✨ Financial Statements Notes
26 AUGUST 2013 NEW ZEALAND GAZETTE, No. 114 3095
ASB COMMUNITY TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2013
Committed but unpaid grants at 31 March 2013 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 | 2 | $199 | 2 | $199 |
| 2008 | - | - | - | - |
| 2009 | - | - | - | - |
| 2010 | 6 | $2,780 | - | - |
| 2011 | 23 | $4,039 | 17 | $1,331 |
| 2012 | 55 | $13,182 | 19 | $1,879 |
| 2013 | 152 | $9,639 | - | - |
| Total | 238 | $29,839 | 38 | $3,409 |
Committed but unpaid grants at 31 March 2012 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 | 3 | $568 | 3 | $568 |
| 2008 | - | - | - | - |
| 2009 | 1 | $25 | 1 | $25 |
| 2010 | 8 | $5,513 | - | - |
| 2011 | 63 | $9,491 | 47 | $3,303 |
| 2012 | 182 | $23,478 | 86 | $5,698 |
| Total | 257 | $39,075 | 137 | $9,594 |
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 that a revalued asset differs materially from its carrying amount 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. A formal revaluation took place.
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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, Revenue, Investments, ASB Community Trust, Fixed Assets, Grants, Trust Funds, Capital Maintenance