✨ Financial Statements
NEW ZEALAND GAZETTE, No. 112
28 SEPTEMBER 2006
6. Fixed Assets
| 2006 | 2005 | |||||
|---|---|---|---|---|---|---|
| Cost | Accumulated | Book | Cost | Accumulated | Book | |
| $000 | Depreciation | Value | $000 | Depreciation | Value | |
| $000 | $000 | $000 | $000 | |||
| Land and | 2,079 | 279 | 1,800 | 2,079 | 258 | 1,821 |
| buildings | ||||||
| Vehicle | — | — | — | 57 | 44 | 13 |
| Office | 733 | 550 | 183 | 645 | 536 | 109 |
| equipment and | ||||||
| furniture | ||||||
| Distribution to | (2,812) | (829) | (1,983) | — | — | 2,781 |
| ASB Bank | ||||||
| Community Trust | ||||||
| Nil | Nil | Nil | 838 | 1,943 |
7. Other Expenditure
| 2006 | |
|---|---|
| $000 | |
| Audit fees | 19 |
| Depreciation – land and | 10 |
| buildings | |
| Depreciation – vehicle | — |
| Depreciation – office equipment | 23 |
| and furniture | |
| Legal fees | — |
| Occupancy costs | 74 |
| Other operating costs | 248 |
| Public and statutory reporting | 72 |
| Staff expenses | 644 |
| Trustees’ fees | 97 |
| Trustees’ expenses | 53 |
| 1,240 |
| 2005 | |
|---|---|
| $000 | |
| Audit fees | 20 |
| Depreciation – land and | 10 |
| buildings | |
| Depreciation – vehicle | 6 |
| Depreciation – office equipment | 17 |
| and furniture | |
| Legal fees | — |
| Occupancy costs | 47 |
| Other operating costs | 122 |
| Public and statutory reporting | 79 |
| Staff expenses | 444 |
| Trustees’ fees | 92 |
| Trustees’ expenses | 44 |
| 881 |
8. Statement of Cash Flows
The depreciation charged to the cash flow statement includes a sum of $34,000 (2005 – $33,736) 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.
| 2006 | 2005 | |
|---|---|---|
| $000 | $000 | |
| Foreign currency | — | 298,417 |
| denominated assets | ||
| Less foreign | — | 205,343 |
| currency contracts | ||
| Unhedged exposure | Nil | 93,074 |
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 concentration 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.
10. Reconciliation of Reported Surplus to Net Cash Flow From Operating Activities
| 2006 | 2005 | |
|---|---|---|
| $000 | $000 | |
| Reported surplus | 90,683 | 35,447 |
| Add non cash items: | ||
| Depreciation | 68 | 68 |
| Loss on disposal of fixed assets | 19 | — |
| 87 | 68 | |
| Movements in working capital items: | ||
| Increase in creditors | 48 | 28 |
| Increase in ASB Bank Community Trust | (324) | (25) |
| (Increase)/decrease in debtors | 74 | (52) |
| (202) | (49) | |
| Fund managers’ income reinvested | (93,433) | (37,513) |
| Net cash outflow from operating activities | (2,865) | (2,047) |
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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)
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