Collett’s Corner 2019 AGM Agenda - OHU€¦ · Project Steward ... Raised $503,800 and 346 new shareholders. ... Kevin Tranter - 100 shares Anthony White - 100 shares Bruce McCallum

Prepared by Camia Young Project Steward

www.collettscorner.nz 01.08.2019

Collett’s Corner 2019 AGM Agenda Date: 20 August 2019 Venue: Eruption Bar - 26 London St, Lyttelton Time: 6-8pm

First Annual General Meeting

● Welcome Chairperson ● Quick note of who is present & apologies ● Annual Report April 2018 - March 2019 ● Financial Report (James Stewart) ● The Year Ahead ● Resource Consent Update / Design Changes ● Pre-sales / Pre-lease (Vicki Tahau Paton) ● Directors (Introductions from candidates) ● Shareholder questions

AGM documents

● Collett’s Corner Annual Report ● Annual Financial Report ● Constitution ● Public Shareholder Register ● Equity Crowdfunding Investment Memorandum ● Project Programme ● Marketing Brochure

https://ohu.nz/wp-content/uploads/2019/03/190129_Colletts-Corner-Constitution.pdf

https://docs.google.com/spreadsheets/d/1gvg8Utnj2Be0kVRCiaaCMXmTBFq3ILO6v1RE3HVRwGw/edit?usp=sharing

https://ohu.nz/wp-content/uploads/2019/02/190201_Colletts-Corner-IM-Rev1.pdf

Collett’s Corner Annual Report 2018-2019

Key Milestones:

● Company established 05 November 2018 Prior to establishment Ohu Development Ltd prepared the project to become investor ready. This included preparing feasibility studies, running community workshops to determine appropriate mix of uses, hosting a design competition, obtaining initial equity, engaging a design team and preparing for the equity crowdfunding.

● Early Equity Raise 2018 Raised $317,818 in equity and $100,000 loan at 5%. Capital was raised through combination of sweat equity and loans to prepare the design through preliminary design phase.

● Develop Preliminary Design Engaged a design team to prepare a preliminary design following the winning design from the competition. Used for the resource consent application and to pre-sell/lease the building.

● Equity crowdfunding 14 February - 21 March 2019 Raised $503,800 and 346 new shareholders. 23% are from Lyttelton and the Harbour Basin, another 39% come from around Canterbury and the rest from across Aotearoa.

Director’s Remuneration:

● Camia Young Founding Director of Collett’s Corner Ltd Camia received $0 remuneration in her Director’s role for Collett’s Corner.

● Future remuneration Director remuneration to be reviewed as responsibilities increase and other directors come on board.

Collett’s Corner AGM - 20 August 2019 1

Collett’s Corner Employees

● Collett’s Corner has no employees ● All work performed was via consultants, below is a full list of contractors:

company date purpose agreed cost status

Ohu Development Ltd 07.2017

Ohu Development Ltd is contracted to Collett’s Corner Ltd to initiate, lead and deliver Collett’s Corner. This includes project stewarding, financial modeling, development management, community engagement, communications and overall strategy. $592,000 In progress

Parry Field Lawyers 30.05.2018 draft constitution, shareholder agreement, land S&P agreement $2,850 completed

Engeo 09.10.2019 geotechnical investigation $27,850 completed

Warren & Mahoney 18.10.2019 architectural services - preliminary design $47,250 completed

Novo Group 23.10.2019 traffic and planning advice $15,000 - $30,000 In progress

EA Curation 02.12.2019 event management and comms support during equity crowdfunding $5,000 completed

Leon White Design 05.12.2019 graphic design: IM, sign, postcards $20,000 completed

Joseph & Associates 06.12.2019 quantity surveyor $16,740 completed

Joseph & Associates 06.12.2019 project management, commercial analysis $75,105 completed

Structex 20.12.2018 structural engineer - preliminary design $10,000 completed

Telling Lives 27.12.2018 video production for equity crowdfunding $5,730 completed

Taurus Group 24.01.2019 support preparing financial statements for the investment $7,000 completed


memorandum

PledgeMe 28.01.2019 equity crowdfunding campaign 6.5% completed

Fairground 23.02.2019 all accounting services: GST returns, annual report, xero $1200 / yr in progress

Warren & Mahoney 26.03.2019 rendering for equity crowdfunding $1,800 completed

Warren & Mahoney 26.03.2019

resource consent drawings and design update, the initial quote did not cover the cost of their time. Agreed to additional time to complete the drawings for the resource consent.

$12,330 $7,000 completed

Interest Register

name entity position comments

Camia Young

Ohu Development Ltd Ohu Foundation Trust Collett’s Corner Land 3-11 London St

Director Trustee Director and Project Steward Owner

Camia is the founder of Ohu. Collett’s Corner is Ohu’s first led project. Camia initiated this project by purchasing the land and establishing these companies. Camia holds 10.1% of the company’s shares.

