Carisbrook Stadium Trust: Financial statements for the year ended 30.6.13

Received via Bev Butler
Wednesday, 12 March 2014 1:48 p.m.

The CST’s latest financial accounts – link to full financial statements and a copy of the summary below [click to enlarge].

CSCT Summary

[enter in your browser] *Carisbrook Stadium CT 30.6.13 signed Accounts.pdf*

Download: Carisbrook Stadium CT 30.6.13 signed Accounts (PDF, 255 KB)

For more, enter the terms *cst*, *csct*, *carisbrook*, *charitable*, *trust*, or *farry* in the search box at right.

Posted by Elizabeth Kerr


Filed under Business, Construction, CST, DCC, Economics, Hot air, Name, New Zealand, People, Politics, Project management, Property, Site, Sport, Stadiums, What stadium

19 responses to “Carisbrook Stadium Trust: Financial statements for the year ended 30.6.13

  1. Outdoors

    Imagine the world we live in if certain people weren’t obsessive. Keep up the good work Bev.
    Something is a brewing.

    • Bev Butler

      Outdoors, if you are the person who phoned me mid-sept now would be a good time to meet.

      • Outdoors

        Hi Bev, no that was not me however am grateful for your efforts on behalf of all ratepayers whether they see the value in your work or not. We deserve accountability regardless of the time it takes, thank you for your courage.

        • Bev Butler

          Thanks for that, Outdoors.
          If my mid-sept caller is watching then I’m now ready to meet as suggested. Have received information re the ‘person of interest’. Would be handy to discuss further some of the information of interest.

  2. Anonymous

    What did the Trust spend $300K+ on in a year when ostensibly it had no function whatsoever? It should have been wound up in 2011 after delivering the debacle. What did it do after that? Act as a Trust fund instead?

  3. Hype O'Thermia

    Remember the private funding that was a bit slow to materialise? (Why are we wait-ing, why-y are we waiting?) The Trust, ever concerned to reduce the project’s impact on ratepayers and to that end, observing the dairy boom, embarked on a scoping exercise to test the feasibility of investing in primary production.
    This consisted of giving 110% to passionately and visionarily milking the system.

    • Mike

      Hype: I actually have much more basic question – where did the faux-private funding go – if you’ll remember the deal was that the DCC took out a 10 year loan for ~$50m and was expecting about $5m a year to be funnelled from luxury seat sales to pay it off – looking at DVL’s books I’d expect to see money of about that much going from DVML’s books to DVL’s books – but I don’t see it – Calvin probably understands this better than I, does it go directly to DCHL? is DVML holding on to it and using it to prop up the ORFU?

      • Bev Butler

        Mike, I met with the Chairman of ORFU, Doug Harvey sometime ago. He stated that the ORFU only need to sell 200 tickets for it to break even. I thought I heard incorrectly so asked him to repeat it which he did. I checked further and have it in writing.

      • Hype O'Thermia

        It is my understanding that [some] very large donation[s] were made – were transferred from donor’s possession – but never “appeared” anywhere else. Info received some time ago from source other than the donor[s]. No further information has been gleaned since then so it remains a mystery.

      • Bev Butler

        Mike, the faux-private funding was used to run DVML ie basic business expenses like electricity, wages etc. Have that officially in writing as well.
        The private funding for construction was a lie.
        It never was intended to be for construction.

        • Mike

          Wow – I’ve long suspected that – so even with that money propping up DVML they are losing millions.

          So does that mean that Dave claimed he’d reduced the stadium loan term from 20 years to 18 years all he’d really done was simply merge a 10-year $50m loan into the 20-year loan for the rest of the stadium costs?

  4. Mike

    $26,000 on a dinner (paid by someone else – in a previous year, but if that were true it would have been on the previous year’s books as a liability)
    $24,000 on project administration in the year after the stadium was finished
    $14,000 for “administration” in a year when all they did was put on a dinner
    $500 worth of PR?

  5. Bev Butler

    Mike, there are a number of, shall we say, ‘irregularities’ in the CST’s financial accounts. Their accounts will in time be made accountable.

  6. Bev Butler

    Something else I have also wondered about is that on LinkedIn Guy Hedderwick is listed as Commercial Manager of CST from 2004 to 2010 yet
    the CST were not registered until August 2006.
    Also on Hedderwick’s Linked In it states he was Commercial Manager of DVML from July 2008 to present (5 years 6 months). DVML did not register until August 2009.

