✨ Financial Statements
THE COMMUNITY TRUST OF SOUTHLAND
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 31 March 2014
17. INVESTMENT IN ASSOCIATES
| Associates | Percentage Held | Balance Date | Principal Activity | Consolidated Carrying Amount |
|---|---|---|---|---|
| 2014 | 2013 | 2014 | ||
| Bush Road Limited | 30% | 30% | 31 March | Vegetable Processors and Wholesalers |
| Taha Asia Pacific Limited | 32% | 32% | 31 March | Dross Recycling |
| Benmore Salmon Ltd | 49.85% | 49.85% | 31 March | Salmon Farm |
All entities are incorporated in New Zealand.
Interests in Associates
| Movements in carrying amounts | Group | Parent | ||
|---|---|---|---|---|
| 2014 | 2013 | 2014 | 2013 | |
| $'000 | $'000 | $'000 | $'000 | |
| Shares at cost | $2,494 | $4,494 | - | - |
| Opening balance | $4,645 | |||
| Acquisition of associates | 4,645 | 2,186 | - | - |
| Sale of associates during year | (2,000) | 2,380 | - | - |
| Impairment | (49) | (64) | - | - |
| Reversal of share of associate | ||||
| earnings on sale | (282) | - | - | - |
| Share of total recognised revenues | ||||
| and expenses | 252 | 143 | - | - |
| Balance at 31 March 2014 | $2,566 | $4,645 | $Nil | $Nil |
On the 3 December 2013 the entire shareholding in Taha Asia Pacific Limited was sold for $2 million less legal fees of $4,641. The sale resulted in a $285,525 loss calculated as follows:
| 2013 | |
|---|---|
| Carrying value | $2,280,884 |
| Less sale of shares in Taha Asia | |
| Pacific Ltd | 1,995,359 |
| Less loss on sale of investment | 285,525 |
| 2014 | |
| Carrying Amount | $ - |
18. INVESTMENT IN SUBSIDIARIES
The consolidated financial statements incorporate the assets, liabilities and results of the following subsidiaries in accordance with the accounting policy described in note 2(b):
Subsidiaries are incorporated in New Zealand.
| 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 | 100% | 31 March | Debt funding and equity investments |
| Invest South Limited) | |||
| Invest South GP Limited | 100% | 31 March | Management company |
| Invest South Limited Partnership | 100% | 31 March | Asset Management |
| Back Country Foods Limited | 59.2% | 31 March | Freeze dried food producer |
Next Page →
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