2010 AnnuA l RepoRt Licensing Trust | ILT Foundation

Annual General Meeting Elmwood Garden | 7 September 2010, 7.30pm 2010 Highlights Invercargill Licensing Trust | ILT Foundation at a glance

Photo courtesy of The Southland Times • $10.428 million in grants returned to our community - $52 million in the last five years.

• Managing the business through a full year of economic recession – consolidated (group) after-tax profit, before grants, was $11.223 million – down 3.8% on last year, but a very satisfactory result.

• Invercargill Licensing Trust (Parent) after-tax profit, before grants, was 3.4% down on last year’s performance.

• The ILT Foundation, for the 2008/09 year, returned the highest proportion of gaming income in grants to its community than any Photo courtesy of The Southland Times other gaming society in NZ. With the ratio from this past year exceeding the previous year’s level, it is very likely that we will have again achieved this notable position.

The ILT Foundation profit, before grants, was down 16% on last year.

• Our longstanding policy of re-investing in the Trust’s businesses continued in earnest throughout the year. Over $7 million was invested into several upgrades and new developments.

• Planning for a rebuild of the Northern Tavern was completed by year end. Concept planning for a new inner city hotel as well as a new development at our Tavern site commenced.

Greg Mulvey, General Manager

Our vision For Invercargill to grow and develop into the best place to live, work and play.

2 Invercargill Licensing Trust | ILT Foundation Review Of Your Trusts for the year ended 31 March 2010

Overview Consolidated Financial Performance As we review the 2009/2010 financial year, The consolidated net after-tax profit, before grants, is $11.223 million. This represents a a host of achievements feature despite decrease of 3.8% on last year’s result of $11.663 million. challenges arising from a tough economic climate – an accomplishment we are The consolidated group consists of the Invercargill Licensing Trust, the ILT Foundation and justifiably proud of. the equity accounted value of the Invercargill Licensing Trust’s investment in DB Brewery Ltd. The net after-tax profit, before grants, of the group is: Managing the full impact of the economic recession has proved testing but the solid profit performance produced met our 2010 2009 expectations and left the Trusts in a very sound financial position. Invercargill Licensing Trust (Parent) $5,504,000 $5,695,000 For the fifth consecutive year, total grants Change in value of associated company $486,000 ($297,000) have exceeded $10 million and we have ILT Foundation $5,233,000 $6,265,000 been at the forefront of initiating valuable community projects which advance our Consolidated (Group) $11,223,000 $11,663,000 vision of helping Invercargill develop into the best place in New Zealand to live, work and play. Total grants for the year were $10.428 million and compare to last year’s record level The Invercargill Licensing Trust’s of $10.767 million. Total grants allocated in the last five years now stand at $52 million, commitment to continually re-invest in undoubtedly making a real difference in our community. it’s businesses by undertaking major developments also proved successful. To ensure we meet the expectations of our customers, existing establishments were revamped and a new inner city venture, Barluca Pizza Kitchen and Club, was opened in April 2010. ‘We’re driven by a determination to not Looking to the future, we took an active only meet, but exceed the expectations interest and played our part in making of our community’ submissions to the Law Commission tasked with reviewing the sale of liquor in New Zealand and making recommendations for - Alan Dennis, President change.

3 Invercargill Licensing Trust

The after-tax net profit for the year, before grants, is $5,504,000, down 3.4% on last year’s result of $5,695,000. The pre-tax operating profit is $7,086,000, up fractionally on last year but it had the advantage of a reduced level of impairment losses to property as well as gains from unrealised revaluation of investments compared to the 2009 financial year. The Trust’s underlying pre-tax operating profit prior to the inclusion of those items was down 9.6% on last year’s result and reflected the full impact of the economic recession which existed throughout the year. Up slightly on budget, this financial performance Executive Management Team. Back: Greg McElhinney, Neil Affleck, Terry Laidlaw and Gary Muir. is considered a very satisfactory one given the Front: Greg Mulvey. demanding economic climate the Trust had to into 2011 with $5.3 million budgeted. Most of the was well advanced with the new premises operate in. The recession is expected to continue expenditure relates to the completion of the new expected to open in September 2010. Designed throughout the 2010/11 financial year. Southland Tavern and commencement of the to meet the expectations of our patrons, the Major factors influencing this result were: planned Northern Tavern redevelopment. new tavern features a dedicated restaurant facility and highlights our commitment to the • Total sales decreased by $660,000 or 0.8%. Despite this high level of capital work, we are future of South City. Lower sales were recorded in our on-premise budgeting to retain our substantial cash reserves businesses but these were partially offset by at similar levels to those on hand at the balance • Kelvin Hotel: Following a major an increase in off-premise sales. date. redevelopment, the stylish Level One Restaurant was officially opened in November • Income from our investments decreased 2009. Extensive work continued to extend due to lower interest rates received on our the theme through to the bar area, resulting short-term investments and a lower dividend Investing in the in a high quality restaurant/bar facility which received from our associate company. we are confident will prove popular with both future hotel guests and locals alike. • Operating expenses decreased by $411,000 or The continually evolving nature of the hospitality 1.5%. The reduction in cost was a very good • Avenal Homestead Tavern – Brewer’s industry – and the expectations of its patrons – result, necessary to offset the lower sales and Elbow: A complete refurbishment and reinforces the importance of our long-standing therefore gross profit contribution from our extension of this popular bar was finished policy of reinvesting in our individual businesses. various businesses. during the year and has been met favourably We’re unashamedly proud of all our ventures by its many patrons. • While the operating profit is very similar to last and dedicated to ensuring they remain relevant year’s, an increase in provision for taxation • Waxy O’Shea’s Irish Pub: Relocating the by injecting significant capital expenditure into gaming room at this inner city establishment by $209,000 is the main reason our after- their development and refurbishment – to a level will enable the creation of a function room tax profit decreased to $5,504,000 (last year unlikely to be matched anywhere in New Zealand. $5,695,000). and, by balance date, the majority of work was During the past year we invested over $7 million already completed. The popular pub will now • Trust businesses were affected to some into upgrades and developments, the highlights have an additional feature to offer its many degree by the high level of development and of which included: patrons. refurbishment work completed during the year, including three major projects – the Ascot • Ascot Park Hotel: A fourth wing of • Balmoral Lodge Motel: A complete revamp Park Hotel accommodation extension, the accommodation was completed in April 2010. of several more rooms at this successful motel development of Barluca Pizza Kitchen and Club The 20-room expansion comprises a mix of was completed during the year – the result of and partial construction of the new Southland apartment-style and studio rooms and adds to an on-going programme to upgrade all motel Tavern. In addition, we refurbished six other the flexibility of the hotel, which can now offer rooms to ensure their status as a `top-of-the- businesses which created minor disruption to a wider range of facilities for guests. range’ accommodation destination is retained. trading during the year but also provided some • Barluca Pizza Kitchen and Club: Since Extensive planning for the demolition and benefit when work was completed. opening in April 2010, our new inner city pizza subsequent rebuild of our Trust’s iconic Northern The Trust’s balance sheet remains very strong and entertainment bar has been extremely Tavern was completed. A time consuming with a minimal level of term debt. Our total well received by its many patrons. With its process, we consulted widely with patrons to assets are now $77.8 million. contemporary design, this high quality café ensure we `get it right’. We anticipate letting a and bar is a welcome addition to the city’s contract to rebuild the Northern Tavern on the From our after-tax profit of $5,504,000 we have hospitality industry. existing site in the new year. The main objective allocated grants of $3,377,000, resulting in a net of this major reinvestment project is to give the increase in our equity of $2,127,000. Our total • Southland Tavern: Demolition of the former business optimal chance of success for the next equity now equals $66.5 million. Southland Tavern during the year signalled 20 years and beyond. the start of construction on our latest venture. Over $7 million was invested into our development Temporary premises were established in the We have also commenced concept planning and refurbishment programme during the year – former tavern bottle store to cater for our loyal work for a new inner city hotel, along with a new a significant commitment which is set to continue customers. By the balance date, the project development at our Waikiwi Tavern site.

