Statement of Income and Expenditure for the Year Ended 31 March 2005
Note 2005 2004
$000 $000
Income:
Investments 2 37,016 73,277
Direct expenditure:
Fund management, custodian and advisory fees 708 690
36,308 72,587
Other expenditure 7 904 813
Surplus before tax 35,404 71,774
Taxation 4 – –
Net surplus 35,404 71,774
Statement of Movement in Trust Funds for the Year Ended 31 March 2005
Net surplus 35,404 71,774
Committed donations 5 (22,152) (20,846)
Total trust funds at beginning of year 447,418 396,490
Total trust funds at end of year 460,670 447,418
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 2005
Note 2005 2004
$000 $000
Source of funds—
Trust funds:
Capital 327,320 327,320
Capital maintenance reserve 6 32,142 22,252
General reserve 6 75,000 50,000
Retained surplus 26,208 47,846
460,670 447,418
Liabilities:
ASB Charitable Trust 106 81
Creditors 183 189
Committed donations 5 28,229 24,990
28,518 25,260
489,188 472,678
Employment of funds—
Investments:
Managed funds 3 488,866 472,120
Other investments 3 317 521
489,183 472,641
Current assets:
Cash 5 15
Debtors – 22
5 37
489,188 472,678
Approved on behalf of the board:
S. K. PRIME, Chairman
P. N. SNEDDEN, Deputy Chairman.
Date: 30 May 2005.
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 2005
Note 2005 2004
$000 $000
Cash flows from operating activities—
Cash was provided from:
Income received on other investments 665 637
Cash was disbursed on:
Payment to suppliers, trustees and staff (59) (56)
Refunds to ASB Charitable Trust for the services of suppliers, trustees and staff (821) (757)
Fund management and advisory fees (690) (713)
(1,570) (1,526)
Net cash outflow from operating activities 11 (905) (889)
Cash flows from investing activities—
Cash was provided from:
Receipts from fund managers 29,546 60,250
Bond maturity – 500
29,546 60,750
Cash was disbursed on:
Transfers to fund managers (9,942) (38,449)
Net cash inflow from investing activities 19,604 22,301
Cash flows from funding activities—
Cash was disbursed on:
Donations to community organisations (18,913) (21,060)
Net cash outflow from funding activities (18,913) (21,060)
Net cash (outflow)/inflow from activities (214) 352
Add opening cash brought forward 536 184
Ending cash carried forward 322 536
Cash comprises:
Cash at bank 5 15
Call deposits 317 521
322 536
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 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:
2005 2004
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 which equates to 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 virtually certain.
Changes in Accounting Policies
There have been no material changes in accounting policies during the period.
2005 2004
$000 $000
2. Income
Investments:
Pooled funds 3,565 24,743
Dividends 2,224 1,678
Interest 7,374 7,386
Realised gains 3,580 1,754
Unrealised gains 733 9,379
Realised foreign exchange gains 13,892 33,766
Unrealised foreign exchange gains/(losses) 4,983 (6,054)
Other income received 665 625
37,016 73,277
3. Investments
Managed by external managers:
Balance as at 1 April 472,120 421,269
Movement in market value and investment income 36,350 72,652
Net withdrawals (19,604) (21,801)
488,866 472,120
Investments managed by external managers comprise:
Cash, deposits and miscellaneous 29,793 24,256
Bonds 212,279 211,414
Equities 246,794 236,450
Portfolio total 488,866 472,120
Other investments comprise:
Call deposits 317 521
317 521
2004
$000
4. Taxation
Surplus before taxation 71,774
Net dividend and imputation credit adjustment (1,394)
Investment revaluations for tax purposes (10,059)
Non-deductible expenditure 600
Distribution to tax exempt beneficiaries (10,288)
Prior year tax adjustment (7,312)
Taxable loss brought forward (76,237)
Taxable loss carried forward (32,916)
Taxation charge @ 33% –
The Income Tax Act 1994 has been amended to provide exemption from income tax for community trusts that were established under the Trustee Banks Restructuring Act 1988. This amendment applies from the 2005 financial year. Therefore the trust has no tax figures for 2005.
2005 2004
$000 $000
5. Donations
For this year:
Committed and disbursed 6,499 5,476
Committed but not yet disbursed 16,617 15,899
Total donations approved 23,116 21,375
Donations written back (964) (529)
22,152 20,846
Committed but not yet disbursed:
Committed in previous years 11,619 9,129
Committed this year 16,610 15,861
28,229 24,990
6. Reserves
Capital maintenance reserve:
Balance as at 1 April 22,252 16,719
Transfer from surplus 9,890 5,533
Balance as at 31 March 32,142 22,252
General reserve:
Balance as at 1 April 50,000 50,000
Transfer to surplus 25,000 –
Balance as at 31 March 75,000 50,000
These reserves maintain the capital base of the trust.
