✨ Financial Statements Notes
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 |
15. LOAN RECEIVABLES
| Loans | 4,144 | 3,958 | 1,185 | 1,584 |
| Impairment provision | (7) | (54) | - | - |
| Discount provision | (350) | - | (350) | - |
| 3,787 | 3,904 | 835 | 1,584 |
Loans to third Parties
| Loans to third Parties | 1,031 | 2,199 | - | - |
| Loans to unlisted equity entities/ | ||||
| associates and subsidiaries | 1,852 | 38 | - | - |
| Loans to Community Groups | 904 | 1,667 | 835 | 1,584 |
| 3,787 | 3,904 | 835 | 1,584 |
| Current Portion | 738 | 1,616 | 75 | 542 |
| Non Current Portion | 3,049 | 2,288 | 760 | 1,042 |
| | 3,787 | 3,904 | 835 | 1,584 |
The loan receivables relate to lending activities carrying interest rates between 5% and 13%. A selection of the loans to entities where the Group is also a shareholder, do not earn interest.
(i) Loans to Community Groups
| Southland Outdoor Stadium Trust | 750 | 750 | 750 | 750 |
| Southland Rural Fire Authority | - | 10 | - | 10 |
| Northern Southland Medical Trust | 50 | 50 | - | - |
| Oatau Community Health Trust | 3 | 6 | - | - |
| Troopers Memorial Corner Charitable | ||||
| Trust - YuiE House | 110 | 120 | 110 | 120 |
| Wyndham Rest Home | 75 | 100 | 75 | 100 |
| Borland Lodge | - | 323 | - | 323 |
| Arrowtown Trust | 100 | 100 | 100 | 100 |
| South Catlins Environmental and | ||||
| Development Trust | 150 | 150 | 150 | 150 |
| Waihopai Rowing Club | - | 31 | - | 31 |
| Sport Southland | 19 | 27 | - | - |
| Discount Provision | (353) | - | (350) | - |
| 904 | 1,667 | 835 | 1,584 |
Loans are interest free, with the exception of the loan to Borland Lodge which incurs interest at a fixed rate of 6.5% which is capitalised to the loan. To comply with IFRS, all interest free loans have been discounted to present value at the market rate of 5.75%. This has resulted in $352,548 being expensed in the current year (2012: Nil). This calculation will be re-calculated each year with the resulting gain/loss being returned through the statement of financial performance.
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NZ Gazette 2013, No 119
✨ LLM interpretation of page content
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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