4 ILT Foundation Your City, Your Trust The ILT Foundation returns a higher proportion of minimisation policy, the It’s an uncomplicated slogan which speaks gaming income in grants back to its community ILT Foundation works volumes about our philosophy. than any other gaming society in New Zealand. alongside local problem The Invercargill Licensing Trust and ILT This notable achievement was published in gambling service Nga Foundation belong to the people of Invercargill the Department of Internal Affairs’ Gambits Kete Matauranga so naturally we’re totally committed to our newsletter in December 2009 (66.33% for the Pounamu Charitable community and its future. 2009 year). Trust to provide multi The concept of community ownership is both venue self-exclusions During the 2010 year, the ILT Foundation’s rate the Trust’s uniqueness and its reason for being from gaming machines of return was 68.5% (inclusive of a portion of – and understandably creates a degree of for all Class 4 gaming accountability. retained earnings) – well ahead of the minimum venues in Invercargill grant return rate of 37.12% of GST exclusive We believe that a licensing trust owned by its and Bluff. proceeds – and equated to over $7 million. Ann Eustace, community, and answering directly to it, is in an ILT Foundation Acknowledging its value ideal position to set high standards regarding the Established by the Invercargill Licensing Trust Manager and effectiveness, the manner in which it handles alcohol and gaming to own all gaming machines located exclusively to minimise the harmful effects. There has been ILT Foundation provided funding for this pilot in its establishments, the key purpose of the a perceptible shift in people’s attitudes towards programme. HELP cards introduced two years ILT Foundation is to return profits from those those effects and we will continue to develop our ago are also available at all our gaming venues machines to a wide variety of community approach to handling these sensitive products. to promote easy access to support services. organisations – and it excels in achieving an It would be easy to attempt to measure the equitable distribution. For the year ended 31 March 2010, the ILT achievement of the Trusts purely on the level of Foundation achieved an operating profit (before funding injected into the community each year The structure of the ILT Foundation is an grants) of $5,233,000. Compared with last year’s but, quite frankly, that would do us an injustice. innovative model designed to ensure a maximum result of $6,265,000, it represents a decrease of level of grants – its success evidenced by the Simply writing out the cheque isn’t nearly as 16% with declining income and the increased fact we continue to return the highest rate in the rewarding as being involved from inception to costs of compliance impacting on the result. country. completion in an array of ventures which have helped transform Invercargill into a vibrant place The ILT Foundation paid $2,247,000 in Gaming Funds raised here are injected back into our to live, work and play. Duty and $191,000 for the gambling protection community and a plethora of organisations have levy. We thrive on initiating projects which truly make reaped the rewards. We believe an organisation a difference – from interactive whiteboards in which has the advancement of community and Total grants allocated by the ILT Foundation for schools and life-saving defibrillators to world- social goals at its core is an appropriate one to the year were $7,049,000 and last year’s grants class facilities like Stadium Southland, the ILT operate gaming facilities. were $7,711,000. Velodrome and enrich@ILT.

The ILT Foundation is acutely aware of its social Grants distributed were not adversely affected by Forging these ideas enables our board members, responsibilities and committed to providing safe the decline in income as reserves were utilised management and staff to not only utilise their and enjoyable gaming venues. Proactive in our to keep the funding total up to the community’s expertise, but remain in touch with community needs – a crucial component in achieving our approach towards minimising gambling harm, expected levels. overall objectives. the ILT Foundation treats gaming as a sensitive All Invercargill Licensing Trust board members product. The Trust is also a major contributor to our are represented on the ILT Foundation as well local economy and few would doubt the positive In addition to on-going staff training and as the Trust’s solicitor Chris Ward and retired ILT impact made in enhancing the quality of life in adherence to our comprehensive gambling harm President Ray Harper. our city.

Invercargill Licensing Trust & ILT Foundation Boards

Alan Dennis Susanne Prentice Colin Winter Neil Boniface Neville Cook Ray Harper Chris Ward President Deputy President QSM JP JP MBA ILT Foundation ILT Foundation Board Only Board Only OBE Adv Dip TCHG QSM QSD LLB MNZTA Registered Trustee

