✨ Financial Statements and Risk Management
29 AUGUST 2014 NEW ZEALAND GAZETTE, No. 105 2947
ASB COMMUNITY TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2014
Movements in Level 3 Financial Assets
| Movements in Level 3 Financial Assets | Group | | Trust |
|--------------------------------------|--------|--------|-------|--------|
| | 2014 | 2013 | 2014 | 2013 |
| | $000 | $000 | $000 | $000 |
| Level 3 | | | | |
| Private Equity | | | | |
| Private Equity NZD Denominated Committed Investment | 5,000 | 5,000 | 5,000 | 5,000 |
| Private Equity USD Denominated Committed Investment | 50,052 | 27,446 | 50,052 | 27,446 |
| (2014: US$43m @.8591; 2013: US$23m @.8380) |
| Total Commitment | 55,052 | 32,446 | 55,052 | 32,446 |
| | | | | |
| Opening Balance | 9,869 | 6,298 | 9,669 | 6,298 |
| Drawdowns | 8,758 | 4,412 | 8,788 | 4,412 |
| Return of Capital | (1,608)| (1,254)| (1,608)| (1,254)|
| Changes in Fair Value reported through Profit or Loss in the Statement of Comprehensive Income | 280 | 413 | 280 | 413 |
| Closing Balance at 31 March | 17,329 | 9,869 | 17,329| 9,869 |
Financial Liabilities
| Group | Trust | |||
|---|---|---|---|---|
| 2014 | 2013 | 2014 | 2013 | |
| $000 | $000 | $000 | $000 | |
| Sundry Accounts Payable | 1,074 | 2,245 | 1,063 | 2,213 |
| Outstanding Grants Payable | 31,344 | 29,839 | 743 | 3,409 |
| Subsidiary Company Current Account | - | - | 103,416 | 85,201 |
| Total Financial Liabilities | 32,418 | 32,084 | 105,222 | 90,823 |
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).
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NZ Gazette 2014, No 105
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ASB Community Trust Financial Statements
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