New Zealand Gazette – 2009 – No. 29

Page 772

✨ Financial Statements



772

NEW ZEALAND GAZETTE, No. 29

10 MARCH 2009

THE COMMUNITY TRUST OF SOUTHLAND
NOTES TO & FORMING PART OF THE FINANCIAL STATEMENTS
For the Year Ended 31 March, 2008

  1. TRUST CAPITAL

| | Group | | Parent |
| :--- | :--- | :--- | :--- | :--- |
| | 2008 | 2007 | 2008 | 2007 |
| | $000 | $000 | $000 | $000 |
| Opening and closing balance | 158,460 | 158,460 | 158,460 | 158,460 |
| | ------ | ------ | ------ | ------ |
| | $158,460 | $158,460 | $158,460 | $158,460 |

  1. RESERVES

| | Group | | Parent |
| :--- | :--- | :--- | :--- | :--- |
| | 2008 | 2007 | 2008 | 2007 |
| | $000 | $000 | $000 | $000 |
| Capital Maintenance Reserve (i) | 24,547 | 17,818 | 49,588 | 42,859 |
| Grants Maintenance Reserve (ii) | (5,855) | 15,023 | (30,290) | (8,825) |
| | ------ | ------ | ------ | ------ |
| | $18,692 | $32,841 | $19,298 | $34,034 |

(i) Capital Maintenance Reserve

| | Group | | Parent |
| :--- | :--- | :--- | :--- | :--- |
| | 2008 | 2007 | 2008 | 2007 |
| | $000 | $000 | $000 | $000 |
| Opening balance | 17,818 | 12,990 | 42,859 | 38,032 |
| Transfer from Net Surplus/(Deficit) after taxation | 6,729 | 4,827 | 6,729 | 4,827 |
| | ------ | ------ | ------ | ------ |
| | $24,547 | $17,818 | $49,588 | $42,859 |

(ii) Grants Maintenance Reserve

| | Group | | Parent |
| :--- | :--- | :--- | :--- | :--- |
| | 2008 | 2007 | 2008 | 2007 |
| | $000 | $000 | $000 | $000 |
| Opening balance | 15,022 | 25,159 | (8,826) | 1,634 |
| Net Surplus/(deficit) after taxation | (20,878) | (10,137) | (21,465) | (10,460) |
| | ------ | ------ | ------ | ------ |
| | $(5,856) | $15,022 | $(30,291) | $(8,826) |

  1. GRANTS COMMITTED NOT PAID

Commitments of $14,544,000 (2007: $13,373,000) exist for grants which will be distributed from either capital or future income sources in future years.

The years in which these commitments fall due are as follows:
Year ending 31 March, 2008 - 11,558 - 11,558
Year ending 31 March, 2009 13,020 692 13,020 692
Year ending 31 March, 2010 861 511 861 511
Year ending 31 March, 2011 554 511 554 511
Year ending 31 March, 2012 109 101 109 101
------ ------ ------ ------
$14,544 $13,373 $14,544 $13,373

All grants committed but not paid at balance date are initially recognised at fair value, but are then adjusted to reflect their value in present day dollar terms. This adjustment is achieved by discounting the future grants payable by the rate of 8.25% per annum, for each of the years from balance date until the date the grant is due to be paid.



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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