Invercargill Licensing Trust 5 Making a difference ILT and ILT Foundation Grants by Category 2009/2010 Sport When organisations approach us for funding 33.8% assistance, we attempt to help each one which Community Facilities meets our policy guidelines. But money is only part of the solution. It takes people with energy Community, Community and dedication to make things happen in our Events & Recreation Facilities 11% 22% community. We’re lucky enough to meet fantastic people in our role who are equally as passionate Health / Welfare about theirs – many who have worked tirelessly 11% for years in an unpaid capacity. It is truly Arts / Culture Education 9% humbling. 13.2% It’s our job to merge that passion with the necessary funding to achieve results. minds for the exceptionally talented among triumph are evident in the contingent of us. All Invercargill primary schools benefit Invercargill athletes chosen to compete at the from the state-of-the-art technology at this Commonwealth Games in Delhi. We wish them Supporting our remarkable facility. ILT Foundation $366,000, every success and know they will represent ILT $104,000. their home city with pride. community • Schools Swimming Programme: This Nearly 400 local organisations have benefited initiative remains one of the most beneficial from a total grant allocation of $10,427,798 during examples of funding we have provided. For Art’s Sake the past financial year – the fifth consecutive Surrounded by water in Southland, what better Arts and culture thrives in the south with many year we have exceeded the $10 million mark. way to ensure our children are safe than to groups and organisations dedicated to providing Through funding support from ILT and ILT provide free swimming lessons. ILT $65,000, opportunities and entertainment for the people Foundation, we have touched every aspect of ILT Foundation $65,000. of Invercargill. We are always enthusiastic about Invercargill life, covering every age group. Where • Interactive Whiteboard Tutoring funding events and shows, along with supporting else in New Zealand do Trusts give so much back Programme: An innovative tool now found in the abundance of artistic talent in our community. to its owners? nearly every classroom of Invercargill schools, • Arts Policy: We identified the need and a Like Invercargill, we are unique – and proud of it. the programme is designed to promote the refreshed Arts Policy has been implemented use of the interactive whiteboards. By funding to provide a wider spectrum for scholarships The grants, of which the Invercargill Licensing tutors to upskill teachers and students, we covering all arts. Awarded to those with Trust contributed $3,377,812 and the ILT have enhanced the effectiveness of the outstanding talent in art, fashion design, dance, Foundation $7,049,986, are scheduled on the whiteboards. Invercargill schools are definitely instrumental music, singing, photography, final page of this report. the envy of their northern counterparts. ILT technical theatre, theatre or the visual arts, $118,000, ILT Foundation $100,000. A snapshot of some of the community projects and any other art field in all its forms, the undertaken during the past year with our • Dreamweaver: Children delight as she scholarships are designed to assist with the assistance were: weaves her storytelling magic at schools, expansion of their talents. providing a unique and entertaining experience • Performing Arts Competitions for our youngsters. ILT $8,000. Association of New Zealand: The quality In The Classroom of Invercargill’s venues certainly assisted in Creating the best possible educational securing the prestigious PACANZ New Zealand opportunities for our young people remains a key On The Sporting Pitch Young Performer Awards through until 2012. priority for our Trusts and is achieved through It’s an important element of life which contributes The arts to be staged at the Civic Theatre several significant funding initiatives. to the overall health of our community – and include ballet, pianoforte, instrumental, that’s reflected in our major funding contributions singing, tap dancing, modern dance, highland • Educational Conferences: A proven way to to sport and leisure in the city. dance, speech and drama. ILT $15,000, ILT upskill our teachers from pre-school through Foundation $15,000. to secondary level. Following the success Virtually every sport played in Invercargill benefits of primary education conferences, further from the millions of dollars the Trusts pour into • The Southland Art Society: (ILT Art funding has been approved for a preschool promotion, administration and coaching, creating Awards) and the Southern Pastel Artists are equivalent to be held in the city this year. ILT opportunities without peer in other cities or supported with grants to provide exhibitions for $114,000, ILT Foundation $5,766. towns. artists to show their creative original artworks. • Tertiary Scholarships: Our talented and • Sport funding: Sport and recreation • Invercargill Dance Club: We heard the plea motivated young adults are supported in has numerous spin-offs, including health, “we want more people to join”. We couldn’t reaching their maximum potential and forging education and community development. refuse and what a success this club has turned a great future. The scholarship programme Therefore, every sport receives funding to out to be. Our grant purchased a simple sound continues to prove popular and we are assist with coaching, uniforms, equipment system and some advertising and, from a encouraged by the prospect recipients will one and administration which enables membership struggling membership, the Invercargill Dance day contribute to the future growth, well-being subscriptions to remain as low as possible. Club now boasts a waiting list. ILT Foundation and vitality of our city. ILT $344,000. It also provides development which would $3,500. otherwise be out of reach. • Enrich@ILT: This inspiring learning centre • Polyfest: The brainchild of the Murihiku Maori has captured the attention of educators • Scholarships: From archery to rowing, and Pasifika Cultural Trust, the annual Polyfest around the world. The gifted programme numerous athletes from every code have event features colourful demonstrations stretches and inspires young minds to explore been awarded sporting scholarships to of traditional songs and dance, attracting learning outside the traditional realms – and enable them to fly the Southland flag on the thousands of participants and spectators. ILT provides an accepting environment of like national and international stage. Stories of $5,000, ILT Foundation $2,500.

