✨ ASB Community Trust Financial Statements
29 AUGUST 2014 NEW ZEALAND GAZETTE, No. 105 2941
ASB COMMUNITY TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2014
5.2 Outstanding Grants Payable
| Outstanding Grants Payable | Group | Trust | ||
|---|---|---|---|---|
| 2014 | 2013 | 2014 | 2013 | |
| $000 | $000 | $000 | $000 | |
| Grants Committed in previous years | - | - | - | - |
| 14,352 | 20,200 | 743 | 3,409 | |
| Grants Committed but unpaid this year | 16,992 | 9,639 | - | - |
| Total Grants outstanding as at 31 March | 31,344 | 29,839 | 743 | 3,409 |
| Reconciliation of Outstanding Grants Payable | Group | Trust | ||
|---|---|---|---|---|
| 2014 | 2013 | 2014 | 2013 | |
| $000 | $000 | $000 | $000 | |
| Opening Balance at 1 April | 29,839 | 39,075 | 3,409 | 9,594 |
| Plus: Grants Committed during year | 34,913 | 21,100 | 50,000 | 38,500 |
| Less : Transfer to ASB Community Trust Charitable Purposes Limited Current Account | ||||
| : Grants Paid to Community Groups | (32,603) | (29,889) | (50,000) | (39,500) |
| : Grants Written Back | (605) | (447) | (199) | (255) |
| Closing Balance at 31 March | 31,344 | 29,839 | 743 | 3,409 |
Committed but unpaid Grants are recognised as liabilities on approval by the Board of Trustees or the Company Directors and communicated to the recipients. At balance date Committed but unpaid Grants totaled $31.3 million (2013: $29.8 million) for the Group and $0.7 million (2013: $3.4 million) for the Trust. The timing for the payment of these Grants is uncertain. As part of the end of year routine the Trustees and the Company Directors review the schedule of grants with outstanding balances at year end and confirm that the outstanding balances represent valid grant claims against the Trust or the Company and are not, at balance date, subject to write back.
Committed but unpaid grants at 31 March 2014 had the following profile:
| Financial Year Approved | Number of Group Grants Outstanding | Value of Group Grants Outstanding $000 | Number of Trust Grants Outstanding | Value of Trust Grants Outstanding $000 |
|---|---|---|---|---|
| 2007 | 1 | 20 | 1 | 20 |
| 2008 | - | - | - | - |
| 2009 | - | - | - | - |
| 2010 | 5 | 718 | - | - |
| 2011 | 5 | 2,116 | 2 | 116 |
| 2012 | 21 | 8,815 | 7 | 607 |
| 2013 | 21 | 2,683 | - | - |
| 2014 | 147 | 16,992 | - | - |
| Total | 200 | 31,344 | 10 | 743 |
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NZ Gazette 2014, No 105
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ASB Community Trust Financial Statements
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