    • Mike

      I’m tempted to invoke Occam’s razor here and suggest that he simply wasn’t together enough to get his dates right when he filled in his linked in page.

      On the other hand wasn’t he the one responsible for ‘selling’ the pretend private fundraising? that was a condition required for the stadium to be built if that money is now being sidelined somewhere else, say to keep DVML afloat it does rather make a mockery of a certain court case

  7. Evidently, Guy Hedderwick (of CST/DVML) hasn’t updated his LinkedIn profile since the loss of full-time work at DVML in July 2013 (was it?).

    Does anyone know what he does in Adelaide besides work for DVML remotely, part-time (cough) ?

    And why did he lose the full-time DVML position ?

    Performance? Extra to requirement? Redundancy? (those sorts of questions, since there’s um, a whole stadium to be filled just sitting there…) Or did he personally fancy Adelaide’s weather?

    C’mon insiders, spell it out.

  8. Rob Hamlin

    it is interesting to see this term ‘equity’ in these accounts. Equity is usually attached to money that is ‘owned’ by someone. In the case of a company or other organisation, equity is money on which there is no short or long term call to meet liabilities at the time of reporting. The same goes for the ‘equity’ in your home.

    The only candidates as equity holders here are the trustee/settlor/owners. It is interesting that a not for profit trust which was supposed to act only as a conduit for other people’s money and whose settlors/trustee/owners only put in 10 bucks between themselves at its foundation should end up with ‘equity’ that amounted to a substantial six figure sum in 2011 when the CSCT ceased to have a purpose in life and its successor organisation DVL/DVML was up to its eyeballs in stadium debt as an outcome of acting on CSCT’s recommendations.

    Just as the CSCT was in the habit of submitting unitemised invoices into the DCC for ‘Trust Costs’ in units of $20,000, so DVML could have cleared out this residual trust ‘equity’ by submitting a single similar unitemised bill for ‘company costs’ to the CSCT [for] the nearest $20,000 unit – Couldn’t they?

    Failing this and as the CSCT ceased to fulfill any of the purposes laid out in its deed of trust when it handed over the Stadium to DVML in 2011, it should have been wound up promptly at that point, and its residual assets (most of which were described as ‘equity’ at the time) should have been dispersed among other charities as is required by the law. As inserting the term ‘otago rugby’ into the Charities Register produces no hits, perhaps ‘suitable’ charitable recipients were thin on the ground.

    However, the term ‘Salvation Army’ does bring up a charitable group who may well be addressing some of the more distressing local fallout from the CSCT’s recent activities and thus would in my opinion be a most suitable recipient of any residual CSCT largesse – then or now.

    Clearly, the windup of the CSCT has not happened as it should have done, and this ‘equity’ has been reduced from a substantial six figure sum in 2011 to barely twenty thousand dollars today, presumably via a stream of trust costs over the intervening two and a half year period. The situation is made even more complex by the fact that the CSCT still appears to be receiving donations (for what purpose, I have no idea – perhaps to build another stadium that actually works?). The accounts indicate that in 2013 it received $260,000 in donations (koha), but managed to incur ‘trust costs’ of c. $360,000+ in order to achieve this, thereby demolishing not only the 2013 ‘koha’ but the majority of the remaining pre-2013 ‘equity’ as well. Were I the source of that particular ‘koha’, and had intended it to support the worthy objectives of the CSCT, I would be most unimpressed – Wouldn’t you?

    Exactly what these trust ‘koha’ and costs were and exactly why the trust was left in existence in order to collect/incur them are a matter for intriguing further enquiry. My pick is that when equity hits zero (or less than ten bucks) the trust will be finally wound up. However, if this now pointless trust continues and if the inexplicable large ‘koha’ and the equally inexplicable large trust costs keep on coming and going within it with no final external charitable beneficiary for said ‘koha’ in sight, then it might be a matter for both the IRD and the Charities Commission to investigate. Koha is, after all, tax deductible at anything up to and including the top rate of income tax.

  9. Intriguing that PwC are CSCT’s auditors given PwC were asked by DCC to establish the cost of stadium construction (a question only partially answered to this day) – and given PwC had established such a large cost overrun (administration costs) by CSCT.

    Maybe it keeps things in the family, maybe DCC suggested PwC to CSCT for audit of this latest set of financial statements. I dunno.

    22.2.14 Carisbrook Stadium Trust costs
    7.9.12 Ombudsman assists release of CST file information
    12.5.12 Farry’s CST overspends budget by 46%
    24.2.12 ‘The final cost of the stadium is … unknown.’

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