✨ Financial Statements
7 AUGUST
NEW ZEALAND GAZETTE
2495
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:
| 2003 | 2002 | |
|---|---|---|
| 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 or fair value or are not materially different from market value or 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.
| 2003 $000 | 2002 $000 |
|---|
2. Investments
Managed by external managers:
Balance as at 1 April
469,050
510,163
Movement in market value
(33,509)
1,887
Net withdrawals
(29,000)
(43,000)
Balance as at 31 March
406,541
469,050
Investments managed by external managers comprise:
Cash, deposits and miscellaneous
56,103
49,097
Bonds
200,018
217,102
Equities
150,420
202,851
Portfolio total
406,541
469,050
Other investments comprise:
Call deposits
140
1,023
3. Income
Investments:
Managed funds
(33,509)
1,887
Other income received
682
571
Investment loss
–
(2)
––––––––––––––
(32,827)
2,456
4. Reserves
Capital maintenance reserve:
Balance as at 1 April
88,473
79,440
Allocation from surplus
8,583
9,033
Balance as at 31 March
97,056
88,473
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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
✨ LLM interpretation of page content
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ASB Bank Community Trust Financial Statements
(continued from previous page)
💰 Finance & Revenue26 May 2003
Income, Expenditure, Trust Funds, Balance Sheet, Financial Statements, Credit Risk, Fair Values, Foreign Currency, Audit Report