2023 Half Year Result and Interim Report

SOUTHERN CHARTER
FINANCIAL GROUP LIMITED


FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2022

CONDENSED INTERIM
FINANCIAL STATEMENTS

Page 1 Interim Report 30 September 2022
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 2022.

Financial Results
Southern Charter Financial Group reports an unaudited net loss attributable to shareholders of $132,374 for
the half year ended 30 September 2022. This compares with a net loss attributable to shareholders of
107,388 for the same period last year.

Compared to the prior period, more expenses were incurred in the half year ended September 2022 on
directors fees with the addition of KC Ng as a full director and an increase in individual fees, whilst still
remaining within the limits of the approved fee pool, to recognize the increased workload on directors
engaged in due diligence activities in relation to potential acquisitions. The director fee increase is partially
offset by a reduction in management fees, as disclosed in the related party note of the report.

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

The Directors of Southern Charter Financial Group extend their thanks to the shareholders for their support
of the Company.

Page 2 Interim Report 30 September 2022

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 2022
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
2022.
For the period ended 30 September 2022
UnauditedUnauditedAudited
Six monthsSix monthsYear
Sep-22Sep-21Mar-22
$$$
Continuing operations
Interest Income10,289 4,016 11,264
Administrative expenses(142,636) (111,404) (175,914)
(132,347) (107,388) (164,650)
Loss before income tax(132,374) (107,388) (164,650)
Income tax expense- - -
Net loss for the period attributable to shareholders(132,374) (107,388) (164,650)
Other comprehensive income- - -
(132,374) (107,388) (164,650)
Earnings per share:centscentscents
Basic and diluted earnings/(loss) per share(0.03) (0.02) (0.03)
Loss before interest, tax, depreciation, amortisation and other items
Total comprehensive loss for the period, net of tax, attributable to
shareholders

Southern Charter Financial Group Limited
Page 4 Interim Report 30 September 2022
STATEMENT OF FINANCIAL POSITION



29 November 2022


Director: Bruce Dunlop 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
2022.
As at 30 September 2022
UnauditedAudited
Six monthsYear
Sep-22Mar-22
$$
Assets
Current assets
Cash and cash equivalents663,877 21,749
Term Deposit1,200,000 1,980,000
Interest accrued on term deposits6,600 2,821
GST receivable10,230 8,048
Income tax receivable (RWT)1,823 2,718
1,882,530 2,015,336
Non-current assets
NZX Deposit20,000 20,000
20,000 20,000
Total assets1,902,530 2,035,336
Equity and liabilities
Current liabilities
Trade and other payables128,459 128,889
Total liabilities128,459 128,889
Equity
Issued capital5,672,856 5,672,856
Accumulated loss(3,898,785) (3,766,409)
Total equity1,774,071 1,906,447
Total equity and liabilities1,902,530 2,035,336
centscents
Net Tangible Asset per Share0.3446 0.3703

Southern Charter Financial Group Limited
Page 5 Interim Report 30 September 2022
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
2022.


For the period ended 30 September 2022
Issued
capital
Accumulated
Loss
Total equity
$$$
As at 1 April 20215,672,856 (3,601,759) 2,071,097
Loss for the period- (107,388) (107,388)
Other comprehensive income- - -
Total comprehensive loss- (107,388) (107,388)
Unaudited balance for the period ended 30 September 20205,672,856 (3,709,147) 1,963,709
As at 1 October 20215,672,856 (3,709,147) 1,963,709
Loss for the period- (57,262) (57,262)
Other comprehensive income- - -
Total comprehensive loss- (57,262) (57,262)
At 31 March 20225,672,856 (3,766,409) 1,906,447
As at 1 April 20225,672,856 (3,766,409) 1,906,447
Loss for the period- (132,376) (132,376)
Other comprehensive income- - -
Total comprehensive loss- (132,376) (132,376)
Unaudited balance for the period ended 30 September 20225,672,856 (3,898,785) 1,774,071

