✨ Financial Statements
30 AUGUST 2013 NEW ZEALAND GAZETTE, No. 119 3195
THE COMMUNITY TRUST OF SOUTHLAND
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 31 March 2013
| Group | Parent | |||
|---|---|---|---|---|
| 2013 | 2012 | 2013 | 2012 | |
| $000 | $000 | $000 | $000 |
8. RESERVES
Capital Maintenance Reserve
40,005 39,159 66,052 65,206
Grants Maintenance Reserve
(18,492) (32,097) (36,866) (53,814)
Unspent Grants Budget Reserve
– 570 – 570
**$21,513** **$7,632** **$29,187** **$11,962**9. GRANT OBLIGATIONS
Commitments of $3,705,300 (2012: $4,408,890) exist for grants of the parent and $16,450,358 (2012: $17,018,701) for the group which will be distributed from either capital or income sources in future years.
| Group | Parent | |||
|---|---|---|---|---|
| 2013 | 2012 | 2013 | 2012 | |
| $000 | $000 | $000 | $000 |
Balance at 1 April 17,019 14,400 4,409 7,163
Grants approved in current year 5,564 9,462 2,418 3,616
Grants paid in current year (7,075) (9,232) (3,265) (3,867)
Grants approved relating to future years 1,309 3,059 501 1,616
Grants withdrawn for current year (20) (61) (8) (25)
Grants withdrawn for prior years (487) (671) (362) (231)
Grant Refunds 25 – 12 –
Change in present value 115 62 – 7
Transfer to Charities – – – (3,870)
**$16,450** **$17,019** **$3,705** **$4,409**The years in which these commitments fall due are as follows:
| Year ending 31 March | Group | Parent | ||
|---|---|---|---|---|
| 2013 | 2012 | 2013 | 2012 | |
| $000 | $000 | $000 | $000 |
Year ending 31 March 2012 – 10,946 – 2,075
Year ending 31 March 2013 10,189 4,267 1,842 1,706
Year ending 31 March 2014 3,410 1,806 238 628
Year ending 31 March 2015 2,079 – 853 –
Year ending 31 March 2016 411 – 411 –
Year ending 31 March 2017 361 – 361 –
**$16,450** **$17,019** **$3,705** **$4,409**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.
10. DATABASE DEVELOPMENT
In 2012, the combined Community Trusts throughout New Zealand were jointly developing a shared database, to be used across 11 of the 12 Community Trusts. The Database Development costs of $186,000 were the Group’s share of the costs incurred on this joint project until 31 March 2012. In 2013, this cost ($186,000) was converted into a 6% share in the new joint entity created called Te Kete Putea Ltd Pship. The investment “Te Kete Putea Ltd Pship” is then amortised at 20% of cost annually.
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NZ Gazette 2013, No 119
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Financial Report of the Community Trust of Southland
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💰 Finance & Revenue15 August 2013
Financial Statements, Trustees, Community Trust, Southland, Accounting Policies, Goodwill, Cash Flows, Financial Assets, Liabilities, Investments