✨ Financial Statements Notes
29 AUGUST 2014 NEW ZEALAND GAZETTE, No. 104 2903
THE COMMUNITY TRUST OF SOUTHLAND
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 31 March 2014
| | Group | | Parent |
|---------------|----------------|--------|---------------|--------|
| | 2014 | 2013 | 2014 | 2013 |
| | $000 | $000 | $000 | $000 |
10. ACCOUNTS RECEIVABLE
Trade receivables | 303 | 513 | 6 | 10 |
Allowance for doubtful debts | - | - | - | - |
| $303 | $513 | $6 | $10 |
The allowance for doubtful debts in relation to trade receivables is provided for based on estimated irrecoverable amounts determined by reference to current customer circumstances and past default experience. In determining the recoverability of a trade receivable the Group considers any change in the credit quality of the trade receivable from the date the credit was initially granted up to the reporting date.
11. INVENTORIES
Raw materials and packing | 383 | 363 | - | - |
Finished goods | 47 | 31 | - | - |
| $430 | $394 | $Nil | $Nil |
12. MINORITY INTEREST
Opening balance at the beginning of the year | 288 | 284 | - | - |
Share of profits for the year | 53 | 107 | - | - |
Minority interest adjustment | (25) | (103)| - | - |
Closing Balance | $321 | $288 | $Nil | $Nil |
13. GOODWILL
Gross carrying amount
Balance at beginning of financial year | 33 | 33 | - | - |
Impairment charge | - | - | - | - |
| $33 | $33 | $Nil | $Nil |
Allocation of goodwill to cash-generating units
Goodwill has been allocated for impairment testing purposes to the following cash-generating units representing the lowest level at which management monitor goodwill – Back Country Foods Ltd.
During the year ended 31 March 2014, management have determined that there is no evidence of impairment of any of the cash generating units containing goodwill.
14. LOAN RECEIVABLES
Loans | 2,934 | 4,144 | 335 | 1,185 |
Impairment provision | (3) | (7) | - | - |
Discount provision | (44) | (350)| (44) | (350)|
| $2,887 | $3,787 | $291 | $835 |
Loans to third parties | 644 | 1,031 | - | - |
Loans to unlisted equity entities/associates and subsidiaries | 1,887 | 1,852 | - | - |
Loans to community groups | (i) | 356 | 904 | 291 | 835 |
| $2,887 | $3,787 | $291 | $835 |
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NZ Gazette 2014, No 104
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Community Trust of Southland Financial Report
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💰 Finance & RevenueFinancial report, Community Trust, Southland, Taxation, Trust capital, Reserves, Grant obligations