New Zealand Gazette – 2014 – No. 87

Page 2454

✨ Financial Statements

2454
NEW ZEALAND GAZETTE, No. 87
4 AUGUST 2014

TSB Community Trust
Notes to the Financial Statements
For the year ended 31 March 2014

14. Capital Management

The Trust's capital consists of equity, retained earnings and reserve fund. The Trust manages its capital by effectively managing income and expenses, assets and liabilities and investments to ensure it achieves its charitable objectives and purpose. As a part of this process the Trust maintains a minimum reserve fund of $8,305,546 (2013: $7,888,475) that is invested in NZ investment securities and bank deposits. The Trust has no externally imposed requirements.

15. Contingent Liabilities

	2014	2013
	$	$
Grants approved but the distribution is subject to the donees' meeting certain conditions	2,277,988	3,604,197
Multi-year commitments	2,522,036	875,811
	4,800,024	4,480,008

16. Commitments

The trust has no material capital commitments at balance date (2013: $Nil).

	2014	2013
	$	$
The trust has non cancelable operating leases for buildings of:
Less than 1 year	21,998	18,166
Between 1 and 5 years	-	-
	21,998	18,166


Lease expense for the period	19,822	19,822

Current lease term is 2 years expiring 25 March 2016 with a right to renew on a year by year basis. Rent reviews are biennial with the next being 25 March 2016.

17. Subsequent Events

There were no material events subsequent to balance date (2013: $Nil).

18. Separate Financial Statements

The Trust has prepared these separate financial statements to provide more relevance to users, as the size and presentation of the consolidated financial statements does not facilitate a meaningful comparison of the Trust's results by those users.

Gazette.govt.nz — NZ Gazette 2014, No 87

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✨ LLM interpretation of page content

💰 TSB Community Trust Financial Statements (continued from previous page)

Domain💰 Finance & Revenue
Dated15 July 2014
KeywordsFinancial Statements, Community Trusts, TSB, Capital Management, Contingent Liabilities, Commitments, Lease Expenses, Subsequent Events

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