6 historic endeavours at the World Cup in South At the time of writing this report, the Government Health, Welfare and Africa. ILT Foundation $1 million, ILT $340,000. had not indicated its intentions with regard to Aged Care the Law Commission Report or when it might • Waverley Bowling Club: Inclement weather consider the recommendations made. Supporting our senior citizens and the numerous won’t bother Invercargill bowling clubs welfare organisations dedicated to caring for following completion of this covered artificial those less fortunate in our community rates green. ILT Foundation $500,000. highly on our list of priorities. We’re honoured Challenges Await • Southland Buskers Festival: Hundreds of to make the jobs of some inspiring people a little Earlier this year economic and political easier by providing significant funding to many families were entertained with energetic and commentators reported the worst of the global organisations and causes. skilful shows during this event. Our grants recession was over, predicting the New Zealand kept ticket prices to a minimum and provided economy was launching its recovery. However, • Defibrillators: Two lives have been saved several free events which were eagerly our own experiences have been very different. already following our decision to install 50 embraced by the public. ILT $25,000, ILT defibrillators in the city – and they won’t be Foundation $22,000. In the first quarter of the new financial year there the last. The ILT Foundation recently approved was more of a negative impact on our trading additional funding to St John to train another • Burt Munro Challenge: Motorbike performance than for the corresponding period 500 people in basic first aid and use of the life- enthusiasts from around the world rumble last year. We expect our local economy to remain saving machines. Further organisations have into town each year to enjoy an event which under pressure for the full 2010/2011 financial received grants to purchase AED defibrillators – is fast becoming as legendary as the man year, which will continue to put strain on our after all, how could we say no? ILT Foundation himself. Ultimately, those visitors contribute to profitability – a forecast reflected in our financial $24,888 (training). the city’s economic wellbeing. ILT Foundation budgets. $17,000. • Age Concern: Our senior citizens now have a But we will embrace the challenges head-on and modern new facility to enjoy following a major • Southern Film Makers Trust: Look out continue to implement our programme for new redevelopment of the Age Concern centre. ILT Peter Jackson, we have our own acclaimed developments, along with evolving ideas for a Foundation $95,657, ILT $25,000. film makers here in Invercargill! A short film new inner city hotel and tavern projects. by Matthew Inns and Brian Campbell, “Oku We’re driven by a determination to not only • Southland Youth One Stop Shop: At the Tuakana My Brothers” was accredited at the meet, but exceed the expectations of our other end of the spectrum, our support has Cannes Film Festival. ILT $22,000. community by continuing to play a significant helped retain vital health and support services part in Invercargill’s future. This Trust is steadfast for Invercargill’s youth at Number 10, Deveron in its quest to help take this city to a whole new Street. ILT Foundation $35,000, ILT $15,000. Looking ahead level, ensuring we continue to punch above our • Family Works: Waiting lists for this valuable weight in the national and international arena. Presbyterian Support Services programme Legislation were continuing to grow. We answered their The important role licensing trusts play in their appeal for help with a substantial grant. ILT Board respective communities was recognised in the Foundation $130,000. The Board of the Invercargill Licensing Trust highly anticipated Law Commission’s Report comprises: Alan Dennis (President), Suzanne released in April 2010. Prentice (Vice-president), Neil Boniface, Colin Community Facilities With the Law Commission tasked with conducting Winter and Neville Cook. Mr Mark Winter resigned and Events a major review of New Zealand’s liquor laws, from the board effective from the end of January the Invercargill Licensing Trust previously made 2010 as he is living overseas. The decision was The rest of New Zealand looks at Invercargill submissions on the Issues Paper which was the made not to fill the vacancy prior to the 2010 with an envious glint in its eye when it comes forerunner to the report. triennial elections. to our world-class facilities. Stadium Southland, The Trustees of the ILT Foundation are: Alan the ILT Velodrome, Rugby Park, an international The central theme of our submission was that Dennis (Chairman), Suzanne Prentice, Neil hockey pitch, Splash Palace, Southland Football’s in dealing with potentially harmful products Boniface, Colin Winter, Neville Cook, Ray Harper premier turf, not to mention recently revamped like alcohol, the valuable point of difference and Chris Ward. Mr Mark Winter also resigned facilities for cricket, tennis and motorsport – it’s for licensing trusts was their engagement with, from the ILT Foundation for the reason noted an impressive collection. And the ILT and ILT and responsiveness to, their communities – a above. Foundation have been the major funders in most contention we supported with living examples cases. and a view shared by the New Zealand Police and Liquor Licensing Inspectors. The phrase `build it and they will come’ certainly Appreciation rings true judging by the array of events on offer. The Law Commission Report agreed legislation During this report we have made reference to relating to licensing trusts should not be changed, the challenges which lie ahead, the objectives • Pacific Island Advisory and Cultural other than minor adjustments. we have set ourselves and the absolute need to Trust: A new community centre in Bowmont deliver on the expectations of the community. Street has become the heart of Invercargill’s It stated there were few submitters expressing a Pacific Island communities. ILT Foundation desire for the preferential trading rights of trusts Achieving these goals would not be possible $124,000, ILT $35,000. to be removed and consultation with the public in without the unconditional commitment of our licensing trust areas indicated strong support for Board, management and staff. Therefore, we • Southland Football: Completion of a retaining those rights. wish to record our sincere appreciation for the new pavilion later this year will compliment dedication and on-going contribution they make Southland Football’s artificial all-weather It’s a position we have always advocated for to our Trusts. international turf at Turnbull Thomson Park. one simple reason; to benefit the people of Our involvement as the major funder in this Invercargill. It is vital your Trust retains its current worthwhile project will allow the sport to preferential trading rights to enable it to maintain capitalise on the recent influx in participation the enormous and on-going contribution it makes Alan Dennis Greg Mulvey – undoubtedly a spin-off from the All Whites’ to the community. PRESIDENT GENERAL MANAGER

Invercargill Licensing Trust 7 Summary Financial Statements for the year ended 31 March 2010

Financial Report Statement of Comprehensive Income Group Parent This is a summary of the full Financial Statements included in the Trust’s Annual Report for the year ended For the year ended 31 March 2010 2009 2010 2009 31 March 2010. The full Financial Statements have been $ $ $ $ prepared in accordance with NZ GAAP and are based on the Invercargill Licensing Trust being a profit-oriented Operating Income 84,745,516 86,503,943 76,128,059 76,788,996 entity. This summary has been prepared in accordance Less Cost of Sales (43,783,909) (43,763,547) (43,783,909) (43,763,547) with FRS-43; Summary Financial Statements. It has Plus Finance Income 1,876,558 2,266,707 2,043,215 2,447,117 been authorised for issue by G J Mulvey, General Plus Share of Profit of Manager on 20 August 2010. An unqualified audit Associate Company 972,954 426,556 - - report was issued on the full Financial Statements. The Summary Financial Statements cannot be expected to Less Finance Costs (1,412) (273,874) (1,412) (273,874) provide as complete an understanding of the financial Less Operating Expenses (31,005,060) (32,124,697) (27,300,109) (28,131,258) performance, financial position and cash flows of the Operating Surplus before Taxation 12,804,647 13,035,088 7,085,844 7,067,434 Group as the full Annual Report. A copy of the full Annual Report dated 12 August 2010 is available from Less Taxation (1,581,430) (1,372,133) (1,581,430) (1,372,133) the Head Office of the Invercargill Licensing Trust, 252 Operating Surplus after Taxation 11,223,217 11,662,955 5,504,414 5,695,301 Dee Street, Invercargill. Less Grants (10,427,798) (10,767,709) (3,377,812) (3,056,354) Total Comprehensive Income 795,419 895,246 2,126,602 2,638,947 Audit Report Statement of Financial Position To the readers of Invercargill Licensing Trust Group Parent and group’s Summary Financial Statements for As at 31 March 2010 2009 2010 2009 the year ended 31 March 2010 $ $ $ $ We have audited the Summary Financial Statements as Current Assets 32,290,116 34,381,755 25,949,592 27,248,402 set out on pages 8 and 9. Non Current Assets 57,266,763 52,651,800 51,878,908 47,410,983 Total Assets 89,556,879 87,033,555 77,828,500 74,659,385 Unqualified opinion Current Liabilities 13,373,333 11,735,031 9,773,461 8,820,551 In our opinion: Non Current Liabilities 1,554,869 1,465,266 1,554,869 1,465,266 • the Summary Financial Statements represents, Total Liabilities 14,928,202 13,200,297 11,328,330 10,285,817 fairly and consistently, the information regarding the major matters dealt with in the annual report; Net Assets 74,628,677 73,833,258 66,500,170 64,373,568 and • the information reported in the Summary Financial Statements complies with FRS-43; Summary Statement of Changes In Equity Financial Statements and is consistent with the full financial statements from which it is derived. Group Parent For the year ended 31 March 2010 2009 2010 2009 We expressed an unqualified audit opinion, in our report $ $ $ $ dated 13 August 2010 on the full Financial Statements. Equity at start of Year 73,833,258 72,938,012 64,373,568 61,734,621 Basis of opinion Total comprehensive income 795,419 895,246 2,126,602 2,638,947 The audit was conducted in accordance with the Auditor Equity At End Of Year 74,628,677 73,833,258 66,500,170 64,373,568 General’s Auditing Standards, which include the New Zealand Auditing Standards. Other than in our capacity as auditor, we have no relationship with or interests in Statement of Cash Flows the Trust. Group Parent Responsibilities of the Trustees For the year ended 31 March 2010 2009 2010 2009 and the Auditor $ $ $ $ The Trustees are responsible for preparing the Cash Flow from Operating Activities 5,486,899 7,147,935 5,499,494 5,787,759 Summary Financial Statements and we are responsible for expressing an opinion on those statements. Cash Flow from Investing Activities (12,029,499) (17,153,889) (12,172,309) (13,983,444) Cash Flow from Financing Activities (27,079) (25,882) (27,079) (25,882)