Southern Charter Financial Group Limited
Page 6 Interim Report 30 September 2022
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
2022.
For the period ended 30 September 2022
UnauditedUnauditedAudited
Six monthsSix monthsYear
Sep-22Sep-21Mar-22
$$$
Operating activities
6,510 2,973 9,707
Payments to suppliers(145,277) (74,103) (132,855)
Income tax paid(1,823) (832) (13,804)
Income tax refund received2,718 6,718 17,804
Net cash flows from operating activities(137,872) (65,244) (119,148)
Investing activities
780,000 (2,140) 29,556
Net cash flows from investing activities780,000 (2,140) 29,556
Financing activities
Net cash flows from financing activities- - -
Net increase / (decrease) in cash and cash equivalents642,128 (67,384) (89,592)
Cash and cash equivalents at beginning of year21,749 111,341 111,341
Cash and cash equivalents at end of year663,877 43,957 21,749
Interest received
Cash and cash equivalents transferred to term deposits

Page 7 Interim Report 30 September 2022
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 2022 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 2021 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 2022 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 2021. For details
of the accounting policies please refer to the 2021 Annual Report.
These unaudited interim financial statements have been approved for issue by the Board of Directors on
29 November 2022.
2. SEGMENT INFORMATION
There have been no material change in the nature of operating segments since 31 March 2022

Page 8 Interim Report 30 September 2022
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

UnauditedUnaudited
Six monthsSix months
Sep-22Sep-21
$$
Audi t fees - fi nanci al statements20,400 19,270
Contractors21,055 30,071
Di rectors' fees78,000 18,000
Legal Fees6,355 1,020
NZX Li sti ng and regi stry costs11,444 10,871
Other5,383 32,172
142,637 111,404
UnauditedUnaudited
Six monthsSix months
Sep-22Sep-21
Total comprehensi ve i ncome for the peri od attri butabl e to
sharehol ders
[ $ ]($132,375)($107,388)
Wei ghted average number of shares514,894,500 514,894,500
Basi c and di l uted earni ngs/(l oss) per share [ cents ](0.03) (0.02)
UnauditedAudited
Sep-22Mar-22
Net Tangi bl e Assets1,774,071 1,906,447
Issued shares at bal ance date514,894,500 514,894,500
Net Tangi bl e Asset per share (cents)0.34 0.37

Page 9 Interim Report 30 September 2022
7. RELATED PARTY TRANSACTIONS
Related party transactions for the period consisted of:
- Director fees of $18,000 each for KC Ng, Bruce Dunlop and John Cilliers and $24,000 for the chairman
Chang Ku EE.
- Included in administrative expenses is Management fees of $18,000 paid to Chang Ku EE and KC Ng and
$3,055 was paid to John Cilliers in relation to accounting services and preparation of the 2022 annual
report.
Trade and other payables at 30 September 2022 include $31,595 due for reimbursement to KC NG, a
director of the company, for overseas travel and accommodation expenses incurred on due diligence
activities.
8. SIGNIFICANT EVENTS AFTER BALANCE DATE
There were no significant events subsequent to 30 September 2022.
9. AUDIT
These interim financial statements are not required to be audited.

Page 10 Interim Report 30 September 2022

BUSINESS DIRECTORY

Company number:
4844319

Directors:
Chang Ku EE, Chairman
Kuan Chong NG
Bruce Dunlop
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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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 2022
Previous Reporting Period 6 months to 30 September 2021
Currency
Amount (000s) Percentage change
Revenue from continuing
operations
$0 0%
Total Revenue $0 0%
Net profit/(loss) from
continuing operations
($132) 23%
Total net profit/(loss) ($132) 23%
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
$0.0034
(as at 30 Sep 2022)
$0.0037
(as at 31 Mar 2022)
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
Please refer to the Unaudited Interim Report that accompany
this announcement.
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

29/11/2022

Unaudited financial statements accompany this announcement.