✨ Financial Statements
THE COMMUNITY TRUST OF SOUTHLAND
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 31 March 2013
2. STATEMENT OF ACCOUNTING POLICIES (Cont’d)
(f) New accounting standards and interpretations not yet effective (Cont’d)
NZ IAS 1 Amendments Presentation of Items of Other Comprehensive Income (effective for annual reporting periods beginning 1 July 2012)
The amendment requires entities to separate items presented in other comprehensive income into two groups, based on whether they may be recycled to profit or loss in the future. This will not affect the measurement of any of the items recognised in the balance sheet or the profit or loss in the current period. The Group intends to adopt the new standard from 1 April 2013.
Other standards, amendments and interpretations to existing standards have been published and are mandatory for the Group’s accounting periods beginning on or after 1 April 2013 or later, but the Group has not early adopted them as they are not applicable to the Group, or the interpretation of the standards as clarified by amendments was the same as already applied by the Group.
Application of these standards, amendments and interpretations is not expected to have a material impact on the Group’s financial position and results in the period of initial application.
3. INTEREST
| Group | Parent | |||
|---|---|---|---|---|
| 2013 | 2012 | 2013 | 2012 | |
| $000 | $000 | $000 | $000 | |
| ---------------- | ---------------- | ----------- | ---------------- | ----------- |
| Cash and cash equivalents | 40 | 23 | 11 | 5 |
| Interest on Advances | 3,087 | 3,492 | 3,039 | 3,245 |
| $3,127 | $3,515 | $3,050 | $3,250 |
4. INVESTING ACTIVITY AND TRUST EXPENSES
The presentation of the Statement of Comprehensive Income has been changed this year to separate the expenditure of running the Trust from the expenditure incurred by the Trust’s subsidiaries that form part of the Trust’s investing activities.
The breakdown of expenses into Investing activity costs and Trust operating costs for the Group for the year ended 31 March 2013 is as follows:
| Group | Note | Investing activity costs | Trust operating costs | Total Group 2013 |
|---|---|---|---|---|
| Opening inventory of subsidiary | 243 | - | 243 | |
| Purchase of materials and consumables | 1,142 | - | 1,142 | |
| Closing inventory of subsidiary | (394) | - | (394) | |
| Trustees’ fees | 24 | - | 192 | 192 |
| Directors’ fees | 83 | - | 83 | |
| Employee entitlements | 713 | 579 | 1,292 | |
| Fund managers’ fees | 729 | - | 729 | |
| Depreciation/Amortisation | 73 | 99 | 172 | |
| Impairment provision on investments | 99 | - | 99 | |
| Loss on sale of investments | - | - | - | |
| Audit of the financial statements | 32 | 30 | 62 | |
| Administration expenses | 517 | 355 | 872 | |
| 3,237 | 1,255 | 4,492 |
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NZ Gazette 2013, No 119
✨ LLM interpretation of page content
💰
Financial Report of the Community Trust of Southland
(continued from previous page)
💰 Finance & Revenue15 August 2013
Financial Statements, Trustees, Community Trust, Southland, Accounting Policies, Goodwill, Cash Flows, Financial Assets, Liabilities, Investments