✨ Financial Statements Notes
26 AUGUST 2013 NEW ZEALAND GAZETTE, No. 114 3105
ASB COMMUNITY TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2013
Forward Exchange Contracts
Hedging of the Trust’s pooled accounts is undertaken by J P Morgan Chase Bank NA. A segregated account with a fund manager also holds forward exchange contracts with Westpac NZ Limited and Commonwealth Bank of Australia Limited. In addition the Trust has forward exchange contracts in place with ASB Bank Limited. At 31 March 2013 J P Morgan Chase Bank NA. had a long term S&P credit rating of rating A+ (2012: A+), Westpac NZ Limited, Commonwealth Bank of Australia Limited and ASB Bank Limited had long term S&P credit ratings of AA-.
At 31 March 2013, the Trust’s forward exchange contracts were in a Financial Asset position. At 31 March 2012, the Trust’s forward exchange contracts were in a Financial Liability position and the contractual maturities of these Financial Liabilities are presented in the table below.
| Group and Trust Contracts | Outstanding | Carrying Amount $\000 | Contractual Maturity (less than 1 month) $\000 |
|---|---|---|---|
| 2012 Pooled | |||
| Inflow | 207,565 | ||
| Outflow | (152) | (207,505) |
Refer to Currency Risk note for hedged and unhedged currency exposure.
Interest Rate Swaps
Interest Rate Swaps are held in a segregated account. Interest rate swaps are used to manage interest rate risk. These swaps do not qualify for hedge accounting and are accounted for as trading instruments. The exposure to movement in the fair value of the Group’s interest rate swaps in the segregated accounts is discussed in the note on Price Risk.
Interest Rate Swap Contractual Maturities
| Carrying Value $\000 | 1 month $\000 | Greater than 1 month less than 1 Year $\000 | 1-2 Years $\000 | 2-5 Years $\000 | Over 5 Years $\000 | Total $\000 |
|---|---|---|---|---|---|---|
| (588) | (28) | (299) | (281) | (211) | 270 | (549) |
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NZ Gazette 2013, No 114
✨ LLM interpretation of page content
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ASB Community Trust Financial Statements Notes
(continued from previous page)
💰 Finance & RevenueForward Exchange Contracts, Interest Rate Swaps, Financial Assets, Financial Liabilities, Credit Ratings, Currency Risk, Price Risk