✨ Financial Statements Continuation
15 SEPTEMBER 2005
NEW ZEALAND GAZETTE, No. 158
3983
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:
| 2005 | 2004 | |
|---|---|---|
| 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 which equates to 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.
2. Investments
Managed by external managers:
| Description | 2005 | 2004 |
|---|---|---|
| Balance as at 1 April | 456,386 | 406,541 |
| Movement in market value and investment income | 37,513 | 72,311 |
| Net withdrawals | (27,030) | (22,466) |
| Balance as at 31 March | 466,869 | 456,386 |
Investments managed by external managers comprise:
| Description | 2005 | 2004 |
|---|---|---|
| Cash, deposits and miscellaneous | 22,580 | 20,224 |
| Bonds | 206,453 | 199,562 |
| Equities | 237,836 | 236,600 |
| Portfolio total | 466,869 | 456,386 |
Other investments comprise:
| Description | 2005 | 2004 |
|---|---|---|
| Call deposits | 997 | 1,115 |
| 997 | 1,115 |
3. Income
Investments:
| Description | 2005 | 2004 |
|---|---|---|
| Pooled funds | 5,044 | 26,068 |
| Dividends | 3,946 | 3,059 |
| Interest | 7,958 | 8,705 |
| Realised gains | 10,239 | 8,078 |
| Unrealised gains | 4,103 | 22,360 |
| Realised foreign exchange gains/(losses) | 10,677 | (4,445) |
| Unrealised foreign exchange (losses)/gains | (4,454) | 8,486 |
| Other income received | 703 | 600 |
| 38,216 | 72,911 |
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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 Charitable Trust Financial Statements
(continued from previous page)
💰 Finance & Revenue30 May 2005
Financial statements, Income, Expenditure, Trust funds, Balance sheet