outflow from funding activities (19,718) (28,382)
Net cash inflow/(outflow) from activities 1,064 (875)
Add opening cash brought forward 176 1,051
Ending cash carried forward 1,240 176
Cash comprises:
Cash at bank 125 36
Call deposits 1,115 140
1,240 176
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 2004
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 received 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.
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:
2004 2003
This trust 50% 50%
ASB Bank Community Trust 50% 50%
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. 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.
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 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.
Changes in accounting policies
There have been no material changes in accounting policies during the period.
2004 2003
$000 $000
2. Investments
Managed by external managers:
Balance as at 1 April 406,541 469,050
Movement in market value 72,311 (33,509)
Net withdrawals (22,466) (29,000)
Balance as at 31 March 456,386 406,541
Investments managed by external managers comprise:
Cash, deposits and miscellaneous 20,224 56,103
Bonds 199,562 200,018
Equities 236,600 150,420
Portfolio total 456,386 406,541
Other investments comprise:
Call deposits 1,115 140
1,115 140
3. Income
Investments:
Pooled funds 26,068 (40,662)
Dividends 3,059 1,603
Interest 8,705 9,715
Realised gains 8,078 2,400
Unrealised gains/(losses) 22,360 (9,801)
Realised foreign exchange (losses)/gains (4,445) 27,974
Unrealised foreign exchange gains/(losses) 8,486 (24,738)
Other income received 600 682
72,911 (32,827)
4. Reserves
Capital maintenance reserve:
Balance as at 1 April 97,056 88,473
Transfer from surplus 5,610 8,583
Balance as at 31 March 102,666 97,056
General reserve:
Balance as at 1 April 50,000 100,000
Transfer to surplus - (50,000)
Balance as at 31 March 50,000 50,000
5. Donations
For this year:
Committed and disbursed 7,693 11,955
Committed but not yet disbursed 13,132 11,555
Total donations approved 20,825 23,510
Donations written back (819) (321)
20,006 23,189
Committed but not yet disbursed:
Committed in previous years 5,377 6,665
Committed this year 13,119 11,543
18,496 18,208
6. Fixed Assets
2004 2003
Cost AccumulatedDepreciation Book Value Cost AccumulatedDepreciation BookValue
$000 $000 $000 $000 $000 $000
Land and buildings 2,079 237 1,842 2,079 216 1,863
Vehicle, office equipment and furniture 703 553 150 676 499 177
2,782 790 1,992 2,755 715 2,040

2004 2003
$000 $000
7. Other Expenditure
Audit fees 17 17
Depreciation - land and buildings 10 10
Depreciation - vehicle 9 13
Depreciation - office equipment and furniture 18 25
Legal fees 16 5
Occupancy costs 50 30
Other operating costs 61 81
Public and statutory reporting 75 76
Staff expenses 415 387
Trustees' fees 87 79
Trustees' expenses 34 34
792 757
8. Statement of Cash Flows
The depreciation charged to the cash flow statement includes a sum of $37,635 (2003 - $48,182) on charged to the ASB Bank Community Trust as facilities rental.
9. 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.
2004 2003
$000 $000
Foreign currency denominated assets 292,088 267,476
Less foreign currency contracts 195,404 195,262
Unhedged exposure 96,684 72,214
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
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.
2004 2003
$000 $000
Foreign currency exposure-
Receivables stated in NZ$ equivalents:
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
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.
Our audit was completed on 31 May 2004 and our unqualified opinion is expressed as at that date.
KPMG, Auckland.
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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.