James Stewart

Collett’s Corner Ohu Development

Shareholder Managing Partner

Adam Walker Will Lomax Structex

Director Director

Investor shareholder Structural engineers


Tony Joseph Joseph & Associates Partner

Investor shareholder Former project manager and quantity surveyor

Engeo Investor shareholder Geotechnical engineers


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Annual ReportCollett's Corner LtdFor the year ended 31 March 2019Prepared by Fairground Ltd

Annual Report Collett's Corner Ltd Page 2 of 11

Contents3 Compilation Report

4 Directory

6 Approval of Financial Report

7 Statement of Profit or Loss

8 Balance Sheet

9 Statement of Changes in Equity

10 Notes to the Financial Statements


Compilation ReportCollett's Corner LtdFor the year ended 31 March 2019

Compilation Report to the Directors of Collett's Corner Ltd

Scope

On the basis of information provided and in accordance with Service Engagement Standard 2 Compilation of FinancialInformation, we have compiled the financial statements of Collett's Corner Ltd for the year ended 31 March 2019.

These statements have been prepared in accordance with the accounting policies described in the Notes to these financialstatements.

Responsibilties

The Directors are solely responsible for the information contained in the financial statements and have determined that theSpecial Purpose Reporting Framework used is appropriate to meet your needs and for the purpose that the financial statementswere prepared.

The financial statements were prepared exclusively for your benefit. We do not accept responsibility to any other person for thecontents of the financial statements.

No Audit or Review Engagement Undertaken

Our procedures use accounting expertise to undertake the compilation of the financial statements from information youprovided. Our procedures do not include verification or validation procedures. No audit or review engagement has beenperformed and accordingly no assurance is expressed.

Independence

We have no involvement with Collett's Corner Ltd other than for the preparation of financial statements and managementreports and offering advice based on the financial information provided.

Disclaimer

We have compiled these financial statements based on information provided which has not been subject to an audit or reviewengagement. Accordingly, we do not accept any responsibility for the reliability, accuracy or completeness of the compiledfinancial information contained in the financial statements. Nor do we accept any liability of any kind whatsoever, includingliability by reason of negligence, to any person for losses incurred as a result of placing reliance on these financial statements.

Fairground Ltd

Dated: 16 August 2019


DirectoryCollett's Corner LtdFor the year ended 31 March 2019

Nature of Business

Investment - commercial property

Registered Office

6C Rockview Place, Mount Pleasant, Christchurch, New Zealand, 8081

Date of Incorporation

5 November 2018

Incorporation Number

7083213

New Zealand Business Number

9429047085145

IRD Number

127-288-003

Directors

Camia Young

Shareholders

Camia Young - 654 sharesNash Hawith Trust - 500 sharesRaf Manji - 450 sharesAnake Goodall - 409 sharesFrank Kuepers - 310 sharesGeoff Butcher - 263 sharesJurg Honger - 200 sharesBrandon De Rose - 200 sharesOhu Development Ltd - 100 sharesTrent Yeo - 100 sharesMerryn Bayliss - 100 sharesLeon White - 100 sharesKevin Tranter - 100 sharesAnthony White - 100 sharesBruce McCallum - 100 sharesCoralie Winn - 100 sharesGraeme Allen - 90 sharesJosephine Jane - 70 sharesAll other shareholders (under 1% holdings) - 2,302 shares

Total Number of Shares - 6,248

Directory


Chartered Accountant

Fairground Ltd

Bankers

Kiwibank


Approval of Financial ReportCollett's Corner LtdFor the year ended 31 March 2019

Introduction

The Directors are pleased to present the approved financial report including the historical financial statements of Collett'sCorner Ltd for year ended 31 March 2019.

Auditors

No Audit expenditure was incurred as no Auditor was appointed, nor was any Audit work undertaken for the year under review.A unanimous resolution was passed by the company that no auditor would be appointed for the ensuing year.

Director's Disclosures

A unanimous resolution was passed by the company pursuant to subsection 211(3) of the Companies Act 1993 that the annualreport need not comply with paragraphs (a) and (d) to (j) of subsection 211(1) of the Act.

Approved

For and on behalf of the Board of Directors

Camia Young

Date ...............................................

These financial statements have been prepared without conducting an audit or review engagement, and should be read in conjunction with the attachedCompilation Report.


Statement of Profit or LossCollett's Corner LtdFor the year ended 31 March 2019

2019

Cost of SalesConsents 13,568

Design & Planning 88,608

Development Management 25,784

Transfer to Work in Progress (127,960)

Total Cost of Sales -

Gross Profit -

Other IncomeInterest Income 15

Total Other Income 15

ExpensesCrowdfunding Expenses 20,387

Legal expenses 2,915

Marketing & Communications 23,588

Total Expenses 46,891

Net Profit (Loss) Before Taxation (46,876)

Taxation and AdjustmentsNon Assessible Income

PIE Income Received 41Total Non Assessible Income 41

Non Deductible ExpensesPIE Tax Paid 11Total Non Deductible Expenses 11

Total Taxation and Adjustments (29)

Net Profit (Loss) for the Year (46,847)



