New Zealand Gazette – 2003 – No. 94

Page 2496

✨ Financial Statements



2496 NEW ZEALAND GAZETTE No. 94

| | 2003 | 2002 |
| | $000 | $000 |

General reserve:
Balance as at 1 April 100,000 100,000
Transfer to surplus (50,000) –
Balance as at 31 March 50,000 100,000

5. Donations

For this year:
Committed and disbursed 11,955 12,802
Committed but not yet disbursed 11,555 17,726
Total donations approved 23,510 30,528
Donations written back (321) (124)
23,189 30,404

Committed but not yet disbursed:
Committed in previous years 6,665 5,687
Committed this year 11,543 17,714
18,208 23,401

6. Fixed Assets

2003 2002
Cost Accumulated
Depreciation
$000 $000
Land and buildings 2,079 216
Vehicle, office equipment and furniture 676 499
2,755 715 2,040

7. Other Expenditure

| | 2003 | 2002 |
| | $000 | $000 |
| Audit fees | 17 | 17 |
| Depreciation – land and buildings | 10 | 58 |
| Depreciation – vehicle, office equipment and furniture | 38 | 48 |
| Legal fees | 5 | 16 |
| Occupancy costs | 30 | 24 |
| Other operating costs | 81 | 98 |
| Public and statutory reporting | 76 | 72 |
| Staff expenses | 387 | 343 |
| Trustees’ fees | 79 | 82 |
| Trustees’ expenses | 34 | 29 |
| 757 | 739 |

8. Statement of Cash Flows

The depreciation charged to the cash flow statement includes a sum of $48,182 (2002 $58,229) on charged to the ASB Bank Community Trust as facilities rental.

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 | 2002 |
| | $000 | $000 |
| Foreign currency denominated assets | 267,476 | 323,198 |
| Less foreign currency contracts | 195,262 | 221,077 |
| Unhedged exposure | 72,214 | 102,121 |

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.



Next Page →



Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2003, No 94


Gazette.govt.nz — PDF NZ Gazette 2003, No 94




✨ LLM interpretation of page content

💰 ASB Bank Community Trust Financial Statements (continued from previous page)

💰 Finance & Revenue
26 May 2003
Income, Expenditure, Trust Funds, Balance Sheet, Financial Statements, Credit Risk, Fair Values, Foreign Currency, Audit Report