✨ Financial Statements Notes
THE COMMUNITY TRUST OF SOUTHLAND
NOTES TO & FORMING PART OF THE FINANCIAL STATEMENTS
For the Year Ended 31 March, 2011
6. TRUST CAPITAL
| Group | Parent | |||
|---|---|---|---|---|
| 2011 | 2010 | 2011 | 2010 | |
| $000 | $000 | $000 | $000 | |
| Opening and closing balance | $158,460 | $158,460 | $158,460 | $158,460 |
7. RESERVES
| Group | Parent | |||
|---|---|---|---|---|
| 2011 | 2010 | 2011 | 2010 | |
| $000 | $000 | $000 | $000 | |
| Capital Maintenance Reserve | 38,984 | 34,662 | 64,025 | 59,703 |
| Grants Maintenance Reserve | (24,295) | (20,753) | (55,566) | (57,674) |
| Unspent Grants Budget Reserve | 570 | 570 | 570 | 570 |
| Total | $15,258 | $14,479 | $9,029 | $2,599 |
8. GRANTS COMMITTED NOT PAID
Commitments of $7,237,429 (2010: $6,133,432) exist for grants of the parent and $14,400,246 (2010: $14,712,000) for the group which will be distributed from either capital or income sources in future years.
| Group | Parent | |||
|---|---|---|---|---|
| 2011 | 2010 | 2011 | 2010 | |
| $000 | $000 | $000 | $000 | |
| Balance at 1 April, 2010 | 14,712 | 12,452 | 8,599 | 10,475 |
| Grants approved in current year | 10,657 | 13,279 | 4,792 | 4,973 |
| Grants paid in current year | (9,660) | (10,137) | (4,919) | (5,967) |
| Grants withdrawn | (1,240) | (876) | (1,166) | (876) |
| Change in present value | (69) | (6) | (69) | - |
| Total | $14,400 | $14,712 | $7,237 | $8,599 |
The years in which these commitments fall due are as follows:
| Year ending 31 March, | Group | Parent | ||
|---|---|---|---|---|
| 2011 | 2010 | 2011 | 2010 | |
| $000 | $000 | $000 | $000 | |
| 2011 | - | 8,685 | - | 6,644 |
| 2012 | 10,289 | 2,983 | 7,221 | 1,955 |
| 2013 | 1,721 | 1,022 | 16 | - |
| 2014 | 1,246 | 1,022 | - | - |
| 2015 | 1,144 | 1,000 | - | - |
| Total | $14,400 | $14,712 | $7,237 | $8,599 |
All grants committed but not paid at balance date are initially recognised at committed value, but are then adjusted to reflect their fair value in present day dollar terms. This adjustment is achieved by discounting the future grants payable at a rate of 3.00% per annum, for each of the years from balance date until the date the grant is due to be paid.
9. DATABASE DEVELOPMENT
The combined Community Trusts throughout New Zealand are jointly developing a shared database, to be used across 11 of the 12 Community Trusts. Database Development costs are the Group’s share of the costs incurred on this joint project until 31 March 2011.
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NZ Gazette 2011, No 146
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Financial Statements of the Community Trust of Southland
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💰 Finance & Revenue24 August 2011
Financial Statements, Community Trust, Southland, Interest, Administration Expenses, Grants, Taxation