7. Other Expenditure
Audit fees 20 17
Facilities rental 33 38
Legal fees 3 –
Occupancy costs 47 50
Other operating costs 140 96
Public and statutory reporting 79 75
Staff expenses 444 415
Trustees’ fees 92 87
Trustees’ expenses 46 35
904 813
8. Related Party Information
The trust donated funds to establish the ASB Charitable Trust. Joint expenses are charged to this trust by ASB Charitable Trust.
The following companies were established by the trust:
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.
2005 2004
$000 $000
Foreign currency denominated assets 295,202 288,490
Less foreign currency contracts 198,400 189,200
Unhedged exposure 96,802 99,290
Interest Rate Risk
The trust, through its fund managers, invests in securities that are subject to interest rate risk. The trust actively monitors this risk and changes asset allocations and maturity profiles accordingly.
Credit Risk
The trust, in the normal course of business, enters into arrangements with other parties. These arrangements give rise to credit risk for the trust and hence policies and procedures are maintained so that this risk is minimised.
For all classes of financial assets held by the trust, the maximum credit risk exposure to the trust is the carrying value.
Due to the diversification of the investment portfolio and the policies and procedures in place, there is no significant concentrations of credit risk. No collateral is required in respect of financial assets.
Fair Values
All financial instruments are carried at market value which equates to fair value.
10. Foreign Currency Monetary Assets
As at 31 March, the trust had the following foreign currency monetary assets that were not hedged.
Foreign currency exposure—
Receivables stated in NZ$ equivalents: 2005 2004
$000 $000
U.S.A. and Canada 56,339 60,468
U.K. and Continental Europe 30,880 29,787
Japan and Far East 9,583 9,035
96,802 99,290
11. Reconciliation of Reported Surplus to Net Cash Flow From Operating Activities
Reported surplus 35,404 71,774
Movements in working capital items:
Decrease in creditors (6) (4)
Decrease/(increase) in debtors 22 (22)
Increase in ASB Charitable Trust 25 3
41 (23)
Fund managers’ income reinvested (36,350) (72,652)
Movement on bonds – 12
Net cash outflow from operating activities (905) (889)
12. Capital Commitments and Contingent Liabilities
Other than committed donations, the trust has no other capital commitments or contingent liabilities.
13. Conflicts of Interest
During the year, trustees and staff were required to declare either a direct or indirect conflict of interest in a matter being considered by the trust. Twenty-four such interests were recorded during the year and a register is available for inspection at the trust.
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 2005. 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 2005 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 to you.
Basis of Opinion
An audit includes examining, on a test basis, evidence relevant to the amounts and disclosures in the financial report. 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 generally accepted accounting practice; and
? give a true and fair view of the financial position of the trust as at 31 March 2005 and the results of its operations and cash flows for the year ended on that date.
Our audit was completed on 30 May 2005 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 2005
Note 2005 2004
$000 $000
Income:
Investments 3 38,216 72,911
Rent 8 8
38,224 72,919
Direct expenditure:
Fund management, custodian and advisory fees 1,896 1,690
36,328 71,229
Other expenditure 7 881 792
Net surplus 35,447 70,437
Statement of Movement in Trust Funds for the Year Ended 31 March 2005
Net surplus 35,447 70,437
Committed donations 5 (20,236) (20,006)
Total trust funds at beginning of year 440,653 390,222
Total trust funds at end of year 455,864 440,653
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 2005
Note 2005 2004
$000 $000
Source of funds—
Trust funds:
Capital 251,786 251,786
Capital maintenance reserve 4 112,694 102,666
General reserve 4 75,000 50,000
Retained surplus 16,384 36,201
455,864 440,653
Liabilities:
Creditors 603 575
Committed donations 5 13,530 18,496
14,133 19,071
469,997 459,724
Employment of funds—
Investments:
Managed funds 2 466,869 456,386
Other investments 2 997 1,115
467,866 457,501
Current assets:
ASB Bank Community Trust 106 81
Cash 5 125
Debtors 77 25
188 231
Fixed assets 6 1,943 1,992
469,997 459,724
Approved on behalf of the board:
S. K. PRIME, Chairman
P. N. SNEDDEN, Deputy Chairman.
Date: 30 May 2005.
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 2005
Note 2005 2004
$000 $000
Cash flows from operating activities—
Cash was provided from:
Income received on other investments 703 600
Refunds of expenses by ASB Bank Community Trust 821 757
Net G.S.T. – 1
Receipts from rentals 8 8
1,532 1,366
Cash was disbursed on:
Net G.S.T. (2) –
Payment to suppliers, trustees and staff (1,648) (1,449)
Fund management and advisory fees (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 (19) (27)
Transfers to fund managers (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 5 125
Call deposits 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.

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:
2005 2004
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 which equates to 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.
