2020 Half Year Result and Interim Report

SOUTHERN CHARTER
FINANCIAL GROUP LIMITED


FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2019

UNAUDITED INTERIM
FINANCIAL STATEMENTS

Page 1 Interim Report 30 September 2019
Dear Shareholders

The Directors of Southern Charter Financial Group (“the Company”) are pleased to report its financial results
for the six months ended 30 September 2019.

Financial Results
Southern Charter Financial Group reports an unaudited net loss attributable to shareholders of $88,313 for
the half year ended 30 September 2019. This compares with a net profit attributable to shareholders of
$48,660 for the same period last year.

Compared to the prior period, more expenses were incurred in the half year ended September 2019 on legal
services and due diligence activities in relation to potential acquisitions.

Outlook
The Company continues to look for appropriate acquisition targets with the support of the new majority
shareholder. The Company will seek approval from all shareholders, as required, to complete any major
transaction.

On behalf of the Directors of Southern Charter Financial Group the Company extends its thanks to the
shareholders for their support of the Company.

Joseph van Wijk
Director

Page 2 Interim Report 30 September 2019

CONTENTS

GROUP INTERIM STATEMENT OF COMPREHENSIVE INCOME _______________________________ 3
GROUP STATEMENT OF FINANCIAL POSITION ___________________________________________ 4
GROUP INTERIM STATEMENT OF CHANGES IN EQUITY ____________________________________ 5
GROUP INTERIM STATEMENT OF CASH FLOWS __________________________________________ 6
NOTES TO THE FINANCIAL STATEMENTS _______________________________________________ 7
BUSINESS DIRECTORY _____________________________________________________________ 9

Southern Charter Financial Group Limited
Page 3 Interim Report 30 September 2019
GROUP INTERIM STATEMENT OF COMPREHENSIVE INCOME




This statement should be read in conjunction with the accompanying notes and the annual financial
statements for the year ended 31 March 2019.
For the period ended 30 September 2019
Unaudited
Unaudited
Audited
Six months
Six months
Year
Sep-19
Sep-18
Mar-19
$
$
$
Continuing operations
Interest Income
28,936


32,056


58,774


-


-


43,145


Administrative expenses
(117,249)


(80,716)


(214,916)


Loss before income tax
(88,313)


(48,660)


(112,997)


Income tax expense
-


-


-


Net loss for the period attributable to shareholders
(88,313)


(48,660)


(112,997)


Other comprehensive income
-


-


-


(88,313)


(48,660)


(112,997)


Earnings per share:
cents
cents
cents
Basic and diluted earnings/(loss) per share
(0.02)


(0.02)


(0.02)


Other Income
Total comprehensive loss for the period, net of tax, attributable to
shareholders

Southern Charter Financial Group Limited
Page 4 Interim Report 30 September 2019
GROUP STATEMENT OF FINANCIAL POSITION



28 November 2019



Director: Joseph Van Wijk Director: John Cilliers

This statement should be read in conjunction with the accompanying notes and the annual financial
statements for the year ended 31 March 2019.
As at 30 September 2019
UnauditedAudited
Six monthsYear
Sep-19Mar-19
$$
Assets
Current assets
Cash and cash equivalents2,283,005 2,404,377
Interest accrued on term deposits6,276 3,423
NZX Deposit20,000 20,000
GST receivable5,632 5,854
Income tax receivable (RWT)21,933 17,804
Total assets2,336,846 2,451,458
Equity and liabilities
Current liabilities
Trade and other payables76,569 102,868
Total liabilities76,569 102,868
Equity
Issued capital5,672,856 5,672,856
Accumulated loss(3,412,579) (3,324,266)
Total equity2,260,277 2,348,590
Total equity and liabilities2,336,846 2,451,458
centscents
Net Tangible Asset per Share0.44 0.46

Southern Charter Financial Group Limited
Page 5 Interim Report 30 September 2019
GROUP INTERIM STATEMENT OF CHANGES IN EQUITY



This statement should be read in conjunction with the accompanying notes and the annual financial
statements for the year ended 31 March 2019.


