✨ ASB Community Trust Financial Statements
14 SEPTEMBER 2010 NEW ZEALAND GAZETTE, No. 117 3159
ASB COMMUNITY TRUST
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2010
Committed but unpaid grants at 31 March 2010 had the following profile:
| Financial Year Approved | Number of Group Grants Outstanding | Value of Group Grants Outstanding |
|---|---|---|
| $000 | ||
| 2007 | 8 | $7,739 |
| 2008 | 7 | $2,943 |
| 2009 | 22 | $10,241 |
| 2010 | 280 | $21,175 |
| Total | 317 | $42,098 |
| Financial Year Approved | Number of Parent Grants Outstanding | Value of Parent Grants Outstanding |
|---|---|---|
| $000 | ||
| 2007 | 8 | $7,739 |
| 2008 | 7 | $2,943 |
| 2009 | 22 | $10,241 |
| 2010 | - | - |
| Total | 37 | $20,923 |
Committed but unpaid grants at 31 March 2009 had the following profile:
| Financial Year Approved | Number of Parent Grants Outstanding | Value of Parent Grants Outstanding |
|---|---|---|
| $000 | ||
| 2005 | 1 | $56 |
| 2006 | 5 | $9,297 |
| 2007 | 25 | $12,177 |
| 2008 | 102 | $23,885 |
| 2009 | 245 | $19,936 |
| Total | 378 | $65,351 |
6. TRUST FUNDS AND RESERVES
6.1 Original Capital and Capital Maintenance Reserve
Trust Real Capital
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
The General Reserve formed part of the Trust Fund for the purpose of providing a stable flow of grants to the community during times of adverse investment earnings. As a result of the extraordinary global economic events of the 2008/09 financial year, which led to a significant decline in the value of the Trust’s investment portfolio, Trustees resolved to transfer the balance of funds held in General Reserve to Retained Surplus, to partially offset the recorded deficit for the year.
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NZ Gazette 2010, No 117
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ASB Community Trust Financial Statements
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💰 Finance & RevenueFinancial statements, Community Trusts, ASB Community Trust, Grants, Committed Grants, Outstanding Grants, Grants Payable, Grant Reconciliation, Liabilities, Trust Funds, Reserves, Capital Maintenance, General Reserve