New Zealand Gazette – 2001 – No. 84

Page 2185

✨ Financial Statements and Audit Report

9 AUGUST NEW ZEALAND GAZETTE 2185

8. Other Expenditure

Name	2001 ($000)	2000 ($000)
Audit fees	13	6
Facilities rental	26	28
Legal fees	48	11
Occupancy costs	19	23
Other operating costs	178	70
Public and statutory reporting	50	57
Staff expenses	263	212
Trustees’ fees	68	62
Trustees’ expenses	17	11
Total	682	480

9. 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 have not traded during the year as they were only incorporated on 29 March 2001.

10. 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.

	2001 ($000)	2000 ($000)
Foreign currency denominated assets	274,943	0
Less: Foreign currency contracts	198,900	0
Unhedged exposure	76,043	0

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 concentration of credit risk.

Fair Values

All financial instruments are carried at market value.

11. Foreign Currency Monetary Assets

As at 31 March 2001, the trust had the following foreign currency monetary assets that were not hedged.
Foreign currency exposure—
Receivables stated in NZ$ equivalents:

	2001 ($000)	2000 ($000)
U.S.A. & Canada	42,584	0
U.K. & Continental Europe	25,474	0
Japan & Far East	7,985	0
Total	76,043	0

Audit Report

To the Trustees of the 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 2001. 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 2001 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.

VUW Te Waharoa — NZ Gazette 2001, No 84

Gazette.govt.nz — NZ Gazette 2001, No 84

The Executive Wing of Parliament (depicted) is universally known as The Beehive. It was completed in 1977 and remains the primary office for the elected Government of the day.

✨ LLM interpretation of page content

💰 Notes to the Financial Statements for the Year Ended 31 March 2001 (continued from previous page)

Domain💰 Finance & Revenue
KeywordsAccounting policies, Financial statements, Trust deed, ASB Bank Community Trust, Taxation, Donations, Reserves, Trust capital

💰 Other Expenditure for the Year Ended 31 March 2001

Domain💰 Finance & Revenue
KeywordsAudit fees, Facilities rental, Legal fees, Occupancy costs, Operating costs, Public reporting, Staff expenses, Trustees' fees, Trustees' expenses

💰 Subsidiaries of the ASB Bank Community Trust

Domain💰 Finance & Revenue
KeywordsSubsidiaries, ASB Trusts Amateur Public Sports Promotion Limited, ASB Trusts Public Amenities Development Limited, Donations, Incorporation

💰 Financial Instruments and Risks

Domain💰 Finance & Revenue
KeywordsCurrency risk, Interest rate risk, Credit risk, Financial instruments, Hedging, Investment portfolio

💰 Foreign Currency Monetary Assets as at 31 March 2001

Domain💰 Finance & Revenue
KeywordsForeign currency exposure, Receivables, U.S.A., Canada, U.K., Europe, Japan, Far East

💰 Audit Report for the ASB Bank Community Trust

Domain💰 Finance & Revenue
KeywordsAudit report, Financial statements, Trustees' responsibilities, Auditors' responsibilities, Financial performance, Trust funds

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