✨ Financial Statements Notes
2920
NEW ZEALAND GAZETTE, No. 104
29 AUGUST 2014
THE COMMUNITY TRUST OF SOUTHLAND
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 31 March 2014
Transactions between subsidiaries (continued)
Directors fees have been paid to Peak Consulting Ltd (P Carnahan) by Benmore Salmon Ltd $18,000 (2013: $18,000), of which $600 was owed at year end (2013: Nil), Waikaia Gold Ltd $20,000, (2013: $5,000) and Back Country Foods Ltd $7,200 (2013: $7,200). Peter Carnahan is a director on these companies. Additionally Back Country Foods Ltd paid Peak Consulting Ltd $937 for accounting services performed during the year (2013:$1,031).
Directors fees have been paid to B Hightsted (Director) from Back Country Foods Ltd $4,800 (2013: $4,800) and Benmore Salmon Ltd $12,000 (2013: $8,000). Brett Hightsted is a director on these companies.
Invest South GP Limited is the general partner to Invest South Limited Partnership. During the year, Invest South Limited Partnership paid a management fee to Invest South GP Limited of $287,902 (2013: $329,503). At 31 March 2014 Invest South GP Limited was due $92,509 (2013: $43,890) from Invest South Limited Partnership. At 31 March 2014 Invest South Limited Partnership owed $7,377,620 to Invest South Holdings Limited (2013: $7,376,735) and $2,313,267 to Southland Community Trust Charities Limited (2013: $5,137,435). Invest South Holdings Ltd owed Invest South GP Limited $60,216 (2013: $60,308). The advances are unsecured, repayable on demand and interest free. It is not expected the advances will be repaid or received in the next 12 months.
Shareholder loans have been advanced to Benmore Salmon, $255,025 (2013: $255,025), Waikaia Gold Ltd $1,521,000 (2013 $1,521,000), Waikaia Sheet Pile Ltd, $73,800 (2013 $Nil) and Areograph Ltd $40,000 (2013: $40,000). As from 1 April 2014, interest will be charged on the loan to Benmore Salmon, currently it is interest free. For the year ended 31 March 2014, interest of $2,214 has been charged on the Waikaia Sheet Pile loan (2013: Nil). The loans to Waikaia Gold Ltd and Areograph Ltd are interest free.
A loan of $95,667 (2013: $95,667) has also been advanced to Evanos Trust, a shareholder of Benmore Salmon Ltd. Interest of $4,777 has been charged on this loan for the year to 31 March 2014 (2013: $2,791). Additionally a loan of $126,409 has been advanced to B & K Crossan, shareholders & directors of Back Country Foods Ltd, (2013 $155,428). Interest for the year of $12,602 has been received on this loan (2013 $16,764).
30. DISTRIBUTIONS OF INCOME AND CAPITAL
A list of all distributions of income and capital approved by The Community Trust of Southland during the year ended 31 March 2014 is available, on request, from the Trust’s office at 62 Don Street (PO Box 1646), Invercargill, 9840 or on the Trust’s website www.ctos.org.nz.
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NZ Gazette 2014, No 104
✨ LLM interpretation of page content
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Community Trust of Southland Financial Report
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💰 Finance & RevenueFinancial report, Community Trust, Southland, Grants, Funding, Transactions, Subsidiaries, Directors fees, Shareholder loans
- Peter Carnahan, Director receiving fees
- Brett Hightsted (Director), Director receiving fees