✨ TSB Community Trust Financial Notes
2726 NEW ZEALAND GAZETTE, No. 101 6 AUGUST 2013
TSB Community Trust
Notes to the Financial Statements
For the year ended 31 March 2013
14. 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 $7,888,475 (2012: $7,485,963) that is invested in NZ investment securities and bank deposits. The Trust has no externally imposed requirements.
15. Contingent Liabilities
| 2013 | 2012 | |
|---|---|---|
| $ | $ | |
| Grants approved but the distribution is subject to the donees’ meeting certain conditions | 3,604,197 | 2,239,681 |
| Multi-year commitments | 875,811 | 1,100,000 |
| Total | 4,480,008 | 3,339,681 |
16. Commitments
The trust has no material capital commitments at balance date (2012: $Nil).
| 2013 | 2012 | |
|---|---|---|
| $ | $ | |
| The trust has non-cancellable operating leases for buildings of: | ||
| Less than 1 year | 18,166 | 19,818 |
| Between 1 and 5 years | - | 18,166 |
| Total | 18,166 | 37,984 |
Lease expense for the period |
|--------------------------|---------|
| | 19,822 | 18,299 |
Current lease term is 2 years & 11 months expiring 25 March 2014 with a right to renew for a further 3 years. Rent reviews are biennial with the next being 25 March 2014.
17. Subsequent Events
There were no material events subsequent to balance date (2012: $Nil).
18. 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 2013, No 101
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TSB Community Trust Financial Statements
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🏢 State Enterprises & InsuranceFinancial statements, TSB Community Trust, Capital Management, Contingent Liabilities, Commitments, Lease Expense, Subsequent Events, Separate Financial Statements