✨ Financial Reports and Investments
3138 NEW ZEALAND GAZETTE No. 123
7. Investments in associates
The total investment in Invest South Limited comprises:
| 2000 | 1999 | |
|---|---|---|
| $ | $ | |
| Opening value of investment | 1,246,122 | 1,229,920 |
| Share of operating surplus | 35,808 | 16,202 |
| Capital called up | 1,250,000 | - |
| Equity accounted value of investment | 2,531,930 | 1,246,122 |
8. Grants approved
| 2000 | 1999 | |
|---|---|---|
| $ | $ | |
| Grants approved this year | 9,662,348 | 9,885,045 |
| Less prior year's grants cancelled | (31,641) | (314,217) |
| Net grants approved | 9,630,707 | 9,570,828 |
9. Fixed assets
| Cost | Accum depn | 2000 value | 1999 value | |
|---|---|---|---|---|
| $ | $ | $ | $ | |
| Land | 457,419 | - | 457,419 | 457,419 |
| Buildings | 523,063 | 41,821 | 481,242 | 488,833 |
| Office | 102,156 | 65,538 | 36,618 | 58,906 |
| Furniture and Fittings | 144,658 | 38,444 | 106,214 | 120,041 |
| Motor vehicles | 86,644 | 50,763 | 35,881 | 54,932 |
| 1,313,940 | 196,566 | 1,117,374 | 1,180,131 |
10. Investments managed by fund managers
The Group has funds invested with institutional investment managers (fund managers), AMP Asset Management, Armstrong Jones (NZ) Ltd, State Street Global Advisors and Morgan Stanley Dean Witter. Market values and asset allocations of these investments as at 31 March 2000 were as follows:
| AMP (NZ$m) | Armstrong Jones (NZ$m) | State Street Global Advisors | Morgan Stanley (NZ$m) | Total 2000 | Total 1999 | |
|---|---|---|---|---|---|---|
| NZ equities | 10.56 | 10.56 | 33.10 | |||
| Overseas equities | 21.16 | 36.79 | 57.95 | 61.34 | ||
| NZ fixed interest | 55.81 | 55.81 | 40.47 | |||
| Overseas fixed interest | 13.99 | |||||
| Cash | 22.39 | 36.36 | 58.75 | 18.04 | ||
| Total | 78.2 | 46.92 | 21.16 | 36.79 | 183.07 | 166.94 |
Exposure to currency, interest rate and credit risk arises in the normal course of the fund managers' management of the Group's investment portfolio. A range of hedging policies are in place whereby the fund managers use derivative financial instruments as a means of managing exposure to fluctuations in foreign exchange rates and interest rates. While these financial instruments are subject to the risk of market rates changing subsequent to acquisition, such changes would generally be offset by opposite effects on the items being hedged.
11. Loans
Loan balances outstanding as at 31 March were as follows:
| 2000 | 1999 | |
|---|---|---|
| $ | $ | |
| Southland Life Education Trust | - | 20,000 |
| Topoclimate South Trust | 693,333 | 320,037 |
| Southland Museum and Art Gallery | 62,199 | 75,503 |
| 755,532 | 415,540 |
Each loan is repayable upon demand. The loan to the Southland Museum and Art Gallery is interest free as is $453,333 of the $693,333 loan to Topoclimate South Trust. The balance, $240,000, attracts interest at the 90 Day Bank Bill rate, plus a margin of 2%.
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2000, No 123
Gazette.govt.nz —
NZ Gazette 2000, No 123
✨ LLM interpretation of page content
💰 Investments in Associates
💰 Finance & RevenueInvestments, Financial Reports, Equity, Surplus
💰 Grants Approved
💰 Finance & RevenueGrants, Financial Reports, Funding
💰 Fixed Assets
💰 Finance & RevenueFixed Assets, Depreciation, Financial Reports
💰 Investments Managed by Fund Managers
💰 Finance & RevenueInvestments, Fund Managers, Asset Allocation, Financial Reports
💰 Loans
💰 Finance & RevenueLoans, Financial Reports, Funding