✨ Financial Performance Statement
3914 NEW ZEALAND GAZETTE, No. 143 25 SEPTEMBER 2008
Adoption of New Zealand Equivalents to International Reporting Standards
In accordance with NZ IFRS, the trust now recognises grants committed as an expense in the trust’s statement of financial performance. Previously grants committed were recognised as a distribution of reserves in the statement of movement in trust funds.
In addition, grants that are no longer required by recipients are now separately disclosed in the statement of financial performance. Previously, grants written back were recognised in the statement of movements in trust funds prior to the date of transition.
Grants to community organisations previously classified as cash flows from funding activities are now classified as cash flows from operating activities.
These changes have no impact on the trust funds as at the date of transition or as at the previous statement of financial position date, these being reclassification adjustments only, which are summarised as follows:
| 2007 $\000$ | |
|---|---|
| Net surplus for the year as previously reported | 86,446 |
| Grants written back | 237 |
| Grants committed during the year | (67,872) |
| Re-stated net surplus for the year ended 31 March 2007 | 18,811 |
2. Revenue
| 2008 $\000$ | 2007 $\000$ | |
|---|---|---|
| Investments: | ||
| Pooled funds | (37,922) | (13,017) |
| Dividends | 4,595 | 8,257 |
| Interest | 17,842 | 16,934 |
| Realised gains | 13,202 | 72,983 |
| Unrealised gains/(losses) | (28,943) | (46,105) |
| Realised foreign exchange gains | 62,255 | 19,062 |
| Unrealised foreign exchange gains/(losses) | (14,156) | 30,946 |
| Total | 16,873 | 89,060 |
3. Fixed Assets
| 2008 | 2007 | |||||
|---|---|---|---|---|---|---|
| Cost | Accumulated Depreciation | Book Value | Cost | Accumulated Depreciation | Book Value | |
| $\000$ | $\000$ | $\000$ | $\000$ | $\000$ | $\000$ | |
| Land and buildings | 2,079 | 321 | 1,758 | 2,079 | 300 | 1,779 |
| Office equipment and furniture | 925 | 692 | 233 | 837 | 605 | 232 |
| Total fixed assets | 3,004 | 1,013 | 1,991 | 2,916 | 905 | 2,011 |
Reconciliation of carrying value of fixed assets
| 2008 $\000$ | 2007 $\000$ | |
|---|---|---|
| Book value at 1 April | 2,011 | 1,983 |
| Plus Additions | 96 | 123 |
| Cost of assets sold | (8) | – |
| Less Depreciation and amortisation | (116) | (95) |
| Depreciation on assets sold | 8 | – |
| Book value at 31 March | 1,991 | 2,011 |
4. Investments
| Managed by external managers: | 2008 $\000$ | 2007 $\000$ |
|---|---|---|
| Balance as at 1 April | 1,114,340 | 1,089,043 |
| Movement in market value and investment income | 16,873 | 89,060 |
| Net withdrawals | (32,534) | (63,763) |
| 1,098,679 | 1,114,340 |
Investments managed by external managers comprise:
| 2008 $\000$ | 2007 $\000$ | |
|---|---|---|
| Cash, deposits and miscellaneous | 59,550 | 80,373 |
| Bonds | 469,016 | 494,027 |
| Equities | 474,919 | 481,913 |
| Collateralised commodity futures | 71,720 | 58,027 |
| Global property | 23,474 | – |
| Portfolio total | 1,098,679 | 1,114,340 |
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NZ Gazette 2008, No 143
✨ LLM interpretation of page content
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ASB Community Trust Financial Performance Statement
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💰 Finance & Revenue26 May 2008
Community Trust, Financial Performance, Statement, Financial Position, Cash Flows