✨ Financial Statements and Reports
15 SEPTEMBER 2005 NEW ZEALAND GAZETTE, No. 158 3979
The Income Tax Act 1994 has been amended to provide exemption from income tax for community trusts that were established under the Trustee Banks Restructuring Act 1988. This amendment applies from the 2005 financial year. Therefore the trust has no tax figures for 2005.
| 2005 | 2004 | |
|---|---|---|
| $000 | $000 |
- Donations
For this year:
Committed and disbursed 6,499 5,476
Committed but not yet disbursed 16,617 15,899
Total donations approved 23,116 21,375
Donations written back (964) (529)
22,152 20,846
Committed but not yet disbursed:
Committed in previous years 11,619 9,129
Committed this year 16,610 15,861
28,229 24,990
- Reserves
Capital maintenance reserve:
Balance as at 1 April 22,252 16,719
Transfer from surplus 9,890 5,533
Balance as at 31 March 32,142 22,252
General reserve:
Balance as at 1 April 50,000 50,000
Transfer to surplus 25,000 –
Balance as at 31 March 75,000 50,000
These reserves maintain the capital base of the trust.
- Other Expenditure
Audit fees 20 17
Facilities rental 33 38
Legal fees 3 –
Occupancy costs 47 50
Other operating costs 140 96
Public and statutory reporting 79 75
Staff expenses 444 415
Trustees’ fees 92 87
Trustees’ expenses 46 35
904 813
- Related Party Information
The trust donated funds to establish the ASB Charitable Trust. Joint expenses are charged to this trust by ASB Charitable Trust.
The following companies were established by the trust:
| 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.
- 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.
| 2005 | 2004 | |
|---|---|---|
| $000 | $000 | |
| Foreign currency denominated assets | 295,202 | 288,490 |
| Less foreign currency contracts | 198,400 | 189,200 |
| Unhedged exposure | 96,802 | 99,290 |
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 2005, No 158
Gazette.govt.nz —
NZ Gazette 2005, No 158
✨ LLM interpretation of page content
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ASB Bank Community Trust Financial Statements
(continued from previous page)
💰 Finance & Revenue30 May 2005
Financial statements, Income and expenditure, Balance sheet, Trust funds, Investments