✨ Financial Statements Notes
26 AUGUST 2013 NEW ZEALAND GAZETTE, No. 114 3089
ASB COMMUNITY TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2013
Other Assets
Other assets comprise of Sundry Accounts Receivables and the Trust’s investment in a Limited Partnership. They are initially recognised at fair value, and subsequently measured at amortised cost, less any impairment.
Cash and Cash Equivalents
Cash and Cash Equivalents comprise cash held in the Trust’s bank accounts with ASB Bank Limited. These accounts are all interest bearing.
Financial Liabilities
All liabilities that are financial instruments are recognised in the Statements of Financial Position.
Financial liabilities comprising Outstanding Grants Payable, Sundry Accounts Payable, the Subsidiary Company Current Account, and for the 2012 financial year Loans from Community Trusts, are stated at amortised cost.
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.
Comparative Figures
Where there has been a change of presentation or classification in the current year, the comparative figures have also been changed to the new classification.
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 the following table.
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NZ Gazette 2013, No 114
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ASB Community Trust Financial Statements Notes
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💰 Finance & RevenueFinancial Statements, Accounting Policies, Cash Flows, Revenue, Grants, ASB Community Trust