✨ Community Trust Financial Notes
14 SEPTEMBER 2010 NEW ZEALAND GAZETTE, No. 117 3161
ASB COMMUNITY TRUST
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2010
8. RELATED PARTY INFORMATION
The following companies have been established by the Trust:
| Name | Interest Held | Balance Date | Principle Purpose |
|---|---|---|---|
| ASB Trusts Amateur Public Sports Promotion Limited | 100% | 31 March | Grants to amateur sport bodies |
| ASB Community Trust Charitable Purposes Limited | 100% | 31 March | Grants for specific charitable purposes |
These subsidiaries were incorporated on 29 March 2001. ASB Trusts Amateur Public Sports Promotion Limited has not operated since incorporation.
ASB Community Trust Charitable Purposes Limited is a registered charity under the Charities Act 2005. Its registration number is CC38999. During the 2009/10 financial year the Trust distributed grants to its subsidiary company of $7.9 million to be committed to grants awarded to organisations in terms of the Trust’s Maori and Pacific Education Initiative. During the financial year under review the Trust also committed grants to its subsidiary company of $60.7 million for granting to community groups in the 2009/10 and future financial years. At balance date the current Account between the Trust and ASB Community Trust Charitable Purposes Limited totalled $73.4 million. The company’s constitution prohibits distributions to the Trust.
The Trustees are the key management personnel of the Trust as defined by NZ IAS 24: Related Party Disclosures. As the Trustees are not employees of the Trust, they do not receive short term employee benefits, post employment benefits, other long term benefits, or termination benefits. Trustees are appointed by the New Zealand Government and remunerated at rates set by the Government. These rates were last set in June 2002.
Next Page →
NZ Gazette 2010, No 117
✨ LLM interpretation of page content
💰
ASB Community Trust Financial Statements
(continued from previous page)
💰 Finance & RevenueFinancial statements, Community Trusts, ASB Community Trust, Related Party Information, Subsidiaries, Grants, Charitable Purposes