✨ Financial Statements
29 AUGUST 2014
NEW ZEALAND GAZETTE, No. 104
2899
THE COMMUNITY TRUST OF SOUTHLAND
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 31 March 2014
2. STATEMENT OF ACCOUNTING POLICIES (Cont’d)
s) Financial assets & liabilities (Cont’d)
If in a subsequent period, the amount of the impairment loss decreases and the decrease can be related objectively to an event occurring after the impairment was recognised, the previously recognised impairment loss is reversed through profit or loss to the extent the carrying amount of the investment at the date the impairment is reversed does not exceed what the amortised cost would have been had the impairment not been recognised.
t) New standards first applied in the period
The group has adopted External reporting Standard A1 Accounting Standards framework (For-profit Entities Update) (XRB A1). XRB A1 outlines which suite of accounting standards public benefit entities must follow. The group is required to report in accordance with NZ IFRS PBE. There is no impact on the current or prior year financial statements of transitioning to the new Accounting Standards framework.
3. INTEREST
| | Group | | Parent |
| :--- | :--- | :--- | :--- | :--- |
| | 2014 | 2013 | 2014 | 2013 |
| | $000 | $000 | $000 | $000 |
| Cash and cash equivalents | 24 | 40 | 14 | 11 |
| Interest on advances | 2,866 | 3,087 | 3,059 | 3,039 |
| | $2,890 | $3,127 | $3,073 | $3,050 |
4. INVESTING ACTIVITY AND TRUST EXPENSES
The presentation of the Statements of Comprehensive Income has been changed 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 2014 is as follows:
| Group | Note | Investing Activity Costs | Trust Operating Costs | Total Group 2014 |
|---|---|---|---|---|
| Opening inventory of subsidiary | 394 | - | 394 | |
| Purchase of materials and consumables | 793 | - | 793 | |
| Closing inventory of subsidiary | (430) | - | (430) | |
| Trustees’ fees | 24 | - | 165 | 165 |
| Directors’ fees | 76 | - | 76 | |
| Employee entitlements | 1,364 | 582 | 1,946 | |
| Fund managers’ fees | 679 | - | 679 | |
| Depreciation/Amortisation | 117 | 100 | 217 | |
| Bad debt – Southland Outdoor Stadium Trust | 550 | - | 550 | |
| Loss on sale of investments | 286 | - | 286 | |
| Audit of the financial statements – PricewaterhouseCoopers | 26 | 23 | 49 | |
| Legal expenses | 2 | 11 | 13 | |
| Administration expenses | 429 | 328 | 757 | |
| 4,286 | 1,209 | 5,495 |
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NZ Gazette 2014, No 104
✨ LLM interpretation of page content
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Community Trust of Southland Financial Report
(continued from previous page)
💰 Finance & RevenueFinancial report, Community Trust, Southland, Accounting policies, Financial assets, Liabilities, Loans, Receivables, Impairment