✨ Financial Report Continuation
29 AUGUST 2014 NEW ZEALAND GAZETTE, No. 104 2915
THE COMMUNITY TRUST OF SOUTHLAND
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 31 March 2014
23. TERM LOANS
Facility: Term loan with fixed repayments
Maturity: 11 September 2018
Interest rate at balance date: 6.74% per annum
Repayments: Interest & principal
Security: Registered first ranking General Security agreement over Back Country Foods Ltd property and a specific security agreement from Back Country Foods Ltd over raw materials – unaudited
There are financial covenants with the ANZ Bank:
- Gearing, Effective Equity is equal to at least 50% of total tangible assets.
- Interest Cover, The ratio of Earnings before Interest and Taxation (EBIT) to Interest costs is not less than 2 to 1.
The Company’s gearing at 31 March 2014 was 47% which is less than the required 50%. After balance date but before the financial statements were authorised for issue, the bank gave written representation that it intends to take no action under its securities in regards to this breach. The loan will continue to be repaid in accordance with the original terms and conditions. The company will continue to monitor these covenants in the future. As required by NZIAS1 the bank borrowings are shown as a current liability at balance date.
24. TRUSTEE FEES
Trustee fees are set by the Minister of Finance at a fixed annual amount. Fees paid to Trustees are as follows:
| 2014 $000 | 2013 $000 | |
|---|---|---|
| Robin Campbell (retired July 13) | 9 | 22 |
| Joan Kiernan | 20 | 20 |
| Tracy Hicks | 24 | 23 |
| Alison Broad (retired Sept 12) | - | 9 |
| Wayne Harpur (retired Sept 12) | - | 8 |
| Raewynne Evans (retired Aug 13) | 4 | 17 |
| Trish Lindsay | 14 | 19 |
| Craig Robins | 16 | 18 |
| Linette Sinclair | 14 | 18 |
| Toni Green (retired July 13) | 4 | 16 |
| Richard Wason (commenced Oct 12) | 16 | 9 |
| Penny Simmonds (commenced Oct 12) | 14 | 8 |
| Stephen Bragg (commenced Aug 13) | 10 | - |
| Lindsay Wright (commenced Aug 13) | 10 | - |
| Trish Boyle (commenced Aug 13) | 10 | - |
| Total | 165 | 192 |
25. CONTINGENCIES
There are no contingent liabilities or contingent assets relating to the Group at 31 March 2014 (2013: Nil).
26. CAPITAL COMMITMENTS
The Community Trust of Southland is committed to providing funds up to $2 million to Direct Capital, for new capital acquired. To date $1,024,790 of this amount has been drawn upon. Additionally $2 million is also committed to Pioneer Capital, for new capital acquisitions; to date $614,687 of this amount has been drawn upon.
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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, Financial instruments, Risk management, Market risk, Credit risk, Liquidity risk, Term loans, Trustee fees, Contingencies, Capital commitments
15 names identified
- Robin Campbell, Trustee fee recipient
- Joan Kiernan, Trustee fee recipient
- Tracy Hicks, Trustee fee recipient
- Alison Broad, Trustee fee recipient
- Wayne Harpur, Trustee fee recipient
- Raewynne Evans, Trustee fee recipient
- Trish Lindsay, Trustee fee recipient
- Craig Robins, Trustee fee recipient
- Linette Sinclair, Trustee fee recipient
- Toni Green, Trustee fee recipient
- Richard Wason, Trustee fee recipient
- Penny Simmonds, Trustee fee recipient
- Stephen Bragg, Trustee fee recipient
- Lindsay Wright, Trustee fee recipient
- Trish Boyle, Trustee fee recipient