For the period ended 30 September 2019
Issued
capital
Accumulated
Loss
Total equity
$$$
As at 1 April 20185,672,856 (3,211,269) 2,461,587
Loss for the period- (48,660) (48,660)
Total comprehensive loss- (48,660) (48,660)
Unaudited balance for the period ended 30 September 20185,672,856 (3,259,929) 2,412,927
As at 1 October 20185,672,856 (3,259,929) 2,412,927
Loss for the period- (64,337) (64,337)
Total comprehensive loss- (64,337) (64,337)
At 31 March 20195,672,856 (3,324,266) 2,348,590
As at 1 April 20195,672,856 (3,324,266) 2,348,590
Loss for the period- (88,313) (88,313)
Total comprehensive loss- (88,313) (88,313)
Unaudited balance for the period ended 30 September 20195,672,856 (3,412,579) 2,260,277

Southern Charter Financial Group Limited
Page 6 Interim Report 30 September 2019
GROUP INTERIM STATEMENT OF CASH FLOWS



This statement should be read in conjunction with the accompanying notes and the annual financial
statements for the year ended 31 March 2019.
For the period ended 30 September 2019
Unaudited
Unaudited
Audited
Six months
Six months
Year
Sep-19
Sep-18
Mar-19
$
$
$
Operating activities
Other receipts
-


-


100,000


26,083


32,056


63,586


Payments to suppliers
(143,326)


(166,115)


(233,500)


Income tax paid
(4,129)


-


(17,804)


Net cash flows from operating activities
(121,372)


(134,059)


(87,718)


Investing activities
Net cash flows from investing activities
-


-


-


Financing activities
Net cash flows from financing activities
-


-


-


Net increase / (decrease) in cash and cash equivalents
(121,372)


(134,059)


(87,718)


Cash and cash equivalents at beginning of year
2,404,377


2,492,095


2,492,095


Cash and cash equivalents at end of year
2,283,005


2,358,036


2,404,377


Interest received

Page 7 Interim Report 30 September 2019
NOTES TO THE FINANCIAL STATEMENTS
1. STATEMENT OF ACCOUNTING POLICIES
Reporting entity
These consolidated financial statements and notes represent those of Southern Charter Financial Group
Limited. References to “SNC” are used to refer to the Group and Southern Charter Financial Group Limited
(the “Company”).
Southern Charter Financial Group Limited is a limited liability company incorporated and domiciled in New
Zealand. It is registered under the Companies Act 1993. SNC is listed on the NEW Zealand Stock Exchange
(“NZSX”). SNC is a FMC reporting entity under Part 7 of the Financial Markets Conduct Act 2013 and its
financial statements have been prepared in accordance with the Companies Act 1993, The Financial
Reporting Act 2013 and the Financial Markets Conduct Act 2013.
The registered office and principal place of business are disclosed in the directory to the annual report.
The principal activity of the Group until 31 August 2017 was as a developer and distributer of premium digital
products and services that enable commercialisation of the mobile and fixed web using various payment
methods. Subsequent to 31 August 2017 SCFG became a “listed shell” to enable future acquisition of a
suitable operating business.
Statement of compliance
The accounting principles adopted are those recognised as appropriate for the measurement and reporting
of financial performance and financial position on the historical cost basis. The accrual basis of accounting
has been used unless otherwise stated and the financial statements have been prepared on a going concern
basis.
The information is presented in New Zealand dollars which is the Company’s functional currency and the
Group’s presentation currency and are rounded to the nearest dollar.
2. SEGMENT INFORMATION
There have been no material change in the nature of operating segments since 31 March 2019
3. ADMINISTRATIVE EXPENSES

Six monthsSix monthsYear
Sep-19Sep-18Mar-19
$$$
Audit fees - financial statements5,379 15,440 30,000
Audit fees - financial statements prior period- - 9,412
Contractors33,550 35,283 74,441
Directors' fees18,000 18,000 36,000
Legal Fees48,018 240 20,896
NZX Listing and registry costs11,874 11,607 43,916
Other428 146 251
117,249 80,716 214,916

