Opaque

3 Jul

With the Southland Outdoor Stadium Trust finances  now up to date I thought I would have the full picture.  Doubt it!  The 2011 trust finances had shown $842K of Rugby World Cup one off grants.

rwc

They had a surplus of $615K therefore  I had been waiting, and thinking the expenditure would be shown in the 2012 finances.  Nothing.  No  expenses relating to $800K worth of work on the building or anything else.  There doesn’t seem to be accounts with the money in or term deposits with it in either.  No loans decreased significantly with the $615K surplus either.  The previous year didn’t have any large overdrafts that would have swallowed it up (2008 and 2009 finances showed Bank Overdrafts).  I am not suggesting anything untoward BUT if it is shown as income why can I not see the expenditure of that income?  If it is spent..where, when, on what?…

I don’t know if it is just me but my brain cannot process it coming in, not going out, and not still there.

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2 Responses to “Opaque”

  1. cracker666 July 3, 2014 at 6:50 pm #

    Haven’t had time to look at it in great detail, but suspect they have expensed through the balance sheet to add to the equity in the Stadium. Same as the other Stadium. Need to compare with Rugby Southland’s accounts. Not opaque, but allowed.

    • Kylie July 3, 2014 at 10:15 pm #

      I’m told that is the case (via email) It would be nice if they added that to the financial note – “….was used to upgrade the stadium and is shown as an increase in the value of the asset” or something. Far better for a layman like me.

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