2005 2004
$000 $000
2. Investments
Managed by external managers:
Balance as at 1 April 456,386 406,541
Movement in market value and investment income 37,513 72,311
Net withdrawals (27,030) (22,466)
Balance as at 31 March 466,869 456,386
Investments managed by external managers comprise:
Cash, deposits and miscellaneous 22,580 20,224
Bonds 206,453 199,562
Equities 237,836 236,600
Portfolio total 466,869 456,386
Other investments comprise:
Call deposits 997 1,115
997 1,115
3. Income
Investments:
Pooled funds 5,044 26,068
Dividends 3,946 3,059
Interest 7,958 8,705
Realised gains 10,239 8,078
Unrealised gains 4,103 22,360
Realised foreign exchange gains/(losses) 10,677 (4,445)
Unrealised foreign exchange (losses)/gains (4,454) 8,486
Other income received 703 600
38,216 72,911
4. Reserves
Capital maintenance reserve:
Balance as at 1 April 102,666 97,056
Transfer from surplus 10,028 5,610
Balance as at 31 March 112,694 102,666
General reserve:
Balance as at 1 April 50,000 50,000
Transfer to surplus 25,000 –
Balance as at 31 March 75,000 50,000
These reserves maintain the capital base of the trust.
5. Donations
For this year:
Committed and disbursed 9,534 7,693
Committed but not yet disbursed 11,107 13,132
Total donations approved 20,641 20,825
Donations written back (405) (819)
20,236 20,006
Committed but not yet disbursed:
Committed in previous years 2,426 5,377
Committed this year 11,104 13,119
13,530 18,496
6. Fixed Assets
2005 2004
Cost AccumulatedDepreciation Book Value Cost AccumulatedDepreciation BookValue
$000 $000 $000 $000 $000 $000
Land and buildings 2,079 258 1,821 2,079 237 1,842
Vehicle 57 44 13 57 38 19
Office equipment and furniture 645 536 109 646 515 131
2,781 838 1,943 2,782 790 1,992

2005 2004
$000 $000
7. Other Expenditure
Audit fees 20 17
Depreciation – land and buildings 10 10
Depreciation – vehicle 6 9
Depreciation – office equipment and furniture 17 18
Legal fees – 16
Occupancy costs 47 50
Other operating costs 122 61
Public and statutory reporting 79 75
Staff expenses 444 415
Trustees’ fees 92 87
Trustees’ expenses 44 34
881 792
8. Statement of Cash Flows
The depreciation charged to the cash flow statement includes a sum of $33,736 (2004 – $37,635) 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.
2005 2004
$000 $000
Foreign currency denominated assets 298,417 292,088
Less foreign currency contracts 205,343 195,404
Unhedged exposure 93,074 96,684
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.
For all classes of financial assets held by the trust, the maximum credit risk exposure to the trust is the carrying value.
Due to the diversification of the investment portfolio and the policies and procedures in place, there is no significant concentrations of credit risk. No collateral is required in respect of financial assets.
Fair Values
All financial instruments are carried at market value which equates to fair value.
10. Foreign Currency Monetary Assets
As at 31 March, the trust had the following foreign currency monetary assets that were not hedged.
2005 2004
$000 $000
Foreign currency exposure—
Receivables stated in NZ$ equivalents:
U.S.A. and Canada 54,169 58,881
U.K. and Continental Europe 29,691 29,005
Japan and Far East 9,214 8,798
93,074 96,684
11. Reconciliation of Reported Surplus to Net Cash Flow From Operating Activities
Reported surplus 35,447 70,437
Add non cash items:
Depreciation 68 75
Loss on disposal of fixed assets – –
68 75
Movements in working capital items:
Increase in creditors 28 124
Increase in ASB Bank Community Trust (25) (3)
(Increase)/decrease in debtors (52) 21
(49) 142
Fund managers’ income reinvested (37,513) (72,311)
Net cash outflow from operating activities (2,047) (1,657)
12. Capital Commitments and Contingent Liabilities
Other than committed donations, the trust has no other capital commitments or contingent liabilities.
13. Related Party Information
Fixed assets are held and joint expenses are paid by this trust. Expenses are on-charged to ASB Bank Community Trust.
14 Conflicts of Interest
During the year, trustees and staff were required to declare either a direct or indirect conflict of interest in a matter being considered by the trust. Nineteen such interests were recorded during the year and a register is available for inspection at the trust.
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 2005. 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 2005 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 to you.
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 generally accepted accounting practice; and
? give a true and fair view of the financial position of the trust as at 31 March 2005 and the results of its operations and cash flows for the year ended on that date.
Our audit was completed on 30 May 2005 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 by the ASB Bank Community Trust and
ASB Charitable Trust is available on request from ASB Trusts, P.O. Box 68-048, Newton, Auckland.