✨ Financial Statements Notes
29 AUGUST 2014 NEW ZEALAND GAZETTE, No. 104 2913
THE COMMUNITY TRUST OF SOUTHLAND
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 31 March 2014
In arriving at the fair value for the Pioneer Capital Portfolio, the Trust has used the fair value assessed by Pioneer Capital II Limited Partnership (Pioneer Capital). Pioneer Capital uses fair value to measure its financial instruments, such as debt and equity investments in portfolio companies. All of Pioneer Capital’s equity investments held at balance date fall within Level 3. Pioneer Capital state that the valuation techniques used are appropriate in the circumstance given that the lowest significant level input for a Level 3 category is unobservable.
The financial statements for Pioneer Capital for the year ended 31 March 2014 have been audited by Ernst & Young. In the Audit report, Ernst Young’s opinion is that the accounts complied with generally accepted accounting practice in New Zealand and present fairly, in all material aspects, the financial position, performance and cashflows for the period ended 31 March 2014.
Fair Value Movements
The following table details movements in the fair value of Level 3 financial instruments measured using significant non-observable inputs in relation to the investment in Direct Capital IV and Pioneer Capital.
| Group | Parent | |||
|---|---|---|---|---|
| 2014 | 2013 | 2014 | 2013 | |
| $000 | $000 | $000 | $000 | |
| Opening balance | 884 | 695 | 884 | 695 |
| Net income recognised in the statement of financial performance | (38) | 10 | (38) | 10 |
| Total realised gains/(losses) recognised in the statement of financial performance | 77 | (42) | 77 | (42) |
| Total un-realised gains recognised in the statement of financial performance | 50 | 182 | 50 | 182 |
| Capital contribution | 776 | 90 | 776 | 90 |
| Capital distribution | (128) | (51) | (128) | (51) |
| Closing Balance | $1,621 | $884 | $1,621 | $884 |
Total gains/(losses) included in the statement of financial performance in relation to those financial assets held as at 31 March.
| Year ended 31 March | $89 | $150 | $89 | $150 |
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NZ Gazette 2014, No 104
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Community Trust of Southland Financial Report
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💰 Finance & RevenueFinancial report, Community Trust, Southland, Financial instruments, Risk management, Market risk, Credit risk, Liquidity risk