✨ Financial Statements
29 AUGUST 2014 NEW ZEALAND GAZETTE, No. 104 2901
THE COMMUNITY TRUST OF SOUTHLAND
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 31 March 2014
4. INVESTING ACTIVITY AND TRUST EXPENSES (Cont’d)
The breakdown of expenses into investing activity costs and Trust operating costs for the parent for the year ended 31 March 2013 is as follows:
| Parent | Note | Investing Activity Costs | Trust Operating Costs | Total Parent 2013 |
|---|---|---|---|---|
| Opening inventory of subsidiary | - | - | - | |
| Purchase of materials and consumables | - | - | - | |
| Closing inventory of subsidiary | - | - | - | |
| Trustees’ fees | 24 | - | 192 | 192 |
| Directors’ fees | - | - | - | |
| Employee entitlements | - | 579 | 579 | |
| Fund managers’ fees | 729 | - | 729 | |
| Depreciation/Amortisation | - | 100 | 100 | |
| Impairment provision on investments | - | - | - | |
| Loss on sale of investments | - | - | - | |
| Audit of the financial statements - PricewaterhouseCoopers | - | 30 | 30 | |
| Legal expenses | - | (1) | (1) | |
| Administration expenses | - | 355 | 355 | |
| Total | 729 | 1,255 | 1,984 |
5. GRANTS
| Group | Parent | |
|---|---|---|
| 2014 | 2013 | |
| $000 | $000 | |
| Committed and payable in the current year | 4,852 | 5,544 |
| Committed and not payable until future years | (563) | 938 |
| $4,289 | $6,482 |
6. TAXATION
a) Income tax recognised in profit or loss
| Group | Parent | |
|---|---|---|
| 2014 | 2013 | |
| $000 | $000 | |
| Current tax expense | ||
| Current year | 57 | 104 |
Total tax expense | $57 | $104 | $Nil | $Nil |
Income tax expense on pre-tax accounting profit from operations reconciles to the income tax expense in the financial statements as follows:
| Net surplus before taxation | 188 | 938 | 56 | 576 |
| Income tax expense calculated at 28% | 53 | 263 | 16 | 161 |
| Income tax exemption on partnership | (16) | (162) | (16) | (161) |
| Tax effect of permanent differences | 1 | 1 | - | - |
| Tax effect of timing differences | 1 | 1 | - | - |
| Other adjustments – Share of associate | 8 | (40) | - | - |
| Inter-company dividend received | - | 41 | - | - |
Total tax expense | $57 | $104 | $Nil | $Nil |
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NZ Gazette 2014, No 104
✨ LLM interpretation of page content
💰
Community Trust of Southland Financial Report
(continued from previous page)
💰 Finance & RevenueFinancial report, Community Trust, Southland, Investing activity, Trust expenses, Costs breakdown