✨ Financial Statements
ASB COMMUNITY TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2014
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 |
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 during the year ended 31 March 2013. As a result of this revaluation and further building costs in the 2013/14 financial year, the Asset Revaluation Reserve decreased to $359,000 (2013: $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 Reserves 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 $72.80 million (2013: $58.7 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.
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NZ Gazette 2014, No 105
✨ LLM interpretation of page content
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ASB Community Trust Financial Statements
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💰 Finance & RevenueFinancial Statements, Community Trusts, Revenue, Expenses, Grants, NZ IFRS 9, Financial Instruments, Financial Reporting Framework, Public Benefit Entities