✨ ASB Community Trust Financial Statements
4878 NEW ZEALAND GAZETTE, No. 172 9 NOVEMBER 2011
ASB COMMUNITY TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2011
The first revaluation of the Trust’s property Allendale House, 50 Ponsonby Road, Auckland took place in August 2008. The valuation was undertaken by Colliers International NZ Limited, a qualified and independent, registered valuer. The valuation was based on the then current market value using an estimated market rental and capitalisation rates. The valuation took account of observable prices in an active market, and where estimates were used, on the basis of appropriate valuation techniques, with one of the key assumptions being occupancy rates. Land and Buildings were revalued to $2.65 million at 31 March 2009, being the fair market value as determined by the valuation. The surplus on revaluation was $892,000.
Allendale House has a Category 1 New Zealand Historic Places rating. During the 2010/11 financial year, as a part of its commitment to preserving Auckland’s heritage, the Trust approved to certain works for Allendale House. These remedial and associated works included the replacement of air conditioning systems and roof, earthquake strengthening, and the implementation of a fire retardant sprinkler system.
These improvements are expected to enhance the value of the Trust’s property.
4. INVESTMENTS
| Group | Trust | |||
|---|---|---|---|---|
| 2011 | 2010 | 2011 | 2010 | |
| $000 | $000 | $000 | $000 | |
| Managed by Fund Managers | ||||
| Balance as at 1 April | 1,042,368 | 823,094 | 1,042,368 | 823,094 |
| Movement in market value and investment income | 105,648 | 236,248 | 105,648 | 236,248 |
| Net (withdrawals) | (42,883) | (16,974) | (42,883) | (16,974) |
| 1,105,133 | 1,042,368 | 1,105,133 | 1,042,368 |
| Investments managed by Fund Managers comprise | Group | Trust | ||
|---|---|---|---|---|
| 2011 | 2010 | 2011 | 2010 | |
| $000 | $000 | $000 | $000 | |
| Cash | 44,064 | 45,615 | 44,064 | 45,615 |
| Foreign Exchange Contracts | 8,054 | 5,977 | 8,054 | 5,977 |
| Global Bond Funds | 221,124 | 313,077 | 221,124 | 313,077 |
| Global Equity Funds | 426,725 | 397,958 | 426,725 | 397,958 |
| Collateralised Commodity Futures Fund | 63,490 | 52,152 | 63,490 | 52,152 |
| Global Property Fund | 20,424 | 18,066 | 20,424 | 18,066 |
| Emerging Markets Equity Funds | 56,795 | - | 56,795 | - |
| Hedge Funds | 166,405 | - | 166,405 | - |
| New Zealand Equities | - | 108,858 | - | 108,858 |
| New Zealand Bonds | 96,793 | 102,675 | 96,793 | 102,675 |
| New Zealand Infrastructure Fund | 1,259 | - | 1,259 | - |
| Portfolio total | 1,105,133 | 1,042,368 | 1,105,133 | 1,042,368 |
These are long term investments.
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NZ Gazette 2011, No 172
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ASB Community Trust Financial Statements
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💰 Finance & Revenue30 May 2011
Financial Statements, ASB Community Trust, Fixed Assets, Land and Buildings, Office Equipment, Depreciation, Impairment Losses