✨ Financial Statements
THE COMMUNITY TRUST OF SOUTHLAND
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 31 March 2013
4. ADMINISTRATION EXPENSES (Cont’d)
The breakdown of expenses into Investing activity costs and Trust operating costs for the Parent for the year ended 31 March 2012 is as follows:
| Parent | Note | Investing activity costs | Trust operating costs | Total Parent 2012 |
|---|---|---|---|---|
| Opening inventory of subsidiary | - | - | - | |
| Purchase of materials and consumables | - | - | - | |
| Closing inventory of subsidiary | - | - | - | |
| Trustees’ fees | 24 | - | 183 | 183 |
| Directors’ fees | - | - | - | |
| Employee entitlements | - | 549 | 549 | |
| Fund managers’ fees | 741 | - | 741 | |
| Depreciation/Amortisation | - | 55 | 55 | |
| Bad debts | - | - | - | |
| Impairment provision on investments | - | - | - | |
| Loss on sale of investments | - | - | - | |
| Audit of the financial statements | - | 28 | 28 | |
| Other services - Deloitte | - | - | - | |
| Administration expenses | - | 480 | 480 | |
| Other expenses | - | 69 | 69 | |
| Total | 741 | 1,364 | 2,105 |
5. GRANTS
| Group 2013 $'000 | Group 2012 $'000 | Parent 2013 $'000 | Parent 2012 $'000 | |
|---|---|---|---|---|
| Committed and payable in the current year | 5,544 | 9,549 | 2,410 | 3,608 |
| Committed and not payable until future years | 938 | 2,444 | 139 | 1,386 |
| Transfer to Charities | - | - | - | (3,870) |
| Total | 6,482 | 11,993 | 2,549 | 1,124 |
The Trustees have resolved that any unspent portion of the approved Grants budget for a year that remained unspent at year end would be carried forward in an "Unspent Grants Reserve", available to be spent in future years.
6. TAXATION
Taxation expense of $104,305 (2012: $74,000). In 2013, a taxation refund is due of $80,511, in 2012, taxation payable due was $67,000. Taxation relates to the subsidiary entities.
The Community Trust of Southland is exempt from Income Tax.
7. TRUST CAPITAL
| Opening and closing balance | $158,460 | $158,460 | $158,460 | $158,460 |
|---|
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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