✨ Financial Statements and Related Information
NEW ZEALAND GAZETTE, No. 112
28 SEPTEMBER 2006
3330
8. Other Expenditure
| 2006 | 2005 | |
|---|---|---|
| Audit fees | 18 | 20 |
| Facilities rental | 33 | 33 |
| Legal fees | 9 | 3 |
| Occupancy costs | 61 | 47 |
| Other operating costs | 256 | 140 |
| Public and statutory reporting | 72 | 79 |
| Staff expenses | 644 | 444 |
| Trustees’ fees | 97 | 92 |
| Trustees’ expenses | 56 | 46 |
| 1,246 | 904 |
9. 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 | Grants to public beautification bodies |
These subsidiaries were incorporated on 29 March 2001. They have not traded since incorporation.
10. 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.
| 2006 | 2005 | |
|---|---|---|
| $000 | $000 | |
| Foreign currency denominated assets | 373,212 | 295,202 |
| Less foreign currency contracts | 270,760 | 198,400 |
| ASB Charitable Trust currency risks assumed on distribution: | ||
| Foreign currency denominated assets | 340,651 | – |
| Less foreign currency contracts | 246,165 | – |
| Total unhedged exposure at 31 March | 196,938 | 96,802 |
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.
For all classes of financial assets held by the trust, the maximum credit risk exposure to the trust is the carrying value. Due to the diversification of the investment portfolio and the policies and procedures in place, there is no significant concentrations of credit risk. No collateral is required in respect of financial assets.
Fair Values
All financial instruments are carried at market value which equates to fair value.
11. Foreign Currency Monetary Assets
As at 31 March, prior to distribution by the ASB Charitable Trust, the trust had the following foreign currency monetary assets that were not hedged.
| 2006 | 2005 | |
|---|---|---|
| $000 | $000 | |
| Foreign currency exposure— | ||
| Receivables stated in NZ$ equivalents: | ||
| U.S.A. and Canada | 53,623 | 56,339 |
| U.K. and Continental Europe | 34,301 | 30,880 |
| Japan and Far East | 14,528 | 9,583 |
| 102,452 | 96,802 |
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2006, No 112
Gazette.govt.nz —
NZ Gazette 2006, No 112
✨ LLM interpretation of page content
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Notes to the Financial Statements for the Year Ended 31 March 2006
(continued from previous page)
💰 Finance & Revenue29 May 2006
Accounting Policies, Financial Statements, Trust Funds, ASB Bank Community Trust