✨ ASB Trust Financial Statements
2412 NEW ZEALAND GAZETTE, No. 91 16 AUGUST 2007
6.2 Outstanding Grants Payable
| 2007 | 2006 | |
|---|---|---|
| Committed in previous years | 20,732 | 5,298 |
| Committed this year | 47,902 | 25,814 |
| 68,634 | 31,112 |
Liability assumed for outstanding grants payable on distribution of ASB Charitable Trust Fund:
| 2007 | 2006 | |
|---|---|---|
| Committed in previous years | – | 4,336 |
| Committed this year | – | 12,086 |
| 68,634 | 47,534 |
7. Trust Funds and Reserves
| 2007 | 2006 | |
|---|---|---|
| $000 | $000 |
7.1 Trust Capital
| 2007 | 2006 | |
|---|---|---|
| Original capital | 579,106 | 327,320 |
| Original capital received on distribution from ASB Charitable Trust | – | 251,786 |
| Total trust capital | 579,106 | 579,106 |
7.2 Capital Maintenance Reserve
| 2007 | 2006 | |
|---|---|---|
| Opening balance | 169,751 | 32,142 |
| Transfer from retained surplus | 18,722 | 12,376 |
| Capital maintenance reserve received on distribution from ASB Charitable Trust | – | 125,243 |
| Total capital maintenance reserve | 188,483 | 169,761 |
7.3 General Reserve
| 2007 | 2006 | |
|---|---|---|
| Opening balance | 200,000 | 75,000 |
| Transfer from retained surplus | – | 50,000 |
| General reserve received on distribution from ASB Charitable Trust | – | 75,000 |
| Total general reserve | 200,000 | 200,000 |
7.4 Community Innovation Reserve
As a result of the exceptional investment returns achieved in the 2005/2006 year, the trustees resolved to establish a community innovation reserve of $65 million. The fund will be administered according to specific policies and guidelines which will be developed during the 2006/2007 financial year.
| 2007 | 2006 | |
|---|---|---|
| Balance at 1 April | 65,000 | – |
| Transfer from retained surplus | – | 65,000 |
| Committed this year | 13,321 | – |
| Total community innovation reserve | 51,679 | 65,000 |
7.5 Retained Surplus
| 2007 | 2006 | |
|---|---|---|
| Retained surplus 1 April | 30,076 | 26,208 |
| Surplus for year | 86,446 | 91,672 |
| Transfer from community innovation reserve | 13,321 | – |
| Retained surplus received on distribution from ASB Charitable Trust | – | 72,641 |
| 129,843 | 190,521 |
Less:
| 2007 | 2006 | |
|---|---|---|
| Grants committed during year | (67,635) | (33,069) |
| Transfer to capital maintenance reserve | (18,722) | (12,376) |
| Transfer to general reserve | – | (50,000) |
| Transfer to community innovation reserve | – | (65,000) |
| Retained surplus 31 March | 43,486 | 30,076 |
These reserves maintain the capital base of the trust.
8. Other Expenditure
| 2007 | 2006 | |
|---|---|---|
| $000 | $000 | |
| Audit fees | 40 | 18 |
| Depreciation | 95 | – |
| Facilities rental | – | 33 |
| Legal fees | 112 | 9 |
| Occupancy costs | 153 | 61 |
| Other operating costs | 453 | 256 |
| Public and statutory reporting | 123 | 72 |
| Staff expenses | 1,400 | 644 |
| Trustees’ fees | 233 | 97 |
| Trustees’ expenses | 106 | 56 |
| 2,715 | 1,246 |
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2007, No 91
Gazette.govt.nz —
NZ Gazette 2007, No 91
✨ LLM interpretation of page content
💰
Grants by ASB Community Trust
(continued from previous page)
💰 Finance & RevenueGrants, Disbursements, Commitments, Approvals
💰 Trust Funds and Reserves
💰 Finance & RevenueTrust Capital, Capital Maintenance Reserve, General Reserve, Community Innovation Reserve, Retained Surplus
💰 Other Expenditure
💰 Finance & RevenueAudit fees, Depreciation, Facilities rental, Legal fees, Occupancy costs, Other operating costs, Public and statutory reporting, Staff expenses, Trustees’ fees, Trustees’ expenses