New Zealand Gazette – 2002 – No. 90

Page 2460

✨ ASB Charitable Trust Financial Statements



2460 NEW ZEALAND GAZETTE No. 90

2002
$000

2001
$000

6. Trust Capital

Balance as at 1 April
251,786

251,786

Balance as at 31 March
251,786

251,786

7. Fixed Assets

2002 2001
Cost Accumulated Depreciation Book Value
Land and buildings 2,079 195 1,884
Vehicle, office equipment and furniture 666 437 229
Total 2,745 632 2,113

8. Other Expenditure

2002 2001
Audit fees 17 20
Depreciation 58 40
Legal fees 16 23
Occupancy costs 24 34
Other operating costs 98 61
Public and statutory reporting 72 78
Staff expenses 343 390
Trustees' fees 82 102
Trustees' expenses 29 26
Total 739 774

9. Statement of Cash Flows

The depreciation charged to the cash flow statement includes a sum of $58,229 (2001 – $26,497) on charged to the ASB Bank Community Trust as facilities rental.

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.

2002 2001
Foreign currency denominated assets 323,198 355,068
Less foreign currency contracts 221,077 248,052
Unhedged exposure 102,121 107,016

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.

11. Foreign Currency Monetary Assets

As at 31 March 2002, the trust had the following foreign currency monetary assets that were not hedged.

Foreign currency exposure—
Receivables stated in NZ$ equivalents:

2002 2001
U.S.A. and Canada 62,161 59,908
U.K. and Continental Europe 31,249 35,925
Japan and Far East 8,711 11,183
Total 102,121 107,016


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Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2002, No 90


Gazette.govt.nz — PDF NZ Gazette 2002, No 90




✨ LLM interpretation of page content

💰 ASB Charitable Trust Financial Statements (continued from previous page)

💰 Finance & Revenue
27 May 2002
Income, Expenditure, Trust Funds, Balance Sheet, ASB Charitable Trust