✨ Financial Statements Notes
THE COMMUNITY TRUST OF SOUTHLAND
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 31 March 2012
| Group | Parent | |||
|---|---|---|---|---|
| 2012 | 2011 | 2012 | 2011 | |
| $000 | $000 | $000 | $000 |
9. GRANT OBLIGATIONS
Commitments of $5,425,011 (2011: $7,237,429) exist for grants of the parent and $17,019,543 (2011: $14,400,246) for the group which will be distributed from either capital or income sources in future years.
| Group | Parent | |||
|---|---|---|---|---|
| 2012 | 2011 | 2012 | 2011 | |
| $000 | $000 | $000 | $000 | |
| Balance at 1 April 2011 | 14,400 | 14,712 | 7,163 | 8,599 |
| Grants approved in current year | 9,462 | 10,657 | 3,616 | 4,718 |
| Grants paid in current year | (9,232) | (9,660) | (3,867) | (4,919) |
| Grants approved relating to future years | 3,059 | - | 1,616 | - |
| Grants withdrawn for current year | (61) | (1,240) | (25) | (1,166) |
| Grants withdrawn for prior years | (671) | (69) | (231) | (69) |
| Change in present value | 62 | 7 | - | - |
| Transfer to Charities | - | - | (3,870) | - |
| $17,019 | $14,400 | $4,409 | $7,163 |
The years in which these commitments fall due are as follows:
| Year ending 31 March | Group | Parent | ||
|---|---|---|---|---|
| 2012 | 2011 | 2012 | 2011 | |
| $000 | $000 | $000 | $000 | |
| Year ending 31 March 2012 | 10,946 | 10,289 | 2,075 | 7,147 |
| Year ending 31 March 2013 | 4,267 | 1,721 | 1,706 | 16 |
| Year ending 31 March 2014 | 1,806 | 1,246 | 628 | - |
| Year ending 31 March 2015 | - | 1,144 | - | - |
| $17,019 | $14,400 | $4,409 | $7,163 |
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.
Previously grants committed for future years were recognised in the year of granting, if the grant was project related, rather than for on-going operational costs. This year, both operational and project grants committed for future years have been included in the financial statements to 31 March 2012. This change has resulted in an additional $3,059,253 in grants approved for future years.
10. 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 2012.
11. ACCOUNTS RECEIVABLE
| Group | Parent | |||
|---|---|---|---|---|
| 2012 | 2011 | 2012 | 2011 | |
| $000 | $000 | $000 | $000 | |
| Trade receivables | 370 | 504 | 33 | 15 |
| Allowance for doubtful debts | (80) | (80) | - | - |
| $290 | $424 | $33 | $15 |
The allowance for doubtful debts in relation to trade receivables is provided for based on estimated irrecoverable amounts determined by reference to current customer circumstances and past default experience. In determining the recoverability of a trade receivable the Group considers any change in the credit quality of the trade receivable from the date the credit was initially granted up to the reporting date.
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NZ Gazette 2012, No 105
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Financial Report of the Community Trust of Southland
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💰 Finance & RevenueFinancial Report, Community Trust, Southland, 2012, Statements, Notes, Audit, Accounting Policies, Interest