✨ Financial Statements and Audit Report
10 AUGUST NEW ZEALAND GAZETTE 2199
Public and statutory reporting 86 87
Staff expenses 324 299
Trustees’ fees 93 91
Trustees’ expenses 22 22
______ ______
676 7169. 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.
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2000, No 89
Gazette.govt.nz —
NZ Gazette 2000, No 89
✨ LLM interpretation of page content
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Notes to the Financial Statements for ASB Charitable Trust
(continued from previous page)
💰 Finance & RevenueAccounting Policies, Cash Flows, Depreciation, Dividends, Donations, Expenses, Fixed Assets, Foreign Currencies, Investments, Financial Instruments, Reserves, Taxation, Comparatives