Ian Lothian, Net Increase (Decrease) (6,569,679) (10,031,836) (6,699,894) (8,221,567) Audit New Zealand in Cash Held On behalf of the Auditor-General Add Opening Cash 15,246,565 25,278,401 10,892,462 19,114,029 Christchurch, New Zealand Brought Forward 13 August 2010 Ending Cash Carried Forward 8,676,886 15,246,565 4,192,568 10,892,462

8 INVERCARGILL LICENSING TRUST INVERCARGILL LICENSING TRUST FINANCIAL ANALYSIS FINANCIALfor the Year Ended ANALYSIS 31 March 2010 for the Year Ended 31 March 2010

INCOME OVER THE LAST 5 YEARS INCOME OVER THE LAST 5 YEARS Income Over The Last 5 Years 80,000,000 Invercargill Licensing 70,000,000 Trust 80,000,000 Invercargill Licensing 70,000,00060,000,000 Trust Reporting Disclosures ILT Foundation 60,000,00050,000,000 ILT FoundationCapital Commitments 50,000,00040,000,000 The Invercargill Licensing Trust (Parent) had one project in 30,000,000 40,000,000 progress at 31 March 2010, which involved a future capital 30,000,00020,000,000 commitment of $1,467,000 (2009: six projects involving 20,000,00010,000,000 $7,210,000) 10,000,0000 2006 2007 2008 2009 2010 0 Non-Capital Commitments 2006 2007 2008 2009 2010 As at 31 March 2010 there were no non-capital Invercargill Licensing Trust ILT Foundation commitments (2009: nil)

OPERATING PROFIT OVER THE LAST 5 YEARS Grant Commitments OPERATING(before PROFIT deducting OVER Taxation THE and LAST Grants) 5 YEARS Operating Profit Over The Last 5 Years There were no future grant commitments at 31 March 2010 (before deducting Taxation and Grants) BeforeINVERCARGILL deducting TaxationLICENSING and TRUST Grants (2009: nil) INVERCARGILL LICENSING TRUST 9,000,000 Invercargill Licensing Trust 9,000,0008,000,000 TOTAL COMMUNITY GRANTS InvercargillOperating Lease Commitments (Lessee) Licensing 7,000,000 TOTAL COMMUNITY GRANTS Trust 8,000,000 ILT Foundation 7,000,0006,000,000 Education The Invercargill Licensing Trust (Parent) lease two 12,000,000 ILT Foundation 5,000,000 Education buildings under non-cancellable operating leases. The 6,000,00012,000,000 10,000,000 5,000,0004,000,000 Stadium Southland future minimum lease payments payable within the next 10,000,000 Stadium Southland 4,000,0003,000,0008,000,000 five years are $104,000 (2009: $180,000) 8,000,000 Community Health Facilities 3,000,0002,000,0006,000,000 6,000,000 Community Health Facilities 2,000,0001,000,0004,000,000 4,000,000 Community & Sporting Contingent Assets and Liabilities 0 Facilities 1,000,0002,000,000 Community & Sporting 2006 2007 2008 2009Facilities 2010 2,000,0000 The Invercargill Licensing Trust (Parent) had in place a 0 General Grants 0 20062006 2007 20072008 20082009 20092010 2010 fidelity guarantee for $55,000 as at 31 March 2010 (2009: Invercargill Licensing Trust ILT FoundationGeneral Grants 2006 2007 2008 2009 2010 A $55,000 fidelity guarantee)

How Each. DollarHow Each of Invercargill Dollar of Invercargill Licensing Licensing Trust Trust Income (Parent) is DistributedIncome is How Each Dollar of Invercargill DistributedLicensing Trust (Parent) Income is Related Parties (Parent). DepreciationDistributedIncome Tax Surplus available after 4% Income 2% Suprlus Available Tax Sundry Operating Depreciation Income Tax Surplus available after The Invercargill Licensing Trust (Parent) has provided Sundry Operating Expenses Depreciation 7% Sundry Operating 4% Tax2% After TaxTax 11% 4% ExpensesExpenses 2% 7% 7% gaming machine facilities, administration and other 11%11% services to the ILT Foundation valued at $1,370,383 for the

Staffing Costs year (2009: $1,403,887) 20% Staffing CostsStaffing Costs 20%20% The Invercargill Licensing Trust (Parent) purchases liquor products from it’s associate company, DB South Island Brewey Ltd, on commercial arms length terms and Cost of Goods for Sale conditions. Annual purchases ranged between $11m and 56% Cost Of Goods Cost of GoodsFor Sale 56% for Sale 56% $12m over the 2009 and 2010 financial years. As at 31 How Each Dollar of ILT Foundation Income is Distributed March 2010 $1,059,000 was owing to DB South Island How Each Dollar of ILT Foundation Income is Distributed Brewery Ltd (2009: $724,000) How Each Dollar of ILT Foundation Income isAdministration Distributed Costs Administration Costs1.4% Surplus Available For Grants Administration1.4% Costs The Group’s Trustees are members of various Invercargill Surplus available for Grants 1.4% 49.3%49.3% Operating ExpensesOperating Expenses Surplus available for Grants 20.2% organisations who have had dealings with the Group. This 49.3% Operating Expenses 20.2% has involved investment of funds as at 31 March 2010 of $11.06m (2009 $13.46m) and monetary grants totalling $1,283,933 (2009: $1,364,485)

DepreciationDepreciation 6.6% Depreciation6.6% 6.6% Gaming Machine Duty 22.5%Gaming Machine Duty 22.5% Gaming Machine Duty 22.5%

