✨ Financial Statements
TSB Community Trust
Notes to the Financial Statements
For the year ended 31 March 2011
12. Capital Management
The Trust’s capital consists of equity, retained earnings and reserve fund. The Trust manages its capital by effectively managing income and expenses, assets and liabilities and investments to ensure it achieves its charitable objectives and purpose. As a part of this process the Trust maintains a minimum reserve fund of $6,603,000 (2010: $5,000,000) that is invested in NZ investment securities and bank deposits. The Trust has no externally imposed requirements.
13. Contingent Liabilities
| 2011 ($) | 2010 ($) | |
|---|---|---|
| Grants approved but the distribution is subject to the donees' meeting certain conditions | 1,672,500 | 868,500 |
| Multi-year commitments | 1,170,000 | 2,215,000 |
| 2,859,120 | 3,096,306 |
14. Commitments
The trust has no material capital commitments at balance date (2010: $Nil).
| 2011 ($) | 2010 ($) | |
|---|---|---|
| The trust has non cancellable operating leases for buildings of: | ||
| Less than 1 year | 17,901 | - |
| Between 1 and 5 years | 35,803 | - |
| 53,704 | - |
Lease expense for the period
| | 16,620 | 12,806 |
Current lease term is 3 years & 11 months expiring March 2014 with a right to renew for a further 3 years. Rent reviews are biennial with the first being 25 March 2012.
15. Subsequent Events
There were no material events subsequent to balance date.
16. Separate Financial Statements
The Trust has prepared these separate financial statements to provide more relevance to users, as the size and presentation of the consolidated financial statements does not facilitate a meaningful comparison of the Trust’s results by those users.
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NZ Gazette 2011, No 117
✨ LLM interpretation of page content
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TSB Community Trust Financial Statements
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💰 Finance & Revenue5 July 2011
Capital Management, Contingent Liabilities, Commitments, Lease Expenses, Financial Liabilities