✨ Financial Statements Notes
NEW ZEALAND GAZETTE, No. 172
9 NOVEMBER 2011
ASB COMMUNITY TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2011
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 | Number of Trust Grants Outstanding | Value of Trust Grants Outstanding $000 |
|---|---|---|---|---|
| 2007 | 8 | $7,739 | 8 | $7,739 |
| 2008 | 7 | $2,943 | 7 | $2,943 |
| 2009 | 22 | $10,241 | 22 | $10,241 |
| 2010 | 280 | $21,175 | - | - |
| Total | 317 | $42,098 | 37 | $20,923 |
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 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 reserve of $892,000. The next revaluation is not due until the year ending 31 March 2014, and there are no indications for impairment at 31 March 2011 (2010: none).
6.3 Reserve for Grants
The Reserve for Grants forms a part of the Group and Trust Funds for the purpose of providing a stable flow of grants to the community during times of adverse investment earnings. During the year, the Trustees resolved to set aside $2.6 million as a reserve in the Trust from which grants could be made in future years. The Trust has also irrevocably committed funds via its subsidiary company for this purpose. These amounts are therefore transferred from retained surplus to Reserve for Grants.
6.4 Retained Surplus
The Retained Surplus forms part of the Group and Trust Funds which is used to provide a stable flow of grants to the community.
The Group and Trust Real (inflation proofed) Capital and Reserves form the Group and Trust Fund and maintain the capital base of the Group and Trust.
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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, Grants, Committed, Outstanding, Disbursed, Unpaid