✨ 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
Investments in infrastructure funds and hedge funds are valued on the basis of Level 3 (valuation provided by the Fund Managers)
| Group | Trust | |||
|---|---|---|---|---|
| 2011 | 2010 | 2011 | 2010 | |
| $000 | $000 | $000 | $000 | |
| Additions to Level 3 | ||||
| Public Infrastructure Partners Fund Limited Partnership Committed Investment | 5,000 | - | 5,000 | - |
| Drawdowns | 1,280 | - | 1,280 | - |
| Changes in Fair Value reported through the Statement of Comprehensive Income | (21) | - | (21) | - |
| Balance at 31 March 2011 | 1,259 | - | 1,259 | - |
| Hedge Funds | ||||
| Balance at 31 March 2011 | 166,405 | - | 166,405 | - |
| 167,664 | - | 167,664 | - |
Financial Liabilities
| Group | Trust | |||
|---|---|---|---|---|
| 2011 | 2010 | 2011 | 2010 | |
| $000 | $000 | $000 | $000 | |
| Sundry Accounts Payable | 907 | 829 | 907 | 829 |
| Loans from Community Trusts | 1,193 | 529 | 1,193 | 529 |
Risks arising from the Group's financial assets and liabilities are inherent in the nature of the Group's activities, and are managed through an ongoing process of identification, measurement and monitoring. The Group is exposed to credit risk, liquidity risk, and market risk (including currency, interest rate and pricing risks).
The Group's income is generated from its financial assets. Liabilities which arise from its operations are met from cash flows provided by these assets.
Information regarding the fair value of assets and liabilities exposed to risk is regularly reported to the Trust's management, the Trust's Audit, Finance and Risk Committee, Investment Committee and ultimately to the Board of Trustees. Under normal circumstances the Investment Portfolio is regularly rebalanced to ensure that asset classes remain within the Strategic Asset Allocation set out in the Trust's Statement of Investment Policy and Objectives (SIPO).
The SIPO sets out the Trust's investment objectives. These can be summarised as to:
- maintain the real value of capital of the Trust in perpetuity.
- ensure a stable level of spending over time.
- maintain equity between present and future generations in perpetuity.
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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, Financial Assets, Liabilities, Managed Funds