✨ Financial Statements Notes
THE COMMUNITY TRUST OF SOUTHLAND
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 31 March 2012
29. RELATED PARTY TRANSACTIONS (Cont'd)
Invest South Holdings Limited is owned 100% by The Community Trust of Southland. During the year Invest South Holdings Limited had paid a management fee to Invest South GP Limited of $35,450. At 31 March 2012 Invest South GP Limited was due $48,872 (2011: Nil) from Invest South Holdings Limited. At 31 March 2012 Invest South GP Limited owed Invest South Holdings Limited $24,532 (2011: $62,464).
On 1 April 2010, Invest South Limited Partnership purchased the investment in unlisted equities (note 13(i)) and the advances to third parties (note 13(ii)) from Invest South Holdings Limited. The assets were transferred at cost for $7,655,157. At 31 March 2012 Invest South Limited Partnership owed $7,371,796 to Invest South Holdings Limited (2011: $6,890,066).
During the year Invest South Limited Partnership advanced $10,500 to Bush Road Limited. At 31 March 2012 Bush Road Limited owed $52,500 to Invest South Limited Partnership (2011: $42,000).
During the year Back Country Foods Limited paid Peak Consulting Limited $8,150 for accounting services. Peter Carnahan is a Director/Shareholder of this Company. At March 2012 there were no amounts outstanding (2011: Nil).
All related party transactions were made on terms equivalent to those that prevail in arm's length transactions.
A list of all distributions of income and capital approved by The Community Trust of Southland during the year ended 31 March 2012 is available, on request, from the trust’s office at 62 Don Street (PO Box 1646), Invercargill 9840.
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NZ Gazette 2012, No 105
✨ LLM interpretation of page content
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Financial Report of the Community Trust of Southland
(continued from previous page)
💰 Finance & RevenueFinancial Statements, Grants, Trustees, Southland, Related Party Transactions, Investments, Management Fees
- Peter Carnahan, Director/Shareholder of Peak Consulting Limited