✨ Financial Statements
2 NOVEMBER 2006
NEW ZEALAND GAZETTE, No. 126
Transfer from statement of financial performance
23,268,758
25,159,499
38,149,998
7,120,873
8,059,332
9,343,996
22,785,300
1,633,895
39,665,629
6,869,810
10,058,421
11,343,085
Total reserves
- Trust Capital
Opening balance
Transfer from capital maintenance reserve
Grants paid from capital
158,460,000
631,317
(631,317)
158,460,000
158,460,000
6,725,092
(6,725,092)
158,460,000
158,460,000
631,317
(631,317)
158,460,000
158,460,000
6,725,092
(6,725,092)
158,460,000
- Accounts Receivable
Accounts receivable
Provision for doubtful debts
110,749
–
110,749
580,838
(31,932)
548,906
25,479
–
25,479
509,540
–
509,540
- Back Country Foods Limited
The advance to Back Country Foods Limited recorded in the group statement of financial position as at 31 March 2006, represents dividends paid to Invest South Limited by way of a credit to Invest South Limited’s shareholder current account. The advance is interest free and repayable upon demand.
- Debt Funding
As at 31 March 2006, the following issues are relevant regarding the current debt funding:
The receivership of Abalone NZ Limited was completed on 15 July 2005. Invest South Limited had provided for a loss on the investment in Abalone NZ Limited of $355,000. However, at the conclusion of the receivership, Invest South Limited recovered $17,427.
The receivership of Gas Hornby Limited was completed on 23 September 2005. Invest South Limited provided for a loss on the investment of $373,667. However, at the conclusion of the receivership, Invest South Limited recovered $48,249 and total receiver’s fees of $55,973 being $38,413 relating to the 2005 financial year and $17,560 in the 2006 year.
The board of Invest South Limited has initiated legal proceedings against Enno Oudshoorn and Klaas Smak under the terms of the investors’ agreement signed when Invest South Limited initially invested $680,000 capital in Tulip International Limited. The agreement provides that in the event of default, Invest South Limited has the right to put the shares back to Enno Oudshoorn and Klaas Smak at original cost. Default occurred on the loan advanced to Tulip International Limited and the company was placed into receivership.
| 2006 | 2005 | |
|---|---|---|
| Investment in finance leases | 249,148 | – |
| Other advances | 4,269,882 | 2,065,732 |
| Total debt | 4,519,030 | 2,065,732 |
Represented by:
| | 2006 | 2005 |
|----------------|------------|------------|
| Current | 751,038 | 296,925 |
| Non current | 3,767,992 | 1,768,807 |
- Loans
Loan balances outstanding as at 31 March were as follows:
| Group | 2006 | 2005 | Parent 2006 | Parent 2005 |
|---|---|---|---|---|
| Troopers Memorial Corner Charitable Trust | 195,000 | 195,000 | 195,000 | 195,000 |
| Southland Museum and Art Gallery | 14,115 | 29,115 | 14,115 | 29,115 |
| Ringa Ringa Heights Golf Club | 36,000 | 36,000 | 36,000 | 36,000 |
| Nga Hau E Wha Society | – | 42,221 | – | 42,221 |
| Croydon Aviation Museum | 280,000 | 280,000 | 280,000 | 280,000 |
| Tuatapere Hump Ridge Track | 40,000 | 80,000 | 40,000 | 80,000 |
| Invercargill Artificial Sports Surface Trust | 96,500 | 96,500 | 96,500 | 96,500 |
| Northern Southland Medical Trust | 50,000 | 50,000 | 50,000 | 50,000 |
| Otautau Community Health Trust | 24,000 | 27,000 | 24,000 | 27,000 |
| Troopers Memorial Corner Charitable Trust – Yule House | 180,000 | 180,000 | 180,000 | 180,000 |
| Southland Heritage Buildings Preservation Trust | 25,000 | 25,000 | 25,000 | 25,000 |
| Wyndham Rest Home | 100,000 | – | 100,000 | – |
| Parata Rest Home | 15,000 | – | 15,000 | – |
| Borland Lodge | 311,400 | – | 311,400 | – |
| Total | 1,367,015 | 1,040,836 | 1,367,015 | 1,040,836 |
Each loan is repayable on demand. All loans are interest free, with the exception of the loan to Nga Hau E Wha Society, which attracts interest of 7% and the loan to Troopers Memorial Corner Charitable Trust which attracts interest of 7.285% and is paid by way of a grant.
- Investment in Associates
(a) Carrying amount of associates
| 2006 | 2005 | |
|---|---|---|
| Carrying amount at beginning of year | 143,364 | 115,000 |
| Equity accounted earnings of associates | 8,807 | 31,364 |
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2006, No 126
Gazette.govt.nz —
NZ Gazette 2006, No 126
✨ LLM interpretation of page content
💰 Financial Performance and Reserves
💰 Finance & RevenueFinancial Statements, Reserves, Capital Maintenance, Grants
💰 Trust Capital
💰 Finance & RevenueTrust Capital, Opening Balance, Transfers, Grants
💰 Accounts Receivable
💰 Finance & RevenueAccounts Receivable, Doubtful Debts
💰 Back Country Foods Limited
💰 Finance & RevenueAdvance, Dividends, Shareholder Current Account
💰 Debt Funding
💰 Finance & RevenueReceivership, Investments, Legal Proceedings, Enno Oudshoorn, Klaas Smak
- Enno Oudshoorn, Legal proceedings initiated against
- Klaas Smak, Legal proceedings initiated against
💰 Loans
💰 Finance & RevenueLoan Balances, Interest Rates, Repayment Terms
💰 Investment in Associates
💰 Finance & RevenueCarrying Amount, Equity Accounted Earnings