New Zealand Gazette – 2009 – No. 29

Page 771

✨ Financial Statements



THE COMMUNITY TRUST OF SOUTHLAND

NOTES TO & FORMING PART OF THE FINANCIAL STATEMENTS

For the Year Ended 31 March, 2008

  1. INTEREST
Group Parent
2008 2007 2008 2007
$000 $000 $000 $000
Short term deposits 124 118 14 3
Managed funds 4,058 3,247 4,058 3,247
Advances Investment 787 605 35 20
Total $4,969 $3,970 $4,107 $3,270
  1. ADMINISTRATION EXPENSE

Included in Administration Expenses are the following:

Auditors fees:

Audit fees paid or payable to the auditors of the Trust for auditing the financial statements of the Group are as follows:

Group Parent
2008 2007 2008 2007
$000 $000 $000 $000
Audit of the financial statements 28 36 22 32

The auditor of the Group is Deloitte.

  1. GRANTS
Group Parent
2008 2007 2008 2007
$000 $000 $000 $000
Committed and payable in the current year 6,861 7,766 6,861 7,766
Committed and not payable until future years 841 3,684 841 3,684
Grants previously recognised as loans (i) 475 - 475 -
Total 8,177 11,450 8,177 11,450

(i) During the year certain loans were forgiven in accordance with the contractual terms of the loan arrangement. The basis for forgiving the loans is that certain conditional elements of the lending arrangements are unlikely to be invoked and as such the Trust does not expect to recover the amounts loaned. As such the outstanding balances on the loans have been recognised as a grant in the current year.

  1. TAXATION

Taxation expense of $162,000 and the taxation balance of $3,000 relates to subsidiary entities.

The Community Trust of Southland is exempt from income tax with effect from 1 April, 2004.



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Gazette.govt.nz — PDF NZ Gazette 2009, No 29




✨ LLM interpretation of page content

💰 Financial Statements of The Community Trust of Southland (continued from previous page)

💰 Finance & Revenue
26 November 2008
Financial Statements, Community Trust, Southland, Interest, Administration Expenses, Auditors Fees, Grants, Taxation