✨ Financial Statements Notes
NEW ZEALAND GAZETTE, No. 114
14 SEPTEMBER 2012
ASB COMMUNITY TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2012
Committed but unpaid grants at 31 March 2011 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 | 5 | $4,179 | 5 | $4,179 |
| 2008 | - | - | - | - |
| 2009 | 3 | $2,771 | 3 | $2,395 |
| 2010 | 38 | $9,178 | - | - |
| 2011 | 408 | $27,266 | 372 | $14,901 |
| Total | 454 | $43,394 | 380 | $21,475 |
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 to fair value. Formal valuations are performed on a five yearly basis unless there are indications for changes in fair value during the intervening periods. 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. Although the next formal revaluation is not due until the year ending 31 March 2014, the Trust intends to revalue its Land and Buildings once the current developments have been completed. Apart from the derecognition of the 1991/92 annexe there are no indications for fair value changes at 31 March 2012 (2011: none).
6.3 Reserve for Grants
The Reserve for Grants forms 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 2010/11 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. Prior to year end the Trustees resolved to grant the balance of this reserve to the Trust’s subsidiary company. The Trust has also irrevocably committed funds to its subsidiary company. These amounts were therefore transferred between Retained Surplus and Reserve for Grants. The balance of this reserve for the Group at year end was $41.5 million (2011: $41.0 million).
Next Page →
NZ Gazette 2012, No 114
✨ LLM interpretation of page content
💰
Notes to the Financial Statements of ASB Community Trust
(continued from previous page)
💰 Finance & RevenueFinancial Statements, Investments, Grants, Fund Managers, Pooled Funds, Community Groups