✨ Financial Statements Notes
10 MARCH 2009 NEW ZEALAND GAZETTE, No. 29 775
THE COMMUNITY TRUST OF SOUTHLAND
NOTES TO & FORMING PART OF THE FINANCIAL STATEMENTS
For the Year Ended 31 March, 2008
11. ADVANCES – OTHER
Loan balances outstanding at 31 March, 2008 were as follows:
| Group 2008 $000 | Group 2007 $000 | Parent 2008 $000 | Parent 2007 $000 | |
|---|---|---|---|---|
| Troopers Memorial Corner Charitable Trust (i) | - | 195 | - | 195 |
| Bluff Healthy Homes | 32 | 36 | 32 | 36 |
| Ringa Ringa Heights Golf Club | - | 36 | - | 36 |
| Croydon Aviation Museum (ii) | - | 280 | - | 280 |
| Southland Rural Fire Authority | 50 | - | 50 | - |
| Invercargill Artificial Sport Surface Trust | 97 | 97 | 97 | 97 |
| Northern Southland Medical Trust | 50 | 50 | 50 | 50 |
| Oatau Community Health Trust | 18 | 21 | 18 | 21 |
| Troopers Memorial Corner Charitable | - | - | - | - |
| Trust - Yule House | 160 | 170 | 160 | 170 |
| Arrowtown Community Pre-School | 9 | - | 9 | - |
| Wyndham Rest Home | 100 | 100 | 100 | 100 |
| Parata Rest Home | - | 15 | - | 15 |
| Borland Lodge | 353 | 332 | 353 | 332 |
| Southland Indoor Leisure Centre Charitable Trust | 800 | 800 | 800 | 800 |
| $1,669 | $2,095 | $1,669 | $2,095 |
(i) Under the terms and conditions of the loan to Troopers Memorial Corner Charitable Trust, the loan will be forgiven on 21 June 2010. The Trustees have assessed the likelihood of the amount being required to be repaid prior to that date as unlikely and as such have reclassified the loan to grants paid.
(ii) Under the terms and conditions of the loan to Croydon Aviation Museum, the loan will be forgiven upon the completion of the Museum's construction. This is expected to occur within the next 12 months. The Trustees have assessed the likelihood of the loan being required to be repaid as unlikely and as such have reclassified the loan to grants paid.
All other loans are repayable on demand. All loans are interest free with the exception of the loan to Borland Lodge which incurs interest of 6.5%.
12. ADVANCES INVESTMENT
| Group 2008 $000 | Group 2007 $000 | Parent 2008 $000 | Parent 2007 $000 | |
|---|---|---|---|---|
| Finance Leases | - | 249 | - | - |
| Other advances | 3,921 | 5,048 | - | - |
| $3,921 | $5,297 | $Nil | $Nil |
The Other advances relate to certain lending activities carrying interest rates between 11.85% and 13.50%.
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NZ Gazette 2009, No 29
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Financial Statements of The Community Trust of Southland
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💰 Finance & Revenue26 November 2008
Financial Statements, Community Trust, Southland, Managed Funds, Investments, Fair Value