Invercargill Licensing Trust 9 $ $ Murihiku Swimming Club 1,500 Southland Water Polo 3,000 Invercargill National Council of Women Inc - Southland 1,000 Southland Youth One Stop Shop Trust Board 15,000 Licensing Trust Netball Southland 270,000 Southpoint Counselling Service 1,500 New Year’s Eve Charity Street Party 4,000 Sport Southland 78,910 Grants to the Community Newfield Dart Club 1,000 Squash City 800 Nomads Soccer Club 1,500 Squash Southland 24,320 $ Northend Bowling Club 500 St Catherine’s College Reunion 650 A Capella Singers Inc 3,000 Northern Noggers Fishing Club 1,500 St Mary’s Netball Club 5,000 Anti Bullying Campaign - Awareness programme 4,000 NZ Area Schools Association 500 St Theresa’s of Lisieux North Invercargill Parish 10,000 Appleby Cricket Club 3,500 NZ Deer Farmers Association - Southland 1,500 Stadium Southland 12,000 Appleby Pool Club 3,350 NZ Farm Forestry Association 2,000 Star Rugby Football Club 3,000 Arthritis NZ - Southland 6,000 NZ Institute of Management - Southland 6,000 Swim Southland 20,000 Athletics Southland 15,000 Old Boys’ Association Football Club 3,000 Table Tennis Southland Association Inc 4,000 Aurora College 1,000 Onslow Indoor Bowling Club 1,100 Te Rangi Bowling Club 1,200 Baden Powell Scout Guild 500 Outward Bound 2009 - Scholarships 59,800 Tertiary Education Scholarships 372,528 Badminton Southland 65,000 Pacific Island Advisory & Cultural Trust Inc 35,000 Touch Southland 16,140 Big Willy Rustlers 8 Ball Club 3,500 PACIFICA Invercargill Branch Women’s Council 2,000 Tumanako Rawhiti Te Kohanga Reo 1,500 Blue Jay Marching Club 800 Parents Incorporated - Southland 1,390 Venture Southland - Search4Stars 2010 7,500 Bowls Southland 10,000 Performing Arts Competitions Association 15,000 Verdon College 4,550 Brewers Elbow Sports Club 1,500 Phoenix Synchro Southland 15,000 Vibrant City Centre Invercargill Inc 750 Brigadiers Netball Club 1,000 Pirates Old Boys’ Rugby Club 2,000 Waihopai Bowling Club Inc 3,500 Cancer Society of NZ-Southland Division Inc 1,500 Pregnancy Help Inc 3,500 Waihopai Playcentre 2,500 Canteen-NZ Teenager Cancer Patients Society 1,000 Public Health South 1,574 Waikiwi Bowling Club 6,100 Cargill High School Reunion 1,500 Queens Park Association Football Club 3,500 Waikiwi Highland Piping and Dancing Society 3,000 Cargill Rest Home 2,000 Queens Park Golf Club Inc 500 Waikiwi Rugby Club 2,000 Chamber Music NZ - Southland Branch 12,000 Rape & Abuse Support Centre Southland Inc 5,000 Waverley Bowling Club 560 Child Protection Studies 2,000 Richmond Playcentre 500 Wolseley Car Club 2,000 Citizens Advice Bureau 7,000 Rosedale Kilties Marching Team 800 Youthline Invercargill 8,000 City of Invercargill Highland Pipe Band 20,000 Royal Agriculture Society - Southern District 500 Clifton Hunting & Fishing Club 1,400 Royal Guards Leisure Marching Team 1,000 Grants under $500 13,338 Club Southland Inc 1,600 Royal NZ Plunket Society - Invercargill Branch Inc 6,500 Grants Refunded - Not Required (6,463) Cycling Southland 30,808 Rugby Southland 370,159 Dance Southland 500 Sacred Heart Catholic Parish Council 5,000 Total $ , , Diabetes Southland Inc 7,000 Save the Children Fund NZ - Southland 3,500 3377812 Dodgers Softball Club 1,500 SBS Golf Invitational 1,000 Don’t Drink and Drive Campaign 3,493 Senior Citizens Christmas Dinners 27,656 Eastern Suburbs Rebels Pool Team 3,000 Soroptimist International of Invercargill 1,500 Family South Trust 3,000 South Centre Community House 15,000 First Presbyterian Church 500 South Island Post Office Golf Tournament 1,000 Foveaux Harmony Chorus Inc 3,500 Southern Aqualung Divers Club Inc 800 Foveaux Masters Swimming Club 4,000 Southern Film Makers Trust 22,000 Grants to the Community Georgetown Bowling Club 500 Southern Institute of Technology 2,500 Girl Guiding NZ - Southland Branch Southern Master Builders’ Association 1,000 2,000 $ Glen 560 All Sports Club 1,800 Southern Storytellers 3,000 Glen Country Music Club 3,000 Southland A & P Association 1,000 3rd Invercargill Girls Brigade 1,000 Glengarry Patrons Society 5,500 Southland Amateur Harness Racing 2,500 Age Concern Southland 7,650 Golf Southland Inc 8,000 Southland Art Society Inc 18,000 Air Training Corps Association - Scholarship 1,931 Grey Power Southland 12,000 Southland Basketball Association 155,000 Air Training Corps No 12 Squadron - Scholarship 700 Halberg Trust - Southland 4,000 Southland Beneficiaries and Community Rights 10,000 Altrusa International - Invercargill 500 Hockey Southland Inc 65,000 Southland Boxing Association Inc 2,000 Alzheimers Society Southland Inc 17,500 Hospice Southland 23,275 Southland Boys’ High School 11,450 Anderson Park Art Gallery 7,100 ILT Education Conference 2009 110,000 Southland Cage Bird Club 1,500 Aoga Amata PreSchool 4,995 ILT Dart League 2,000 Southland Cake Decorating Club 1,000 Aqua Health Inc 2,250 ILT Southland Kidz Expo 8,000 Southland Children’s Athletic Committee 1,000 Ascot Community School Indo-Australasian Psychiatry Association 2,000 Southland Community Broadcasters IWB Facilitator/Equipment 100,000 Invercargill Bowling Club 2,950 Charitable Trust 12,000 Athletics Southland 92,116 Invercargill City Charitable Trust Southland Competitions Society Inc 4,000 Awarua Social & Health Services 250 (Americarna, Buskers Festival) 85,000 Southland Council NZ Reading Association Inc 20,500 Badminton Southland 120,000 Invercargill City Libraries 8,200 Southland Cricket Association 57,500 Badminton Southland - 4 Scholarships 2,900 Invercargill Contract Bridge Club 3,000 Southland Cricket Umpires & Scorers Association 2,889 Bainfield Organic Gardens 20,000 Invercargill Fire Brigade 500 Southland Disability Enterprises Inc 33,775 Barnardos NZ Invercargill Branch 20,000 Invercargill Garrison Band 20,000 Southland District Health Board BLENNZ Southland Visual Resource Centre 1,000 Invercargill Harness Racing Club Inc 1,500 - Incubator Programme 16,000 Blue Jay Marching Club 1,100 Invercargill Indoor Bowls Sub Centre 2,000 Southland Diversional Therapy Support Group 1,500 Blue Light Invercargill