New Zealand Gazette – 2013 – No. 114

Page 3096

✨ Financial Statements

NEW ZEALAND GAZETTE, No. 114

26 AUGUST 2013

ASB COMMUNITY TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2013

During the year ended 31 March 2013. As a result of this revaluation the Asset Revaluation Reserve decreased to $511,000. The movement in the Asset Revaluation Reserve is the difference between the market valuation of the Trust’s property and the pre-revaluation carrying value of the 2013 Annexe and the Allendale House.

6.3 Reserve for Grants

The Reserve for Grants forms part of the Group and Trust Funds for the purpose of providing a stable flow of grants to the community during times of adverse investment earnings. The balance of this reserve for the Group at year end was $58.7 million. (2012: $41.5 million)

6.4 Retained Surplus

The Retained Surplus forms part of the Group and Trust Funds which is used to provide a stable flow of grants to the community.

The Group and Trust Real (inflation proofed) Capital and Reserves form the Group and Trust Funds and maintain the capital base of the Group and Trust.

7. ADMINISTRATION EXPENSES

	Group		Trust
	2013	2012	2013	2012
	$000	$000	$000	$000
Audit fees	71	70	71	70
Depreciation	121	64	121	64
Derecognition costs	197	589	197	589
(Building)
Loss on disposal of	-	19	-	19
fixed assets
Legal fees	54	95	54	95
Occupancy costs-Rent	192	224	192	224
and Opex
Occupancy costs-Other	649	95	649	95
Other operating costs	1,109	1,774	745	1,319
Public and statutory	145	179	145	179
reporting
Staff expenses	2,440	2,461	2,440	2,461
Staff Superannuation -	43	44	43	44
Defined contribution
plans
Trustees’ fees	277	248	277	246
Trustees’ expenses	182	197	182	197
Tax advice (paid to	2	2	2	2
KPMG - Auditors)
Total	5,482	6,059	5,118	5,604

8. RELATED PARTY INFORMATION

The following companies have been established by the Trust:

Name	Interest Held	Balance Date	Principle Purpose
ASB Trusts Amateur Public Sports Promotion	100%	31 March	Grants to amateur sport bodies
Limited
ASB Community Trust Charitable Purposes	100%	31 March	Grants for specific charitable purposes
Limited

These subsidiaries were incorporated on 29 March 2001. ASB Trusts Amateur Public Sports Promotion Limited has not operated since incorporation.

Gazette.govt.nz — NZ Gazette 2013, No 114

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✨ LLM interpretation of page content

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

Domain💰 Finance & Revenue
KeywordsFinancial Statements, Revenue, Investments, ASB Community Trust, Fixed Assets, Grants, Trust Funds, Capital Maintenance

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