✨ Financial Statements Notes
2936 NEW ZEALAND GAZETTE, No. 109 30 AUGUST 2010
THE COMMUNITY TRUST OF SOUTHLAND
NOTES TO & FORMING PART OF THE FINANCIAL STATEMENTS
For the Year Ended 31 March, 2010
2. INTEREST
| Group | Parent | |||
|---|---|---|---|---|
| 2010 | 2009 | 2010 | 2009 | |
| $000 | $000 | $000 | $000 | |
| Short term deposits | 89 | 171 | 4 | 27 |
| Advances to third parties | 512 | 636 | - | - |
| Trust advances | 44 | 86 | 44 | 86 |
| $645 | $893 | $48 | $113 |
3. ADMINISTRATION EXPENSES
Included in Administration Expenses are the following:
Auditors fees:
Audit fees paid or payable to the auditors of the Trust are as follows:
| Group | Parent | |||
|---|---|---|---|---|
| 2010 | 2009 | 2010 | 2009 | |
| $000 | $000 | $000 | $000 | |
| Audit of the financial statements | 41 | 33 | 19 | 29 |
| Other services | 4 | 3 | 4 | 3 |
| $45 | $36 | $23 | $32 |
The auditor of the Group is Deloitte.
4. GRANTS
| Group | Parent | |||
|---|---|---|---|---|
| 2010 | 2009 | 2010 | 2009 | |
| $000 | $000 | $000 | $000 | |
| Committed and payable in the current year | 4,299 | 6,770 | 4,299 | 6,770 |
| Committed and not payable until future years | 8,098 | 127 | 8,098 | 127 |
| Grants previously recognised as loans (i) | - | 720 | - | 720 |
| $12,397 | $7,617 | $12,397 | $7,617 |
(i) During the prior year the Trustees agreed to an $800,000 loan previously advanced to the Southland Indoor Leisure Centre Charitable Trust being written off, at the rate of $80,000 per annum for each of the next 10 years. This principal write-off, together with a cash grant of $80,000 per annum, and forgiveness of the interest that can be charged on the loan under the terms of the loan agreement with the Southland Indoor Leisure Centre Charitable Trust, makes up the Trust’s agreed annual funding contribution to Stadium Southland. This arrangement means that certain conditional elements of the lending arrangement are unlikely to be invoked and as such the Trust does not expect to recover the amount loaned. As such the outstanding balance on the loan was recognised as a grant in the prior year.
(ii) During the year the Trustees resolved that any unspent portion of the approved Grants budget for the year that remained unspent at year end would be carried forward in an “Unspent Grants Reserve”, available to be spent in future years.
5. TAXATION
Taxation expense of $4,000 (2009: $159,000) and the taxation refund due of $53,000 (2009: $Nil) relates to the subsidiary entities.
The Community Trust of Southland is exempt from income tax with effect from 1 April, 2004.
Next Page →
NZ Gazette 2010, No 109
✨ LLM interpretation of page content
💰
Financial Report of the Community Trust of Southland
(continued from previous page)
💰 Finance & RevenueFinancial Statements, Notes, Income Tax, Cash Flows, Accounting Standards