2021 Half Year Result and Interim Report

SOUTHERN CHARTER
FINANCIAL GROUP LIMITED


FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2020

CONDENSED INTERIM
FINANCIAL STATEMENTS

Page 1 Interim Report 30 September 2020
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 2020.

Financial Results
Southern Charter Financial Group reports an unaudited net loss attributable to shareholders of $59,163 for
the half year ended 30 September 2019. This compares with a net loss attributable to shareholders of
$88,313 for the same period last year.

Compared to the prior period, less expenses were incurred in the half year ended September 2020 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 2020

CONTENTS

STATEMENT OF COMPREHENSIVE INCOME _____________________________________________ 3
STATEMENT OF FINANCIAL POSITION _________________________________________________ 4
STATEMENT OF CHANGES IN EQUITY __________________________________________________ 5
STATEMENT OF CASH FLOWS ________________________________________________________ 6
NOTES TO THE FINANCIAL STATEMENTS _______________________________________________ 7
BUSINESS DIRECTORY ____________________________________________________________ 10

Southern Charter Financial Group Limited
Page 3 Interim Report 30 September 2020
STATEMENT OF COMPREHENSIVE INCOME




These interim financial statements have not been audited, nor reviewed by the auditor and should be read in
conjunction with the accompanying notes and the annual financial statements for the year ended 31 March
2020.
For the period ended 30 September 2020
Unaudited
Unaudited
Six months
Six months
Sep-20
Sep-19
$
$
Continuing operations
Interest Income
18,221


28,936


Administrative expenses
(77,384)


(117,249)


Loss before income tax
(59,163)


(88,313)


Income tax expense
-


-


Net loss for the period attributable to shareholders
(59,163)


(88,313)


Other comprehensive income
-


-


(59,163)


(88,313)


Earnings per share:
cents
cents
Basic and diluted earnings/(loss) per share
(0.01)


(0.02)


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

Southern Charter Financial Group Limited
Page 4 Interim Report 30 September 2020
STATEMENT OF FINANCIAL POSITION



27 November 2020


Director: Joseph Van Wijk Director: John Cilliers

These interim financial statements have not been audited, nor reviewed by the auditor and should be read in
conjunction with the accompanying notes and the annual financial statements for the year ended 31 March
2020.
As at 30 September 2020
Unaudited
Audited
Six months
Year
Sep-20
Mar-20
$
$
Assets
Current assets
Cash and cash equivalents
2,172,927


2,244,497


Interest accrued on term deposits
7,500


-


NZX Deposit
20,000


20,000


GST receivable
9,576


-


Income tax receivable (RWT)
3,002


15,367


Total assets
2,213,005


2,279,864


Equity and liabilities
Current liabilities
Trade and other payables
83,455


82,045


GST Payable
-


9,106


Total liabilities
83,455


91,151


Equity
Issued capital
5,672,856


5,672,856


Accumulated loss
(3,543,306)


(3,484,143)


Total equity
2,129,550


2,188,713


Total equity and liabilities
2,213,005


2,279,864


cents
cents
Net Tangible Asset per Share
0.41


0.43

Southern Charter Financial Group Limited
Page 5 Interim Report 30 September 2020
STATEMENT OF CHANGES IN EQUITY



These interim financial statements have not been audited, nor reviewed by the auditor and should be read in
conjunction with the accompanying notes and the annual financial statements for the year ended 31 March
2020.


For the period ended 30 September 2020
Issued
capital
Accumulated
Loss
Total equity
$$$
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
As at 1 October 20195,672,856 (3,412,579) 2,260,277
Loss for the period- (71,564) (71,564)
Total comprehensive loss- (71,564) (71,564)
At 31 March 20205,672,856 (3,484,143) 2,188,713
As at 1 April 20205,672,856 (3,484,143) 2,188,713
Loss for the period- (59,163) (59,163)
Total comprehensive loss- (59,163) (59,163)
Unaudited balance for the period ended 30 September 20205,672,856 (3,543,306) 2,129,550

Southern Charter Financial Group Limited
Page 6 Interim Report 30 September 2020
STATEMENT OF CASH FLOWS



These interim financial statements have not been audited, nor reviewed by the auditor and should be read in
conjunction with the accompanying notes and the annual financial statements for the year ended 31 March
2020.
For the period ended 30 September 2020
Unaudited
Unaudited
Six months
Six months
Sep-20
Sep-19
$
$
Operating activities
Other receipts
-


-


10,721


26,083


Payments to suppliers
(94,656)


(143,326)


Income tax paid
(3,002)


(4,129)


Income tax refund received
15,367


-


Net cash flows from operating activities
(71,570)


(121,372)


