✨ Financial Statements Notes
NEW ZEALAND GAZETTE, No. 117
14 SEPTEMBER 2010
ASB COMMUNITY TRUST
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2010
From time to time the Trust may distribute grants to its subsidiary company ASB Community Trust Charitable Purposes Limited to provide grants for special initiatives approved by Trustees or for grants to community organisations in future years. At year end uncommitted funds held by the subsidiary company are disclosed as Reserve for Grants in the Consolidated Statement of Financial Position.
Fixed and Intangible Assets
FIXED ASSETS:
Fixed Assets with exception of land and buildings are measured at cost, less accumulated depreciation and accumulated impairment losses. Commencing from 1 April 2008 land and buildings are revalued to market value five yearly. The gain on revaluation is recognised as a revaluation reserve in Other Comprehensive Income in the Consolidated Statement of Comprehensive Income.
In accordance with the provisions of New Zealand Institute of Chartered Accountants “Not for Profit Accounting Guide” buildings with a New Zealand Historic Places Trust classification are not depreciated as they are likely to increase in value. As from 1 April 2008 the Trust’s building is no longer depreciated as it has a New Zealand Historic Places Trust classification and the useful life of the asset is considered indefinite.
Fixed Assets are reviewed annually to determine any impairment losses. Impairment losses are recognised in the Consolidated Statement of Comprehensive Income.
Depreciation, Amortisation and Impairment Losses
Depreciation is provided over the useful life of the assets on the diminishing value basis.
The rates used are those approved by Trustees as follows:
| 2010 | 2009 | |
|---|---|---|
| Land and Buildings | Nil | Nil |
| Office Equipment and Furniture | 9.5% - 60.0% | 9.5% - 60% |
Foreign Currency Transactions and Balances
Foreign Currency transactions are recorded in New Zealand dollars at the spot exchange rate applying at the date of the transaction.
All amounts denominated in foreign currencies at balance date are translated to New Zealand dollars at the balance date closing exchange rate.
All realised and unrealised gains and losses on foreign currency transactions are recognised in the Consolidated Statement of Comprehensive Income.
Financial Assets
All assets that are financial instruments are recognised in the Consolidated Statement of Financial Position.
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NZ Gazette 2010, No 117
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ASB Community Trust Financial Statements
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