✨ ASB Community Trust Financial Statement
25 SEPTEMBER 2008 NEW ZEALAND GAZETTE, No. 143 3915
- Grants
5.1 For This Year
| 2008 $000 | 2007 $000 | |
|---|---|---|
| Committed and disbursed | 16,571 | 19,954 |
| Committed but unpaid | 44,032 | 47,918 |
| Total grants approved and committed this year | 60,603 | 67,872 |
5.2 Total grants approved in previous years
| 2008 $000 | 2007 $000 | |
|---|---|---|
| Committed in previous years | 36,648 | 20,732 |
| Committed but unpaid this year | 44,032 | 47,902 |
| 80,680 | 68,634 |
- Trust Funds and Reserves
6.1 Original Capital and Capital Maintenance Reserve
| 2008 $000 | 2007 $000 | |
|---|---|---|
| Trust capital: | ||
| Original capital | 579,106 | 579,106 |
| Capital maintenance reserve: | ||
| Balance at 1 April | 188,483 | 169,761 |
| Transfer from retained earnings | 26,098 | 18,722 |
| Total original capital and capital maintenance reserve | 793,687 | 767,589 |
The original capital of the trust arose from the sale of shares in the ASB Bank Limited. The original capital and the capital maintenance reserve form the trust capital. Trustees are required to preserve the trust capital for the benefit of present and future generations. This is achieved by setting aside each year sufficient sums from reserves to increase the trust capital by the annual rate of inflation as measured by the consumer price index.
6.2 General Reserve
| 2008 $000 | 2007 $000 | |
|---|---|---|
| Balance at 1 April | 200,000 | 200,000 |
| Transfer from community innovation reserve | 25,000 | – |
| Total general reserve | 225,000 | 200,000 |
The general reserve forms part of the trust fund and is used to provide a stable flow of grants to the community during times of adverse investment earnings.
6.3 Community Innovation Reserve
| 2008 $000 | 2007 $000 | |
|---|---|---|
| Balance at 1 April | 51,679 | 65,000 |
| Committed this year | – | (13,321) |
| Transfer to retained earnings | (26,679) | – |
| Transfer to general reserve | (25,000) | – |
| Total community innovation reserve | – | 51,679 |
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. This reserve was dis-established on 31 March 2008, with allocations to the general reserve and retained surplus, in order to strengthen the general reserve and recognise the specific grants made by the trust during the year.
6.4 Retained Surplus
| 2008 $000 | 2007 $000 | |
|---|---|---|
| Net (deficit)/surplus for year | (41,759) | 18,811 |
| Total recognised income and expenditure for year | (41,759) | 18,811 |
| Opening balance | 43,488 | 30,076 |
| Transfer from community innovation reserve | 26,679 | 13,321 |
| Transfer to capital maintenance reserve | (26,098) | (18,722) |
| Total surplus 31 March | 2,308 | 43,486 |
The retained surplus represents funds unallocated to the general reserve and as such forms part of the trust fund. Like the general reserve, balances in retained surplus are used to provide a stable flow of grants to the community during times of adverse investment earnings.
The trust capital and reserves form the trust fund and maintain the capital base of the trust.
- Other Expenditure
| 2008 $000 | 2007 $000 | |
|---|---|---|
| Other expenditure: | ||
| Audit fees | 53 | 40 |
| Depreciation | 116 | 95 |
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NZ Gazette 2008, No 143
✨ LLM interpretation of page content
💰
ASB Community Trust Financial Performance Statement
(continued from previous page)
💰 Finance & Revenue26 May 2008
Community Trust, Financial Performance, Statement, Financial Position, Cash Flows, Grants, Trust Funds, Reserves