✨ Financial Statements Notes
NEW ZEALAND GAZETTE, No. 114
26 AUGUST 2013
ASB COMMUNITY TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2013
5. GRANTS
5.1 Committed during the year to Community Groups
| Group | Trust | |||
|---|---|---|---|---|
| 2013 | 2012 | 2013 | 2012 | |
| $000 | $000 | $000 | $000 | |
| Grants Committed and | ||||
| disbursed | 11,461 | 13,146 | - | 8,479 |
| Grants Committed but | ||||
| undisbursed | 9,639 | 23,478 | - | 5,698 |
| Total Grants approved | ||||
| and committed this year | ||||
| to Community Groups | 21,100 | 36,624 | - | 14,177 |
5.2 Outstanding Grants Payable
| Outstanding Grants Payable | Group | Trust | ||
|---|---|---|---|---|
| 2013 | 2012 | 2013 | 2012 | |
| $000 | $000 | $000 | $000 | |
| Grants Committed in | ||||
| previous years | 20,200 | 15,597 | 3,409 | 3,896 |
| Grants Committed but | ||||
| unpaid this year | 9,639 | 23,478 | - | 5,698 |
| Total Grants outstanding | ||||
| as at 31 March | 29,839 | 39,075 | 3,409 | 9,594 |
| Reconciliation of Outstanding Grants Payable | Group | Trust | ||
|---|---|---|---|---|
| 2013 | 2012 | 2013 | 2012 | |
| $000 | $000 | $000 | $000 | |
| Opening Balance at 1 April | 39,075 | 43,394 | 9,594 | 21,475 |
| Plus: Grants Committed during year | 21,100 | 36,624 | 38,500 | 39,449 |
| Less: Transfer to ASB Community Trust | ||||
| Charitable Purposes Limited Current Account | - | - | (38,500) | (25,272) |
| Less: Grants Paid to Community Groups | (29,889) | (40,207) | (5,930) | (25,994) |
| Less: Grants Written Back | (447) | (736) | (255) | (64) |
| Closing Balance at 31 March | 29,839 | 39,075 | 3,409 | 9,594 |
Committed but unpaid Grants are recognised as liabilities on approval by the Board of Trustees or the Company Directors and communicated to the recipients. At balance date Committed but unpaid Grants totalled $29.8 million (2012: $39.1 million) for the Group and $3.4 million (2012: $9.6 million) for the Trust. The timing for the payment of these Grants is uncertain. As part of the end of year routine the Trustees and the Company Directors review the schedule of grants with outstanding balances at year end and confirm that the outstanding balances represent valid grant claims against the Trust or the Company and are not, at balance date, subject to write back.
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NZ Gazette 2013, No 114
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ASB Community Trust Financial Statements Notes
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