✨ Financial Statements
7 AUGUST NEW ZEALAND GAZETTE 2491
| 2003 $000 |
2002 $000 |
|
|---|---|---|
| Distribution to tax exempt beneficiaries | (14,205) | (4,730) |
| Prior year tax adjustment | (8,674) | (5,996) |
| Taxable loss brought forward | (15,529) | (15,004) |
| Taxable loss carried forward | (76,237) | (15,529) |
| Taxation charge @ 33% | – | – |
5. Donations
For this year:
| 2003 $000 |
2002 $000 |
|
|---|---|---|
| Committed and disbursed | 11,615 | 8,168 |
| Committed but not yet disbursed | 21,469 | 19,182 |
| Total donations approved | 33,084 | 27,350 |
| Donations written back | (240) | (421) |
| 32,844 | 26,929 |
Committed but not yet disbursed:
| 2003 $000 |
2002 $000 |
|
|---|---|---|
| Committed in previous years | 3,735 | 1,828 |
| Committed this year | 21,469 | 19,069 |
| 25,204 | 20,897 |
6. Reserves
Capital maintenance reserve:
| 2003 $000 |
2002 $000 |
|
|---|---|---|
| Balance as at 1 April | 8,254 | – |
| Allocation from surplus | 8,465 | 8,254 |
| Balance as at 31 March | 16,719 | 8,254 |
General reserve:
| 2003 $000 |
2002 $000 |
|
|---|---|---|
| Balance as at 1 April | 100,000 | 100,000 |
| Transfer to surplus | (50,000) | – |
| Balance as at 31 March | 50,000 | 100,000 |
7. Other Expenditure
| 2003 $000 |
2002 $000 |
|
|---|---|---|
| Audit fees | 17 | 17 |
| Facilities rental | 48 | 58 |
| Legal fees | 6 | 26 |
| Occupancy costs | 29 | 24 |
| Other operating costs | 110 | 163 |
| Public and statutory reporting | 76 | 72 |
| Staff expenses | 387 | 342 |
| Trustees’ fees | 79 | 82 |
| Trustees’ expenses | 36 | 31 |
| 788 | 815 |
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.
| 2003 $000 |
2002 $000 |
|
|---|---|---|
| Foreign currency denominated assets | 238,296 | 296,926 |
| Less foreign currency contracts | 166,540 | 201,860 |
| Unhedged exposure | 71,756 | 95,066 |
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.
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2003, No 94
Gazette.govt.nz —
NZ Gazette 2003, No 94
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ASB Bank Community Trust Financial Statements
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