Balance SheetCollett's Corner LtdAs at 31 March 2019

31MAR 2019

AssetsCurrent Assets

Cash and BankKiwibank 32-day Notice Saver 29

Kiwibank Account 5,487

Kiwibank Call Account 1,505Total Cash and Bank 7,021

Prepayments 15,150

GST Receivable 9,710

Income Tax Receivable 2Total Current Assets 31,883

Non-Current AssetsBuilding - Work in Progress 127,960Total Non-Current Assets 127,960

Total Assets 159,844

LiabilitiesCurrent Liabilities

Trade and Other Payables 16,690Total Current Liabilities 16,690

Non-Current LiabilitiesLoans 100,000Total Non-Current Liabilities 100,000

Total Liabilities 116,690

Net Assets 43,153

EquityShare Capital 90,000

Retained Earnings (46,847)

Total Equity 43,153



Statement of Changes in EquityCollett's Corner LtdFor the year ended 31 March 2019

2019

EquityOpening Balance -

Increases

Profit/(Loss) for the PeriodCurrent year earnings (46,847)Total Profit/(Loss) for the Period (46,847)

Share Capital 90,000Total Increases 43,153

Total Equity 43,153


Notes to the Financial StatementsCollett's Corner LtdFor the year ended 31 March 2019

1. Reporting Entity

Collett's Corner Ltd is a company incorporated under the Companies Act 1993.

This special purpose financial report was authorised for issue in accordance with a resolution of directors dated 15 July 2019.

2. Statement of Accounting Policies

Basis of Preparation

These financial statements have been prepared in accordance with the Special Purpose Framework for use by For-Profit Entities(SPFR for FPEs) published by Chartered Accountants Australia and New Zealand.

The financial statements have been prepared for taxation purposes.

Historical Cost

These financial statements have been prepared on a historical cost basis. The financial statements are presented in NewZealand dollars (NZ$) and all values are rounded to the nearest NZ$, except when otherwise indicated.

Changes in Accounting Policies

As this is the first year of business, Accounting Policies have been applied for the first time.

Income Tax

Income tax is accounted for using the taxes payable method. The income tax expense in profit or loss represents the estimatedcurrent obligation payable to Inland Revenue in respect of each reporting period after adjusting for any variances betweenestimated and actual income tax payable in the prior reporting period.

Goods and Services Tax

All amounts are stated exclusive of goods and services tax (GST) except for accounts payable and accounts receivable which arestated inclusive of GST.

Fixed Assets and Depreciation

All fixed assets are recorded at cost less accumulated depreciation. Depreciation of the assets has been calculated at themaximum rates permitted by the Income Tax Act 2007.

Foreign Currency

Transactions denominated in foreign currencies are converted at the exchange rate current at the transaction date. Foreigncurrency receivables and payables are converted at exchange rates current at balance date. Foreign exchange gains or lossesare included as income or expenses respectively in the Profit and Loss Statement.

3. Audit

These financial statements have not been audited.

4. Contingent Liabilities

There are no contingent liabilities at balance date.

Notes to the Financial Statements


5. Subsequent Events

During the 2019 financial year a PledgeMe Equity Crowdfunding campaign closed with a successful result of $503,800 pledged.This amount less a success fee of $32,747 was received from PledgeMe for the issue of 4,822 fully paid up shares in the 2020financial year.

6. Qualifying Company Regime

Collett's Corner Ltd is not registered as a Qualifying Company (QC).

7. Related Parties

Camia Young is the sole shareholder & director of Ohu Development Ltd.

Raf Manji has provided a loan to Collett's Corner with the following terms: "The Lender may choose to convert the loan intoequity at their discretion in May 2019 for the full price of $100 per share to receive 1000 shares." On the 16th of April 2019 Rafchose to have the loan repaid in cash plus interest.

2019

8. Income Tax ExpenseNet Profit (Loss) per Financial Statements

Current Year Earnings (46,847)Total Net Profit (Loss) per Financial Statements (46,847)

Additions to Taxable ProfitPIE Tax Paid 11Total Additions to Taxable Profit 11

Deductions from Taxable ProfitNon-taxable income 41

Losses Brought Forward -Total Deductions from Taxable Profit 41

Taxable Profit (Loss) (46,876)

Tax Payable at 28% -

Deductions from Tax PayableDividend Imputation Credits -

Resident Withholding Tax Paid 2

Provisional Tax Paid -Total Deductions from Tax Payable 2

Income Tax Payable (Refund Due) (2)

9. Imputation Credit Account

At balance date imputation credits available to the shareholders were $2.21.

10. Solvency Test

The Directors are satisfied that the company will meet the requirements under section 4 of the Companies Act 1993 immediatelyafter any distributions that are made in these Financial Statements and Annual Report.

Collett’s Corner 2019 AGM Agenda - OHU€¦ · Project Steward ... Raised $503,800 and 346 new shareholders. ... Kevin Tranter - 100 shares Anthony White - 100 shares Bruce McCallum

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