✨ Financial Statements
2942 NEW ZEALAND GAZETTE, No. 109 30 AUGUST 2010
THE COMMUNITY TRUST OF SOUTHLAND
NOTES TO & FORMING PART OF THE FINANCIAL STATEMENTS
For the Year Ended 31 March, 2010
- INVESTMENT IN ASSOCIATES (cont)
Movement in the carrying amount of the Group’s investments in associates:
| Group | ||
|---|---|---|
| 2010 | 2009 | |
| $000 | $000 | |
| Opening balance | 406 | 494 |
| Reclassification as a subsidiary | (216) | - |
| Share of profits of associates | (87) | (68) |
| Share of dividends | - | (20) |
| Closing balance | 103 | 406 |
The Group’s share of contingent liabilities of associates are disclosed in note 26.
- INVESTMENT IN SUBSIDIARIES
| Subsidiaries | Percentage Held | Balance Date | Principal Activity |
|---|---|---|---|
| Southland Community Trust Charities Limited | 100% | 31 March | Distribution of grants to charitable organisations |
| Invest South Holdings Limited (formerly Invest South Limited) | 100% | 31 March | Debt funding and equity investments |
| Invest South Asset Management Limited | 100% | 31 March | Asset Management |
| Back Country Foods Limited | 80% | 31 March | Freeze dried food producer |
- ACQUISITION OF BUSINESSES
On 23 June 2009, Invest South Holdings Limited purchased 17% of the Ordinary shares in Back Country Foods Limited for $84,000, taking its total shareholding to 59%. On 10 August 2009, Invest South Holdings purchased a further 21% of Back Country Foods for consideration of $105,000 and the remaining 25,000 preference shares for $25,000. This brought the total shareholding in Back Country Foods Limited to 80%.
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NZ Gazette 2010, No 109
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Financial Report of the Community Trust of Southland
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💰 Finance & RevenueFinancial Statements, Notes, Investments, Associates, Subsidiaries, Acquisitions, Back Country Foods Limited