Page 8 Interim Report 30 September 2019
4. FINANCIAL RISK MANAGEMENT
There have been no material changes in the management of risk or in any risk management policies in
the current period.
5. PROPERTY, PLANT AND EQUIPMENT
There have been no changes in the estimated useful life of key items of plant and equipment.
6. INTANGIBLE ASSETS
There have been no changes in the estimated recoverable amount or estimated useful life of intangibles
7. RELATED PARTY TRANSACTIONS
Related party transactions for the period consisted of director fees of $12,000 and executive
management fees of $30,000 paid to Joseph van Wijk. Directors fees of $6,000 and professional services
fees of $3,550 in relation to accounting services and preparation of the 2019 annual report, were paid to
John Cilliers, a director of the company. Both values are included in the administrative expense as
reported for the period.
8. SIGNIFICANT EVENTS AFTER BALANCE DATE
There were no significant events subsequent to 31 March 2019.
9. AUDIT
These interim financial statements are not required to be audited.

Page 9 Interim Report 30 September 2019

BUSINESS DIRECTORY

Company number:
4844319

Directors:
Chang Ku EE, Chairman
Kuan Chong NG
Joseph van Wijk
John Cilliers

Registered office:
Level 2 Tower Building,
50 Customhouse Quay,
Wellington, 6011

Share Registrar
Link Market Services Limited
Level 7, Zurich House
21 Queen Street
Auckland 1010

Bankers:
Westpac Bank Limited

Solicitors:
Duncan Cotterill
Wellington

Auditors:
BDO, Auckland
Auckland

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SOUTHERN CHARTER FINANCIAL GROUP LIMITED
1




28 November 2019


SNC – 2020 Interim Result Release

Southern Charter Financial Group Limited (NZSX: SNC) is pleased to release its Interim Report
for the six months ended 30 September 2019.

Financial Results
Southern Charter Financial Group reports an unaudited net loss attributable to shareholders of
$88,313 for the half year ended 30 September 2019. This compares with a net profit attributable
to shareholders of $48,660 for the same period last year.

Compared to the prior year period, more expenses were incurred in the half year ended
September 2019 on legal services and due diligence activities in relation to potential
acquisitions.

Outlook
The Company continues to look for appropriate acquisition targets with the support of the new
majority shareholder. The Company will seek approval from all shareholders, as required, to
complete any major transaction.

On behalf of the Directors of Southern Charter Financial Group the Company extends its thanks
to the shareholders for their support of the Company.

Please refer to the attached Interim report and announcement for the detailed result for the
period.


For further information, please contact:
John Cilliers
Director
Southern Charter Financial Group
Email: john.cilliers@outlook.co.nz

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Results announcement
(for Equity Security issuer/Equity and Debt Security issuer)
Updated as at 8 May 2019


SOUTHERN CHARTER FINANCIAL GROUP LIMITED


Results for announcement to the market
Name of issuer Southern Charter Financial Group
Reporting Period 6 months to 30 September 2019
Previous Reporting Period 6 months to 30 September 2020
Currency
Amount (000s) Percentage change
Revenue from continuing
operations
$0 0%
Total Revenue $0 0%
Net profit/(loss) from
continuing operations
($88) (82%)
Total net profit/(loss) ($88) (82%)
Interim/Final Dividend
Amount per Quoted Equity
Security
Not Applicable, it is not proposed to pay dividends
Imputed amount per Quoted
Equity Security
Not Applicable
Record Date Not Applicable
Dividend Payment Date Not Applicable
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
$0.004 $0.005
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
Compared to the prior period, more expenses were incurred in
the half year ended September 2019 on legal services and due
diligence activities in relation to potential acquisitions. Please
refer to the Interim Report for additional detail.
Authority for this announcement
Name of person

authorised
to make this announcement
John Cilliers
Contact person for this
announcement
John Cilliers
Contact phone number +64 27 242-8485
Contact email address John.cilliers@outlook.co.nz
Date of release through MAP

28/11/2019

Unaudited financial statements accompany this announcement.