✨ Financial Statements Notes
2954
NEW ZEALAND GAZETTE, No. 105
29 AUGUST 2014
ASB COMMUNITY TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2014
At the 2013/14 financial year end the Group has committed a total of US$43.0 million ($NZ50.1 million) to private equity/venture capital funds (2013: US$23.0 million ($NZ27.4 million)). A net cumulative amount of US$12.2 million ($NZ14.6 million) has been drawn down at balance date (2013: US$6.7 million ($NZ7.9 million)). The Group has a contingent liability for the remaining US$30.8 million ($NZ35.9 million) (2013: US$16.3 million ($NZ19.5 million)).
Calls on the Group’s commitments will be made by Fund Managers as further investments are made.
13. CONFLICTS OF INTEREST
During the year Trustees and staff were required to declare either a direct or indirect conflict of interest in any matters being considered by the Trust. A register of interests is maintained by the Trust.
At the commencement of a meeting, Trustees are asked to disclose any interest in the upcoming business. A Trustee who has an interest in any matter before the meeting must not be counted in the quorum present at the meeting, not vote in respect of the matter, and absent himself/herself from discussion or consideration of the matter. If, because of the number of Trustees who have an interest in the matter the meeting would fail for want of a quorum and it is a meeting of a Committee of Trustees, the matter is referred to a meeting of the Board of Trustees. If a meeting of the Board of Trustees would fail for want of a quorum because of the number of Trustees with an interest in the matter under consideration, then those Trustees who have the interest must sign a certificate for entry in the minutes certifying that the matter is in the best interest of the Trust and cause details of the matter and the nature of the Trustees’ interest to be included in the next financial statements of the Trust.
At their meeting on 9 December 2013 the Trustees resolved to effect Trustee Liability Insurance for the sum of $10 million at a premium cost of $19,710 (2013: $19,710). The structure of this Trustee Liability programme was reviewed and restructured by the Board at its meeting on 31 March 2014, at an additional premium cost of $2,500.
After due consideration of a report from the Trust’s insurance brokers and other relevant information, all of the Trustees approved the purchase of the Trustee Liability Insurance by signing resolutions to that affect, along with certificates certifying that the transactions were in the best interests of the Trust.
14. MATERIAL EVENTS AFTER BALANCE DATE
There were no material events after balance date which required adjustment to the Financial Statements for the year ended 31 March 2014.
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NZ Gazette 2014, No 105
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ASB Community Trust Financial Statements
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