✨ Financial Statements Notes
14 SEPTEMBER 2012 NEW ZEALAND GAZETTE, No. 114 3283
ASB COMMUNITY TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2012
Emerging Markets Equity Fund
An Emerging Markets 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.
New Zealand Bonds
The segregated New Zealand Bond portfolio consists of New Zealand Government, Corporate and Local Authority Bonds, Treasury Bills, Corporate Short Term Notes and Cash. As these instruments are valued using a valuation technique based on observable inputs they have been reclassified as being Level 2, as they do not meet the criteria of a Level 1 investment (unadjusted quoted prices in active markets).
The prior year comparative figures have been amended to take account of these reclassifications.
Movements in Level 3 Financial Assets:
| Group | Trust | |||
|---|---|---|---|---|
| 2012 | 2011 | 2012 | 2011 | |
| $000 | $000 | $000 | $000 | |
| Level 3 | ||||
| Private Equity | ||||
| Private Equity NZD | ||||
| Denominated Committed | ||||
| Investment | 5,000 | 5,000 | 5,000 | 5,000 |
| Private Equity USD | ||||
| Denominated Committed | ||||
| Investment (US$18m @ | ||||
| .8196) | 21,965 | - | 21,965 | - |
| Total Commitment | 26,965 | 5,000 | 26,965 | 5,000 |
| Opening Balance | 1,259 | - | 1,259 | - |
| Drawdowns | 5,665 | 1,280 | 5,665 | 1,280 |
| Return of Capital | (1,047) | - | (1,047) | - |
| Changes in Fair Value | 421 | (21) | 421 | (21) |
| reported through the | ||||
| Statement of | ||||
| Comprehensive Income | ||||
| Closing Balance at 31 | ||||
| March | 6,298 | 1,259 | 6,298 | 1,259 |
Financial Liabilities
| Group | Trust | |||
|---|---|---|---|---|
| 2012 | 2011 | 2012 | 2011 | |
| $000 | $000 | $000 | $000 | |
| Sundry Accounts Payable | 1,559 | 907 | 1,528 | 907 |
| Outstanding Grants | ||||
| Payable | 39,075 | 43,394 | 9,594 | 21,475 |
| Loans from Community | ||||
| Trusts | 1,334 | 1,193 | 1,334 | 1,193 |
| Subsidiary Company | ||||
| Current Account | - | - | 71,013 | 60,362 |
| Total Financial | ||||
| Liabilities | 41,968 | 45,494 | 83,469 | 83,937 |
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NZ Gazette 2012, No 114
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Notes to the Financial Statements of ASB Community Trust
(continued from previous page)
💰 Finance & RevenueFinancial Statements, Investments, Fund Managers, Fair Value, Level 1, Level 2, Level 3