✨ 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
6.3 Asset Revaluation Reserve
As disclosed in the accounting policies, land and buildings are revalued at five yearly intervals. Land and Buildings were revalued for the first time during the year ended 31 March 2009. This gave rise to an asset revaluation adjustment of $892,000. The next revaluation is not due until the year ending 31 March 2014.
6.4 Reserve for Grants
The Reserve for Grants form a part of the Group’s Trust Funds for the purpose of providing a stable flow of grants to the community during times of adverse investment earnings. The Trust has irrevocably committed these funds via its subsidiary company. The amounts are therefore transferred from the Group’s retained earnings to the Reserve for Grants.
6.5 Retained (Deficit) Surplus
The Retained Deficit at 31 March 2009 represented the extent to which the Trust Fund was below the Trust’s Real (inflation proofed) Capital. When in surplus the balance forms part of the Trust Fund which is used to provide a stable flow of grants to the community.
The Trust Real (inflation proofed) Capital and Reserves form the Trust Fund and maintain the capital base of the Trust.
7. ADMINISTRATION EXPENSES
| | Consolidated | Parent |
| | 2010 | 2010 | 2009 |
| | $000 | $000 | $000 |
|---------------------------|----------|----------|----------|
| ADMINISTRATION EXPENSES|
| Audit fees | 55 | 55 | 42 |
| Depreciation - Office |
| Equipment and Furniture | 67 | 67 | 79 |
| Legal fees | 54 | 49 | 62 |
| Occupancy costs | 77 | 77 | 106 |
| Other operating costs | 639 | 601 | 1,311 |
| Public and statutory |
| reporting | 115 | 115 | 165 |
| Staff expenses | 2,128 | 2,128 | 2,062 |
| Trustees’ fees | 251 | 251 | 277 |
| Trustees’ expenses | 146 | 146 | 127 |
| Tax Advice (paid to |
| KPMG - Auditors) | 12 | 12 | 9 |
| |----------|----------|----------|
| | 3,544 | 3,501 | 4,240 |
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NZ Gazette 2010, No 117
✨ LLM interpretation of page content
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ASB Community Trust Financial Statements
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💰 Finance & RevenueFinancial statements, Community Trusts, ASB Community Trust, Asset Revaluation Reserve, Reserve for Grants, Retained Surplus, Administration Expenses, Audit fees, Legal fees, Occupancy costs