✨ Financial Statements
21 AUGUST 2009 NEW ZEALAND GAZETTE, No. 125 2881
ASB COMMUNITY TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2009
1. STATEMENT OF ACCOUNTING POLICIES
The ASB Community Trust ("the Trust") is the reporting entity. The Trust was formed on 30 May 1988 through the creation of a trust deed in compliance with the Trustee Banks Restructuring Act 1988. Under the terms of the trust deed the Trust was settled with 60 million $1 fully paid ordinary shares in ASB Bank Limited representing 100% of the issued capital. As at 31 March 1988 the net tangible asset backing of those 60 million shares was $147,655,000. In 1989 45 million shares were sold to the Commonwealth Bank of Australia for $252,000,000 which was then donated to the ASB Charitable Trust. In October 2000, the remaining 15 million shares were sold to the Commonwealth Bank of Australia for $545,000,000. On 27 February 2006 the Trustees of the ASB Charitable Trust resolved to distribute, on or before 31 March 2006, the capital of that Trust (including all accumulations of income and capital to that date less accrued liabilities) in specie to the ASB Bank Community Trust. Subsequent to this distribution the ASB Charitable Trust was wound up. The ASB Bank Community Trust formally changed its name to the ASB Community Trust by way of a Deed dated 17 July 2006.
The Trust is a Public Benefit Entity which makes grants to qualifying not for profit entities in the Auckland and Northland region, and is domiciled in Auckland, New Zealand.
Basis of Preparation
The preparation of financial statements in conformity with NZ IFRS requires management to make judgements, estimates and assumptions that affect the application of policies and the reported amounts of assets, liabilities, income and expense. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgements about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates.
Estimates Judgements and Uncertainties
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
Judgements are made by management in the application of the New Zealand Equivalents of the International Financial Reporting Standards (NZ IFRS) that have a significant effect on the financial statements and estimates with a significant risk of material adjustment in the next year are discussed in Note 5: Grants and Note 9: Financial Assets and Liabilities.
The measurement basis adopted is that of historical cost except for financial assets and liabilities which are designated at fair value through profit or loss, and land and buildings which are revalued at five yearly intervals.
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NZ Gazette 2009, No 125
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ASB Community Trust Financial Statements
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💰 Finance & RevenueFinancial statements, Community Trusts Act 1999, ASB Community Trust