New Zealand Gazette – 2004 – No. 138

Page 3437

✨ Financial Statements



28 OCTOBER 2004 NEW ZEALAND GAZETTE, No. 138 3437

Excess imputation credits converted to loss to carry forward (924,400) (814,755)
Current year loss to carry forward – (20,573,057)
Loss Brought forward from 2003 unclaimed (13,290,217) (419,217)
Total loss to carry forward (14,214,617) (21,807,029)
Imputation credits available to trustees through subsidiaries 148,748 –

8. Reserves

(i) Capital Maintenance Reserve

2004 Group $ 2004 Parent $ 2003 Parent $
Opening balance 7,103,390 7,103,390 10,039,680
Transfer from statement of financial performance 2,866,327 2,866,327 4,369,401
Transfer to trust capital reserve (6,874,279) (6,874,279) (7,305,691)
Closing balance 3,095,438 3,095,438 7,103,390

(ii) Grants Maintenance Reserve

2004 Group $ 2004 Parent $ 2003 Parent $
Opening balance (16,111,546) (16,111,546) 1,925,057
Transfer from statement of financial performance 17,053,862 19,300,157 (18,036,603)
Retained earnings of subsidiary not previously recognised (3,857) – –
Closing balance 938,459 3,188,611 (16,111,546)

Total reserves 4,033,897 6,284,049 (9,008,156)

9. Trust Capital

2004 Group $ 2004 Parent $ 2003 Parent $
Opening balance 158,460,000 158,460,000 158,460,000
Transfer from capital maintenance reserve 6,874,279 6,874,279 7,305,691
Grants paid from capital (6,874,279) (6,874,279) (7,305,691)
Closing balance 158,460,000 158,460,000 158,460,000

10. Accounts Receivable

2004 Group $
Accounts receivable 80,085
Provision for doubtful debts (31,932)
48,153
2004 Parent $
Accounts receivable 18,189
2003 Parent $
Accounts receivable 10,836

11. Back Country Foods Limited

The advance to Back Country Foods Limited recorded in the Group Statement of Financial Position as at 31 March 2004 represents a dividend paid to Invest South Limited on 20 June 2003 by way of a credit to Invest South Limited’s shareholder current account. The advance is repayable upon demand and is interest free.

12. Debt Funding

In August 2003, Invest South Limited appointed a receiver to Abalone NZ Limited to recover the $550,000 debt owed. As of 31 March 2004 the receivership was nearing completion, however the final proceeds have not yet been paid to Invest South Limited. The final payment is estimated to be $197,566. The directors have resolved to write-off the remaining balance of $352,434 as it has been determined to be irrecoverable. The write-off has been recorded in the financial year ended 31 March 2004.

Total Debt Recognised $ Specific Provisions $ Balance $
Total debt 3,076,137 (1,093,667) 1,982,470
Represented by:
Current portion of debt funding 628,403 – 628,403
Non-current portion of debt funding 2,447,734 (1,093,667) 1,354,067

The specific provision totalling $1,093,667 relates to the full impairment of the loan to Tulip International Limited of $720,000 and the full impairment of the loan to Gas Hornby Limited of $373,667. The balances of interest owed to Invest South Limited in relation to both loans of $17,753 and $14,179 respectively have been impaired also.

13. Loans

Loan balances outstanding as at 31 March were as follows:

Borrower 2004 Group $ 2004 Parent $ 2003 Parent $
Troopers Memorial Corner Charitable Trust 195,000 195,000 195,000
Topoclimate South Charitable Trust 33,513 33,513 98,493
Southland Museum and Art Gallery 29,115 29,115 34,190
Ringa Ringa Heights Golf Club 36,000 36,000 39,000
Nga Hau E Wha Society 43,257 43,257 34,872
Croydon Aviation Museum 280,000 280,000 280,000
Tuatapere Hump Ridge Track 120,000 120,000 160,000


Next Page →



Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2004, No 138


Gazette.govt.nz — PDF NZ Gazette 2004, No 138




✨ LLM interpretation of page content

💰 Notes to the Financial Statement for the Year Ended 31 March 2004 (continued from previous page)

💰 Finance & Revenue
Financial Statements, Revenue, Expenditure, Professional Fees, Trustees' Fees, Grants Approved, Taxation Calculation, Excess Imputation Credits, Reserves, Trust Capital, Accounts Receivable, Debt Funding, Loans