✨ Financial Report
THE COMMUNITY TRUST OF SOUTHLAND
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 31 March 2014
14. Loan Receivables (continued)
| Group 2014 $000 | Group 2013 $000 | Parent 2014 $000 | Parent 2013 $000 | |
|---|---|---|---|---|
| Current portion | 270 | 738 | 10 | 75 |
| Non-current portion | 2,617 | 3,049 | 281 | 760 |
| Total | $2,887 | $3,787 | $291 | $835 |
The loan receivables relate to lending activities carrying interest rates between 5% and 13%. A selection of the loans to entities where the Group is also a shareholder, do not earn interest.
(i) Loans to Community Groups
| Group 2014 $000 | Group 2013 $000 | Parent 2014 $000 | Parent 2013 $000 | |
|---|---|---|---|---|
| Southland Outdoor Stadium Trust | - | 750 | - | 750 |
| Northern Southland Medical Trust | 25 | 50 | - | - |
| Otautau Community Health Trust | - | 3 | - | - |
| Troopers Memorial Corner Charitable Trust | 100 | 110 | 100 | 110 |
| Yule House | ||||
| Wyndham & Districts Community Rest | 25 | 75 | 25 | 75 |
| Home Incorporated | ||||
| Arrowtown Trust | 100 | 100 | 100 | 100 |
| South Catlins Charitable Trust | 110 | 150 | 110 | 150 |
| Sport Southland | 10 | 19 | - | - |
| Gore & Districts Community Counselling | ||||
| Centre Incorporated | 30 | - | - | - |
| Discount Provision | (44) | (353) | (44) | (350) |
| Total | $356 | $904 | $291 | $835 |
Loans are interest free. To comply with IFRS, all interest free loans have been discounted to present value at the market rate of 5.74%. This has resulted in $310,747 being recorded as income this year after $352,548 was expensed last year. This calculation will be re-calculated each year with the resulting gain/loss being returned through the statement of financial performance.
15(a). INVESTMENT IN UNLISTED EQUITIES
| Group 2014 $000 | Group 2013 $000 | Parent 2014 $000 | Parent 2013 $000 | |
|---|---|---|---|---|
| IZON Limited | 250 | 250 | - | - |
| Impairment provision | (44) | (44) | - | - |
| Total | 206 | 206 | ||
| Areograph Limited | 393 | 393 | - | - |
| Impairment provision | (393) | (393) | ||
| Total | - | - | ||
| Fiordland Lobster Company Limited | 2,000 | 2,000 | - | - |
| Rothbury Group Limited | 1,660 | 2,000 | - | - |
| Waikaia Gold Limited | 1,014 | 1,014 | - | - |
| Waikaia Sheet Pile Ltd | - | - | ||
| Te Kete Putea Limited Partnership | 107 | 125 | 107 | 125 |
| Total | $4,987 | $5,345 | $107 | $125 |
Investments in unlisted equities are shown at cost, as it is not possible to get a reliable fair value estimate. Shares in Te Kete Putea Ltd Partnership are being amortised over the estimated life of the partnership.
15(b). INVESTMENTS IN LISTED EQUITIES
| Group 2014 $000 | Group 2013 $000 | Parent 2014 $000 | Parent 2013 $000 | |
|---|---|---|---|---|
| Pacific Edge Biotechnology Limited | 1,117 | 496 | 1,117 | 496 |
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NZ Gazette 2014, No 104
✨ LLM interpretation of page content
💰
Community Trust of Southland Financial Report
(continued from previous page)
💰 Finance & RevenueFinancial report, Community Trust, Southland, Taxation, Trust capital, Reserves, Grant obligations, Loan receivables, Community groups, Unlisted equities, Listed equities