Branch Inc Invercargill Irish Society 500 Southland Eagles Golfing Society 500 Cactus Programme & equipment 15,220 Invercargill Kendo Club 4,000 Southland Electrical Trades Association 3,000 Blues Indoor Bowling Club 1,400 Invercargill Musical Theatre Inc 49,244 Southland Energy Consortium 2,500 Bluff Community Charitable Trust Invercargill Old Boys’ Cricket Club 3,000 Southland Football Incorporated 365,000 Bluff Swimming Pool 50,000 Invercargill Parents Centre Inc 2,720 Southland Girls’ High School 9,000 Bluff Community School 1,000 Invercargill Poultry & Pigeon Club 500 Southland Gun Dog Club 1,000 Bluff Oyster & Food Festival 10,000 Invercargill Primary Schools Educational Initiatives Southland Indoor Leisure Centre Charitable Trust Bluff Rugby Club 2,000 Trust- enrich@ILT 128,889 (Stadium Southland) 150,000 Bluff Yacht Club 500 Invercargill Repertory Society Inc 15,000 Southland Justices of the Peace 500 Borland Lodge Adventure and Education Trust 20,000 Invercargill Rugby Football Club 16,000 Southland Marathon Committee 14,000 Bowls Southland 55,000 Invercargill Smallbore Rifle Association 1,500 Southland Mathematics Association 1,000 Boxing Association (Southland) Inc 7,000 Invercargill Summer Festival Committee 10,000 Southland Motorcycle Club Inc 2,000 Brigadiers Netball Club 800 Invercargill Sunrise Rotary Club 2,500 Southland Museum and Art Gallery Trust 1,500 BT Boxing Invercargill 2,000 Invercargill Truck Show & Parade 4,500 Southland Playcentre Association 10,000 Bush Haven Native Bird Rehabilitation Trust 1,000 Invercargill Victim Support Group Inc 2,000 Southland Primary Schools’ Cricket Team 2,000 Cancer Society of NZ-Southland Division Inc 20,000 James Hargest College 4,744 Southland Racing Club 2,500 CCS Disability Action Southland 31,500 Jellicoe Sea Scouts 2,500 Southland Reading Association 500 Choirs Aotearoa NZ - 2 Scholarships 4,000 Lees Street Kindergarten 2,000 Southland Science & Technology Fair 500 City of Invercargill Axemen Inc 4,200 Marist Brothers Old Boys’ Rugby Football Club 19,000 Southland Secondary Principals’ Association 17,500 City of Invercargill Highland Pipe Band 50,000 Marist Cricket Club 2,000 Southland Softball Association 10,000 CMO Legion of Frontiersmen T Troop 2,000 Meals on Wheels 2,263 Southland Tennis Association Inc 20,000 Collegiate Hockey Club 1,395 Murihiku Marae - Waihopai Runaka 15,000 Southland Triathlon & Multisport Club 10,000 Collegiate Netball Club 1,400 Over $ Million Put back into your community 10 10 $ $ $ Community Colleges NZ Ltd - Invercargill 6,033 Old Boys’ Association Football Club 2,000 Southland Indoor Bowls Centre 2,200 Conductive Education (Southland) Charitable Trust 10,000 Orca Swimming Club Inc 5,700 Southland Indoor Bowls Umpires Association 500 Cycling Southland - 3 Scholarships 10,000 Orphans Aid International Charitable Trust Southland Indoor Leisure Centre Charitable Trust Cycling Southland 185,000 Southland 259 (Stadium Southland ) 250,000 Cystic Fibrosis - Southland 1,328 Otago Southland Chinese Association Southland Life Education Community Trust 20,000 Da Vincis Netball/Touch Teams 424 Invercargill Branch 250 Southland Marathon Committee 15,000 Dance Opportunities Inc - Scholarship 5,000 Bowling Club 4,000 Southland Masters Badminton Club 1,500 Deaf Association of NZ Inc - Southland 10,000 Otatara Indoor Bowling Club 400 Southland Mature Employment Service Deep South Canoe Polo Club 893 Otatara Kindergarten 3,000 CharitableTrust 6,000 Demons Softball Club 2,200 Pacific Island Advisory & Cultural Trust Inc 159,000 Southland Miniature Horse Club 4,500 Diabetes Southland Inc 3,000 Panthers Softball Club 2,850 Southland Model Aero Club Invercargil Diabetes Youth NZ - Southland 300 Parafed Southland 5,500 Radio Flyers 2,000 Dodgers Softball Club - Invercargill 10,000 Parent to Parent - Invercargill 8,000 Southland Motorcycle Club Inc 97,000 Epilepsy Association of NZ - Southland Branch 8,000 Performing Arts Competitions Association 15,000 Southland Mountain Bike Club 1,000 First Church Heritage Building Charitable Trust 4,500 Phoenix Synchro (Southland) - 13 Scholarships 30,500 Southland Multi Nations Council 6,000 Foveaux Cake & Sugar Art Guild 500 Phoenix Synchro (Southland) 35,000 Southland Multiple Birth Club Inc 996 Foveaux Toastmasters Club 840 Presbyterian Support Services - Southland 130,000 Southland Multiple Sclerosis Society Inc 17,500 Freedom Community Centre - Glengarry Proactive Drive Youth Driver Education Trust 11,000 3,000 Southland Natural History Field Club Inc 3,550 Georgetown Bowling Club 2,000 Probus Club 400 Southland Olympic Weightlifting Inc Georgetown Piping & Dancing Society 1,000 Queens Park Association Football Club 9,000 5 Scholarships 6,000 Georgetown Scout Group 8,000 Queens Park Croquet Club Inc 3,108 Southland Otago Weightlifting Association Girl Guiding NZ - Southland 1,100 Queens Park Golf Club Inc 30,000 2 Scholarships 5,000 Golf Southland Inc 40,000 Queens Park Ladies Golf Club 750 Southland Piping & Drumming Development Trust 35,000 Gorge Road Clay Target Club - 2 Scholarships 4,000 Ranui Kindergarten 6,000 Southland Playcentre Association Grasmere Presbyterian Church Indoor Bowls 500 Rape & Abuse Support Centre Southland Inc 15,000 2,000 Southland Pony Club Incorporated Greenacres Country Club Inc 23,700 Rata Netball Club 4,000 6,000 He Tauaa Rugby League 4,000 Riverton Coastguard 1,500 Southland Power Boat Club 5,000 Head Injury Society of Southland Inc 15,000 Ronald McDonald House 2,500 Southland Racing Club 10,000 Heart Children - Southland 3,000 Rosebank Archery Club - Scholarship 2,500 Southland Riding for the Disabled 5,000 Heart of God Church Ministries Charitable Trust 4,000 Royal NZ Ballet - performances 5,000 Southland Rodeo Association Inc 5,000 HETTANZ Southland 600 Royal NZ Plunket Society - Invercargill Branch (Inc) 10,000 Southland Rowing Association Inc - 3 Scholarships 7,500 Hockey Southland Inc - Scholarship 1,000 Royal Society for the Prevention of Cruelty to Southland Santa Parade Charitable Trust 12,000 Hockey Southland