Investing activities
Net cash flows from investing activities
-


-


Financing activities
Net cash flows from financing activities
-


-


Net increase / (decrease) in cash and cash equivalents
(71,570)


(121,372)


Cash and cash equivalents at beginning of year
2,244,497


2,404,377


Cash and cash equivalents at end of year
2,172,927


2,283,005


Interest received

Page 7 Interim Report 30 September 2020
NOTES TO THE FINANCIAL STATEMENTS
1. STATEMENT OF ACCOUNTING POLICIES
Reporting entity
These unaudited interim financial statements and notes represent those of Southern Charter Financial
Group Limited (“SNC” or “the Company”).
Southern Charter Financial Group Limited is a limited liability company incorporated and domiciled in
New Zealand. The registered office and principal place of business are disclosed in the directory to the
annual report.
The Company is currently non trading. There are no seasonal or cyclical influences on these interim
results.
Basis of preparation
These unaudited interim financial statements for the six months ended 30 September 2020 have been
prepared in accordance New Zealand Generally Accepted Accounting Practice (“NZ GAAP”), with New
Zealand Equivalent to International Accounting Standard 34: Interim Financial Reporting (“NZ IAS 34”)
and with International Accounting Standard 34: Interim Financial Reporting (“IAS 34”).
Southern Charter Financial Group Limited is a company registered under the Companies Act 1993 and is
an FMC reporting entity under the Financial Markets Conduct Act 2013. The Company is listed on the
NZX Market. These financial statements have been prepared in accordance with the requirements of the
Financial Markets Conduct Act 2013 and the NZX Main Board Listing Rules.
The interim financial statements do not include all of the notes of the type normally included in an
annual financial report. Accordingly, this report should be read in conjunction with the financial
statements included in the annual report for the year ended 31 March 2020 which have been prepared
in accordance with New Zealand equivalents to International Financial Reporting Standards (“NZ IFRS”)
and International Financial Reporting Standards (“IFRS”).
The interim financial statements are presented in New Zealand dollars which is the Company’s functional
and presentation currency and are rounded to the nearest dollar.
The interim financial statements are unaudited. The comparative information as at 31 March 2020 is
audited.
Accounting policies
The interim financial statements have been prepared using the same accounting policies and methods of
computation detailed in the audited financial statements for the year ended 31 March 2020. For details
of the accounting policies please refer to the 2020 Annual Report.
These unaudited interim financial statements have been approved for issue by the Board of Directors on
27 November 2020.
2. SEGMENT INFORMATION
There have been no material change in the nature of operating segments since 31 March 2020

Page 8 Interim Report 30 September 2020
3. ADMINISTRATIVE EXPENSES

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. EARNINGS PER SHARE

There have been no changes in the estimated useful life of key items of plant and equipment.

6. NET TANGIBLE ASSET BACKING

Net tangible assets are calculated as total assets minus intangible assets, and less all liabilities
Unaudited
Unaudited
Six months
Six months
Sep-20
Sep-19
$
$
Audi t fees - fi nanci al statements
19,420


5,379


Contractors
26,640


33,550


Di rectors' fees
18,000


18,000


Legal Fees
2,400


48,018


NZX Li sti ng and regi stry costs
10,778


11,874


Other
146


428


77,384


117,249


Unaudited
Unaudited
Six months
Six months
Sep-20
Sep-19
Total comprehensi ve l oss for the year, net of tax, attri butabl e to
sharehol ders
[ $ ]
($59,163)
($88,313)
Wei ghted average number of shares
514,894,500


514,894,500


Basi c and di l uted earni ngs/(l oss) per share
[ cents ]
(0.01)


(0.02)


UnauditedAudited
Sep-20Mar-20
Net Tangi bl e Assets2,129,550 2,188,713
Issued shares at bal ance date514,894,500 514,894,500
Net Tangi bl e Asset per share (cents)0.41 0.43

Page 9 Interim Report 30 September 2020
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 $1,650 in relation to accounting services and preparation of the 2020 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 2020.
9. AUDIT
These interim financial statements are not required to be audited.

Page 10 Interim Report 30 September 2020

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

---

Results announcement



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 2020
Previous Reporting Period 6 months to 30 September 2019
Currency
Amount (000s) Percentage change
Revenue from continuing
operations
$0 0%
Total Revenue $0 0%
Net profit/(loss) from
continuing operations
($59) 33%
Total net profit/(loss) ($59) 33%
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
$0.0041
(as at 30 Sep 2020)
$0.0043
(as at 31 Mar 2020)
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
Compared to the prior period, less expenses were incurred in
the half year ended September 2020 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

27/11/2020

Unaudited financial statements accompany this announcement.