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New Zealand Gazette – 2012 – No. 114

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✨ Financial Statements

NEW ZEALAND GAZETTE, No. 114

14 SEPTEMBER 2012

ASB COMMUNITY TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2012

Investments managed by Fund Managers comprise:

	Group		Trust
	2012	2011	2012	2011
	$000	$000	$000	$000
Level 1
Cash Fund	77,970	44,064	77,970	44,064
Global Bond Funds	123,129	221,124	123,129	221,124
Global Equity Funds	287,906	426,725	287,906	426,725
Global Property Fund	-	20,424	-	20,424
Emerging Markets Equity Fund	26,565	28,854	26,565	28,854
Diversified Inflation Hedging Funds	59,077	-	59,077	-
Total Level 1	574,647	741,191	574,647	741,191

| Level 2 | | | | |
| Forward Exchange Contracts| (152) | 8,054 | (152) | 8,054 |
| Collateralised Commodities Futures Fund | 34,054 | 63,490 | 34,054 | 63,490 |
| Hedge Funds | 186,485 | 166,405 | 186,485 | 166,405 |
| Global Equity Funds | 107,464 | - | 107,464 | - |
| Emerging Markets Equity Fund | 29,082 | 27,941 | 29,082 | 27,941 |
| New Zealand Bonds Fund | 111,432 | 96,793 | 111,432 | 96,793 |
| Total Level 2 | 468,365 | 362,683 | 468,365 | 362,683 |

| Level 3 | | | | |
| Private Equity NZD Denominated Funds | 1,124 | 1,259 | 1,124 | 1,259 |
| Private Equity USD Denominated Funds | 5,174 | - | 5,174 | - |
| Total Level 3 | 6,298 | 1,259 | 6,298 | 1,259 |

| Portfolio total | 1,049,310 | 1,105,133 | 1,049,310 | 1,105,133 |

Movements in Level 2 Financial Assets:

Forward Exchange Contracts
Forward Exchange Contracts are not exchange-traded, but are recorded at fair value using readily available forward exchange rates (i.e. observable inputs). As such these contracts do not meet the criteria for Level 1 and have been reclassified as Level 2.

Hedge Funds
An in depth review by management of the valuation methodology adopted by Hedge Fund Managers concluded that fair value measurements are based on observable inputs (Net Asset Value) with a one month time lag in reporting and no unobservable adjustments to observable inputs to fair value measurement. On this basis the Hedge Funds meet the criteria for Level 2 disclosures, rather than Level 3, and have been reclassified accordingly.

Global Equity Fund
A Global Equity Fund Manager fair values the investment based on a net asset value published monthly. There are no significant unobservable inputs to the Fair Value measurement. Accordingly this investment does not meet the criteria of a Level 1 investment (unadjusted quoted prices in active markets) and has therefore been reclassified as Level 2.

Gazette.govt.nz — NZ Gazette 2012, No 114

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✨ LLM interpretation of page content

💰 Notes to the Financial Statements of ASB Community Trust (continued from previous page)

Domain💰 Finance & Revenue
KeywordsFinancial Statements, Investments, Fund Managers, Fair Value, Level 1, Level 2, Level 3

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