Inc 155,000 Animals (Southland) 25,000 Southland Sled Dog Association 3,500 Hospice Southland Charitable Trust 40,000 Rugby Southland 350,000 Southland Society of Model Engineers Inc 2,000 Institute of Registered Music Teachers NZ Ruru School 13,066 Southland Softball Association 40,000 Southland - Scholarships 2,500 Sacred Heart Catholic Parish Council 20,000 Southland Softball Association - Scholarship 2,500 Invercargill Bowling Club 5,000 Samoan Methodist Women’s Fellowship Group 750 Southland Sports Car Club 555,000 Invercargill Cadet Unit 1,600 SBS Golf Invitational 1,500 Southland Stock Car Drivers Association 5,500 Invercargill Citizens Bowling Club 4,500 Schizophrenia Fellowship Southland Branch 7,500 Southland Teachers & Judges Association 750 Invercargill City Charitable Trust Scout Association of New Zealand-Southland Zone 25,000 Southland Ten Pin Bowling Association 1,070 (Buskers Festival) 22,000 Shakespeare in the Park Charitable Trust 9,000 Southland Tennis Association 75,500 Invercargill City Council Southend United Soccer Club 8,000 Southland Triathlon & Multisport Club Southland Arts Workshops Southern Jackpot Netball Team 600 4 Scholarships 4,800 Domestic Violence Programme Southern Models & Modellers Club 1,000 Southland Warm Homes Trust 100,000 Children’s Day Southern Railway & Modellers Club 600 Southland Water Polo 15,000 2010 Schools Swimming Programme 86,492 Southern River Community Church Southland Water Ski & Runabout Club 1,000 Invercargill Community Patrol Charitable Trust 2,500 Charitable Trust 20,000 Southland Women’s Club 8,000 Invercargill Dance Club 3,500 Southern Sou’NZ Inc 1,200 Southland Worker’s Educational Association 10,000 Invercargill Garrison Band Southland A & P Association 8,000 Southland Youth One Stop Shop Trust Board 35,000 Ascot Park Brass of Invercargill - 4 Scholarships 3,029 Southland ACC Advocacy Trust 5,000 Sport Southland 169,000 Invercargill Golf Club 3,750 Southland Archery and Bow Hunters Club Squash City - Invercargill 1,000 Invercargill Gymnastic Club Inc 7,913 3 Scholarships 4,500 Squash Southland 55,000 Invercargill Harness Racing Club Inc 20,000 Southland Archery and Bow Hunters Club 3,500 St Andrew’s Indoor Bowling Club 1,550 Invercargill Homing Pigeon Society 250 Southland Area NZ Equestrian Federation 3,000 St Theresa’s of Lisieux North Invercargill Parish 20,000 Invercargill Indoor Bowls Sub Centre 1,900 Southland Art Foundation 2,000 Stadium Southland 30,710 Invercargill Irish Society - Scholarship 2,500 Southland Art Society Inc 2,500 Star Rugby Football Club 15,000 Invercargill Musical Theatre Inc 60,725 Southland Asthma Society 20,000 Star Rugby Social Cricket 250 Invercargill Parents Centre Inc 3,273 Southland Basketball Association - Scholarship 1,200 Swim Southland - Scholarship 1,200 Invercargill Primary School Educational Initiatives Southland Basketball Association 89,800 Swim Southland 80,000 Trust - enrich@ILT Southland Battalion Boys’ Brigade 366,000 25,000 Table Tennis Southland Association - 2 Scholarships 1,800 Invercargill Repertory Society Inc 45,000 Southland Beneficiaries and Community Rights 15,000 Te Kohanga O Te Aho Matua 3,000 Invercargill Rowing Club 250,000 Southland Billiards and Snooker Association 4,500 Thistle AFC Inc 2,000 Invercargill Rugby Football Club 2,000 Southland BMX Club 3,120 Tisbury Pony Club 500 Invercargill Suzuki Violin Studio 500 Southland Bowling Club 4,000 Touch Southland 55,000 Invercargill Tap Dancing Association 2,500 Southland Boys’ High School 33,960 Venture Southland Invercargill Toy & Puzzle Library 4,500 Southland Boys’ High School - Scholarship 2,500 2009 May Arts Fest, 2010 Kidzone Festival James Hargest College - Scholarship to attend Southland Children’s Athletics Committee 7,000 2010 Southland Festival of the Arts NZ Sec Schools Symphony Orchestra 397 Southland Clay Target Club 15,000 67,500 Jehoiada Youth and Family Charitable Trust - event 5,000 Southland Community Broadcasters Verdon College 10,900 Kew Bowling Club 2,000 Charitable Trust 26,320 Verdon College - 3 Scholarships 3,532 Kew Women’s Bowling Club 500 Southland Companion Musical Society Inc 1,000 Vintage Car Club of NZ - Southland Branch Inc 12,000 Kidz Kartz and Pony Trust - Southland 5,000 Southland Council NZ Reading Association Inc 15,000 Volleyball Southland Inc 30,000 Lindisfarne Kindergarten 1,138 Southland Cricket Association 217,569 Waihopai Association Football Club 9,500 Makarewa Playcentre 3,000 Southland Darts Association - Scholarship 1,000 Waihopai Bowling Club Inc 7,500 Makarewa School 770 Southland Darts Association 3,000 Waihopai Playcentre 2,500 Marist Brothers Old Boys’ Rugby Football Club 20,000 Southland Disability Enterprises Inc 150,000 Waihopai Rowing Club (Inc) 28,000 Murihiku Marae - Waihopai Runaka 45,000 Southland District Health Board Waikiwi Indoor Bowls Club 350 Memorial Community Centre Inc 5,000 - Incubator Programme 32,000 Waverley Bowling Club 500,000 Myross Bush Netball Club 1,700 Southland Dog Training Club 15,000 Waverley Scout Group 1,700 Myross Bush Old Tarts Netball Team 800 Southland Down Syndrome Support Group 300 Windsor Community Church 2,000 Myross Bush School 800 Southland Equestrian Federation 2,500 YMCA Charitable Trust Southland 48,433 Netball Southland - 3 Scholarships 3,600 Southland Evergreen Softball 1,000 Netball Southland 200,000 Southland Foodbank Charitable Trust 18,000 Grants Refunded - Not Required (12,968) New River Primary School 1,000 Southland Football Incorporated 325,000 Nga Kete Matauranga Pounamu Charitable Trust 10,000 Southland Footnotes Dancers - 4 Scholarships 4,000 Total $ NZ Academy of Sport - Southland 15,000 Southland Golf Club 2,500 7,049,986

Invercargill Licensing Trust 11 Photo courtesy of The Southland Times

PO Box 208, Invercargill 9840, New Zealand PO Box 1771, Invercargill 9840, New Zealand Phone 03 211 3640 Fax 03 214 4418 Phone 03 211 3640 Fax 03 214 4418 Email [email protected] Email [email protected] www.ilt.co.nz www.iltfoundation.org.nz

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