New Zealand Gazette – 2004 – No. 101

Page 2508

✨ Financial Statements



2508 NEW ZEALAND GAZETTE, No. 101 19 AUGUST 2004

General reserve:

2004 $000 2003 $000
Balance as at 1 April 50,000 100,000
Transfer to surplus – (50,000)
Balance as at 31 March 50,000 50,000
  1. Other Expenditure
2004 $000 2003 $000
Audit fees 17 17
Facilities rental 38 48
Legal fees – 6
Occupancy costs 50 29
Other operating costs 96 110
Public and statutory reporting 75 76
Staff expenses 415 387
Trustees’ fees 87 79
Trustees’ expenses 35 36
813 788
  1. 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.

  1. 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.

2004 $000 2003 $000
Foreign currency denominated assets 288,490 238,296
Less foreign currency contracts 189,200 166,540
Unhedged exposure 99,290 71,756

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.

  1. Foreign Currency Monetary Assets

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

2004 $000 2003 $000
U.S.A. and Canada 60,468 44,704
U.K. and Continental Europe 29,787 20,809
Japan and Far East 9,035 6,243
99,290 71,756


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Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2004, No 101


Gazette.govt.nz — PDF NZ Gazette 2004, No 101




✨ LLM interpretation of page content

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

💰 Finance & Revenue
31 May 2004
Community Trusts Act 1999, Income and Expenditure, Trust Funds, ASB Bank Community Trust