✨ Financial Statements Notes
14 SEPTEMBER 2012 NEW ZEALAND GAZETTE, No. 114 3291
ASB COMMUNITY TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2012
During the 2011 financial year the Group committed $5 million to a New Zealand based infrastructure fund. Of this sum, $1.28 million was drawn down during the 2010/11 year. No further drawdowns were made but capital of $0.14 million was returned during the 2012 financial year. The Group has a contingent liability for the remaining $3.86 million (2011: $3.72 million). Calls on the Group’s commitment will be made by the Fund Manager as further investments are made.
During the 2011/12 financial year the Group committed $US18.0 million ($NZ22.0 million) to three private equity/venture capital funds. A net amount of $US3.9 million ($NZ4.8 million) was drawn down during the year. The Group has a contingent liability for the remaining $US14.1 million.
13. CONFLICTS OF INTEREST
During the year Trustees and staff were required to declare either a direct or indirect conflict of interest in any matters 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 28 November 2011 the Trustees resolved to effect Trustee Liability Insurance for the sum of $10 million at a premium cost of $21,840 (2011: $19,845).
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
The Limited Partnership to be established to own and operate an integrated grants management system for the Community Trusts will commence business during the 2012/13 financial year. Ownership of the grants management system along with preliminary expenses and loans from the participating Community Trusts will be transferred to the Limited Partnership at this date. Apart from this item, there were no material events after balance date which required adjustment to the Financial Statements for the year ended 31 March 2012 (2011: none).
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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, Investments, Contingent Liability, Private Equity, Venture Capital, Conflicts of Interest, Trustee Liability Insurance, Material Events