✨ Financial Statements Notes
14 SEPTEMBER 2012 NEW ZEALAND GAZETTE, No. 114 3273
ASB COMMUNITY TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2012
Operating Leases
Expenditure arising from operating leasing commitments is recognised in the Statement of Comprehensive Income in the period in which it is incurred.
Reserves
Transfers to the Capital Maintenance Reserve are based on the annual movement in the Consumer Price Index as described in Note 6.
Transfers to all other reserves from the Retained Surplus are made at the discretion of the Trustees of the Trust.
Taxation
The Income Tax Act 1994 provides exemption from income tax for Community Trusts established under the Trustee Banks Restructuring Act 1988. The amendment applied from the 2005 income year, and consequently no taxation has been provided for in these financial statements.
Changes in Accounting Policies
There were no changes in accounting policies during the financial year.
New Zealand Equivalents To International Financial Reporting Standards Issued But Not Yet Effective
New Zealand equivalents to International Financial Reporting Standards that have been issued but which are not yet in effect and that may have an impact on the Group’s future accounting policies and disclosures are set out in Note 15.
2. REVENUE FROM INVESTMENTS
| Group | Group | Trust | Trust | |
|---|---|---|---|---|
| 2012 | 2011 | 2012 | 2011 | |
| $000 | $000 | $000 | $000 | |
| Distributions and other | ||||
| Investment Income from | ||||
| Pooled Funds | 14,382 | 21,027 | 14,382 | 21,027 |
| Net Unrealised (Losses) | ||||
| Gains from Pooled Funds | (11,884) | 108,004 | (11,884) | 108,004 |
| Net Realised (Losses) | ||||
| from Pooled Funds | (23,071) | (30,308) | (23,071) | (30,308) |
| Interest from | ||||
| Segregated Accounts | 5,505 | 5,226 | 5,505 | 5,226 |
| Net Realised Gains from | ||||
| Segregated Accounts | 3,552 | 1,469 | 3,552 | 1,469 |
| Net Unrealised Gains | ||||
| from Segregated Accounts | 1,509 | 230 | 1,509 | 230 |
| (10,007) | 105,648 | (10,007) | 105,648 |
This Revenue relates to Financial Assets at Fair Value through profit or loss. No Financial Assets are Held for Trading.
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NZ Gazette 2012, No 114
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Notes to the Financial Statements of ASB Community Trust
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💰 Finance & RevenueFinancial Statements, Operating Leases, Reserves, Taxation, Accounting Policies, NZ IFRS, Revenue from Investments, Investment Income, Unrealised Gains, Realised Gains, Pooled Funds, Segregated Accounts