New Zealand Gazette – 2005 – No. 175

Page 4422

✨ Financial Statements



4422 NEW ZEALAND GAZETTE, No. 175 13 OCTOBER 2005

N. J. Wyeth 37 19,555 19,495
P. B. Redpath 36 19,985 18,185
D. Williams 38 18,643 17,280
M. Hawes (appointed June 2003) 26 15,495 10,538
K. S. Henderson (appointed June 2003) 30 15,705 12,708
G. M. Neave (appointed June 2003) 39 17,980 14,073
207,236 196,151

Trustee fees and honorariums are set by the Minister of Finance.

  1. Investments in Associates
    Invest South Limited is in the business of investing, principally by way of equity investment, in businesses in the Southland region. Invest South Limited’s balance date is 31 March. The group owns 100% of Invest South Limited’s 10 million shares.
    The group’s investment in Invest South Limited comprises:
2005 $ 2004 $
Opening value of investment 5,521,898 2,643,193
Additional shares purchased – 5,125,000
Share of operating surplus/(deficit) 247,206 (2,246,295)
Closing value of investment 5,769,104 5,521,898
  1. Grants Approved
2005 $ 2004 $
Grants approved this year 7,535,654 7,260,486
Less prior year’s grants cancelled (397,653) (337,441)
Net grants approved 7,138,001 6,923,045

  1. Trust Area and Purpose
    The trust’s specified area includes all of the areas of Invercargill City Council, Southland District Council, Gore District Council, the Heriot and Tapanui areas of Clutha District Council, and the Wakatipu Basin area of Lakes District Council.
    The trust’s principal activities are to invest the trust capital, both within the specified area and outside of the region, and to distribute grants for charitable, cultural, philanthropic, recreational and other purposes being purposes beneficial to the community principally within the trust’s specified area.

  2. Property, Plant and Equipment

Cost Accum depn 2005 value 2004 value
Land 457,419 227,419 180,000 160,000
Buildings 523,063 73,063 450,000 440,000
Office equipment 210,996 157,949 53,047 48,397
Furniture and fittings 153,841 124,627 29,214 43,636
Motor vehicles 87,363 17,191 70,172 84,900
Totals 1,432,682 650,249 782,433 776,933

Land and buildings have been revalued as at 31 March 2005, and are stated at their revalued amounts as determined by an independent registered valuer.

  1. Investments Managed by Fund Managers
    The group has funds with five investment managers (fund managers), being Alliance Bernstein, AMP Capital, Capital International, ING (NZ) Limited, Tower Asset Management and Invest South Limited. Market values and asset allocations of these investments as at balance date were as follows:
Alliance Bernstein (NZ$m) AMP Capital (NZ$m) Capital International (NZ$m) ING (NZ) Ltd (NZ$m) Tower Asset Mgmt (NZ$m) Invest South Ltd (NZ$m) Total 2005 value (NZ$m) Total 2004 value (NZ$m)
NZ equities 19.74 5.77 25.51 22.85
Overseas equities 35.04 25.78 60.82 56.64
NZ fixed interest 27.93 27.93 33.92
Overseas fixed interest 44.14 44.14 40.70
Property 1.32 1.32 0.50
Cash 4.80 11.20 16.00 14.28
Totals 35.04 34.05 25.78 30.94 44.14 5.77 175.72 168.89

Exposure to currency, interest rate and credit risk arises in the normal course of the fund managers’ management of the group’s investments. 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.



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Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2005, No 175


Gazette.govt.nz — PDF NZ Gazette 2005, No 175




✨ LLM interpretation of page content

💰 The Community Trust of Southland Financial Statements (continued from previous page)

💰 Finance & Revenue
Financial Performance, Trust Funds, Financial Position, Income, Expenditure, Grants