New Zealand Gazette – 2008 – No. 69

Page 1928

✨ Financial Statements



NEW ZEALAND GAZETTE, No. 69

3 APRIL 2008

9. Trust Capital
Opening balance 158,460,000 158,460,000 158,460,000 158,460,000
Transfer from capital maintenance reserve – 631,317 – 631,317
Grants paid from capital – (631,317) – (631,317)
158,460,000 158,460,000 158,460,000 158,460,000

10. Accounts Receivable
Accounts receivable 218,047
110,749
157,781
25,479
Provision for doubtful debts –
218,047
110,749
157,781
25,479

11. Back Country Foods Limited

The advance to Back Country Foods Limited recorded in the group statement of financial position as at 31 March 2007, 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.

12. Loan Funding

As at 31 March 2007, the following issues are relevant regarding the current loan funding:

  • 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.

  • Woodlands Apiary Limited have defaulted on their loan payments and on 8 May 2007, Invest South Limited exercised its power under the loan agreement and appointed John White as receiver.

2007 2006
Investment in finance leases 249,148 249,148
Other advances 5,047,616 4,269,882
Total debt 5,296,764 4,519,030

Represented by:

2007 2006
Current 1,212,656 751,038
Non current 4,084,108 3,767,992
Total debt 5,296,764 4,519,030

13. Loans

Loan balances outstanding as at 31 March were as follows:

2007 Group 2006 Group 2007 Parent 2006 Parent
Troopers Memorial Corner Charitable Trust 195,000 195,000 195,000 195,000
Southland Museum and Art Gallery – 14,115 – 14,115
Ringa Ringa Heights Golf Club 36,000 36,000 36,000 36,000
Croydon Aviation Museum 280,000 280,000 280,000 280,000
Tuatapere Hump Ridge Track – 40,000 – 40,000
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 21,000 24,000 21,000 24,000
Troopers Memorial Corner Charitable Trust – Yule House 170,000 180,000 170,000 180,000
Southland Heritage Buildings Preservation Trust – 25,000 – 25,000
Wyndham Rest Home 100,000 100,000 100,000 100,000
Parata Rest Home 15,000 15,000 15,000 15,000
Borland Lodge 331,641 311,400 331,641 311,400
Southland Indoor Leisure Centre Charitable Trust 800,000 – 800,000 –
Total 2,095,141 1,367,015 2,095,141 1,367,015

Each loan is repayable on demand. All loans are interest free, with the exception of the loan to Borland Lodge, which attracts interest of 6.5%.

14. Investment in Associates

(a) Carrying amount of associates

2007 2006
Carrying amount at beginning of year 149,171 143,364
Equity accounted earnings of associates 21,300 8,807
Addition of associates 375,246 –
Dividends from associates (3,000) (3,000)
Disposal of associate – –
Carrying amount at end of year 517,717 149,171


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Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2008, No 69


Gazette.govt.nz — PDF NZ Gazette 2008, No 69




✨ LLM interpretation of page content

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

💰 Finance & Revenue
Financial Performance, Community Trust, Southland, Investment, Cash Flows, Accounting Policies, Trust Capital, Accounts Receivable, Loans, Investments
  • Enno Oudshoorn, Subject of legal proceedings
  • Klaas Smak, Subject of legal proceedings
  • John White, Appointed as receiver