✨ Financial Statements Notes
9 NOVEMBER 2011 NEW ZEALAND GAZETTE, No. 172 4891
ASB COMMUNITY TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2011
13. CONFLICTS OF INTEREST
During the year Trustees and staff were required to declare either a direct or indirect conflict of interest in a matter being considered by the Trust. A register of interests is maintained by the Trust.
At the commencement of a meeting, Trustees are asked to disclose any interest in the upcoming business. A Trustee who has an interest in any matter before the meeting must not be counted in the quorum present at the meeting, not vote in respect of the matter, and absent him/herself from discussion or consideration of the matter. If, because of the number of Trustees who have an interest in the matter the meeting would fail for want of a quorum and it is a meeting of a Committee of Trustees, the matter is referred to a meeting of the Board of Trustees. If a meeting of the Board of Trustees would fail for want of a quorum because of the number of Trustees with an interest in the matter under consideration, then those Trustees who have the interest must sign a certificate for entry in the minutes certifying that the matter is in the best interest of the Trust and cause details of the matter and the nature of the Trustee’s interest to be included in the next financial statements of the Trust.
At their meeting on 30 November 2010 the Trustees resolved to effect Trustee Liability Insurance for the sum of $10 million at a premium cost of $19,845 (2010: $17,402).
All of the Trustees signed the resolution approving the purchase of the Trustee Liability Insurance along with a certificate certifying that the transaction was in the best interests of the Trust as the terms of the insurance and the cost were recommended by the Trust’s brokers as being appropriate and reasonable.
14. MATERIAL EVENTS AFTER BALANCE DATE
There were no material events after balance date which required adjustment to the Financial Statements for the year ended 31 March 2011 (2010: none).
15. NEW ZEALAND EQUIVALENTS TO INTERNATIONAL FINANCIAL REPORTING STANDARDS ISSUED BUT NOT YET EFFECTIVE
The following table outlines details of New Zealand equivalents to International Financial Reporting Standards that have been issued but are not yet in effect.
| Standard Reference | Standard Title | Effect Date |
|---|---|---|
| NZ IFRS 9 | Financial Instruments: Classification and Measurement | 1 Jan 2013 |
| NZ IAS 24 | Related Party Disclosures (revised 2009) | 1 Jul 2011 |
| NZ IFRS 7 | Improvements to NZ IFRS 7 – Financial Instruments: Disclosures | 1 Jan 2011 |
| NZ IAS 1 | Presentation of Financial Statements | 1 Jan 2011 |
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NZ Gazette 2011, No 172
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ASB Community Trust Financial Statements Notes
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💰 Finance & RevenueConflicts of Interest, Trustees, Financial Statements, ASB Community Trust