✨ Financial Statements Notes
ASB COMMUNITY TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2013
Financial Liabilities
| Group | Trust | |||
|---|---|---|---|---|
| 2013 | 2012 | 2013 | 2012 | |
| $000 | $000 | $000 | $000 | |
| Sundry Accounts Payable | 2,245 | 1,559 | 2,213 | 1,528 |
| Outstanding Grants Payable | 29,839 | 39,075 | 3,409 | 9,594 |
| Loans from Community Trusts | - | 1,334 | - | 1,334 |
| Subsidiary Company Current Account | - | - | 85,201 | 71,013 |
| Total Financial Liabilities | 32,084 | 41,968 | 90,823 | 83,469 |
Risk Management
Risks arising from the Group's financial assets and liabilities are inherent in the nature of the Group's activities, and are managed through an ongoing process of identification, measurement and monitoring. The Group is exposed to credit risk, liquidity risk, and market risk (including currency, interest rate and pricing risks).
The Group's income is generated from its financial assets. Liabilities which arise from its operations are met from cash flows provided by these assets.
Information regarding the fair value of assets and liabilities exposed to risk is regularly reported to the Trust's management, the Audit, Finance and Risk Committee, Investment Committee and ultimately to the Board of Trustees. Under normal circumstances the Investment Portfolio is regularly rebalanced to ensure that asset classes remain within the Strategic Asset Allocation set out in the Trust's Statement of Investment Policy and Objectives (SIPO).
The SIPO sets out the Trust's investment objectives. These can be summarised as to:
- maintain the real value of capital of the Trust in perpetuity.
- ensure a stable level of spending over time.
- maintain equity between present and future generations in perpetuity.
As a responsible member of the world community, the Group aims to demonstrate leadership by advancing universal principles and responsible corporate citizenship to make the global economy more sustainable and inclusive. The Group is a signatory to the United Nations Principles for Responsible Investment.
The Investment Portfolio
The Trust manages its Investment Portfolio in terms of its SIPO. The SIPO is monitored on a regular basis by the Board of Trustees and, as required, amended to reflect international best investment practice. The Portfolio's Strategic Asset Allocation is reviewed at three yearly intervals. The Strategic Asset Allocation was last reviewed in 2010, and will be reviewed during the 2013/14 financial year. The Trust has engaged Cambridge Associates Limited as its Investment Adviser. The pricing of financial assets is undertaken by JP Morgan Chase Bank NA, the Trust's Custodian.
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NZ Gazette 2013, No 114
✨ LLM interpretation of page content
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ASB Community Trust Financial Statements Notes
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💰 Finance & RevenueFinancial Liabilities, Risk Management, Investment Portfolio, Strategic Asset Allocation, Financial Assets, Liabilities, Credit Risk, Liquidity Risk, Market Risk, Fair Value, Investment Policy, United Nations Principles for Responsible Investment