Source document: https://docs-lawep.s3.us-east-2.amazonaws.com/1697781169460.pdf (Fiji)
ANNUAL REPORT 2019 - 2020 PP NO.61 of 2021 1 CONTENTS 1 MINISTERIAL LETTER 2 CHAIR’S REPORT 3 STATEMENT OF PURPOSE 4 GOVERNANCE TEAM 5 CHIEF EXECUTIVE OFFICER’S REPORT 6 STATEMENT OF PERFORMANCE 10 LEADERSHIP TEAM 13 FINANCIAL STATEMENTS 2 MINISTERIAL LETTER Honourable Faiyaz Koya Minister for Commerce, Trade, Tourism and Transport Civic Towers, Victoria Parade Suva Dear Minister, RE: Investment Fiji Annual Report 2019 - 2020 Pursuant to the requirements of Section 20 (1) of the Investment Fiji Act No.24 of 1986, I am pleased to submit the Investment Fiji Annual Report and Statement of Accounts for the financial year 2019/2020 from 1st Aug 2019 to 31st July 2020 certified by the Auditors.
Yours sincerely, Jenny Seeto Board Chair 1 CHAIR’S REPORT Jenny Seeto Board Chair Border closures and subdued global FDI flows and consumer demand severely impacted on the organisation’s work and subsequent deliverables.
Despite these factors I reflect with pride that the organisation was still able to deliver seven outbound and sixteen inbound trade and investment missions It is a privilege to present Investment Fiji’s Annual Report for the 2019-2020, my first as Board Chair having been appointed in January 2020.

Investment Fiji has played a significant role in the economic development of Fiji since her inception in the early 1980s.
The organisation continues to positively impact on trade and investments contribution to GDP through her two key pillars of work.

These being: (1) Investment and Trade Promotion and (2) Registering Foreign Investment and providing post registration facilitation.

Both facets of our mandate work in tandem to deliver value to the Fijian Economy.

In March 2020 with four months of our Financial Year to run, the world was plunged into economic distress as the result of the COVID19 pandemic.
Border closures and subdued global FDI flows and consumer demand severely impacted on the organisation’s work and subsequent deliverables.

Despite these factors, I reflect with pride that the organisation was still able to deliver seven outbound and sixteen inbound trade and investment missions.

Investment Fiji was also able to issue 163 Foreign Investment Certificates.

The proposed combined value of these investments is $745m with 3,434 jobs expected as a result.
During the year our team also facilitated the implementation of 197 FDI projects.

In May 2020, we welcomed Craig Strong as the new Chief Executive Officer.

Mr. Strong has extensive experience in Pacific based management and governance in the private, public and not for profit sectors.

We also welcomed a new Board in August 2020 and combined with a new Chief Executive Officer, I am grateful for the energy, passion and vigor that the new Governance Team have brought to the organisation.
I would like to take this opportunity to thank the Chief Executive Officer, Management and Staff and the Board of Investment Fiji for their diligence this year in the face of the COVID19 pandemic.
I must also convey my gratitude to the Attorney General and Minister for Economy, Civil Service and Communications, Honourable Aiyaz Sayed-Khaiyum, the Minister for Commerce, Trade, Tourism and Transport, Honourable Faiyaz Siddiq Koya along with the Permanent Secretary for Commerce, Trade, Tourism and Transport and Deputy Board Chair, Mr. Shaheen Ali for their support of the Board.

Jenny Seeto Board Chair 2 STATEMENT OF PURPOSE OUR VISION Creating wealth for our nation and achieving a better Fiji for all.
OUR MISSION Developing a sustainable and successful nation by stimulating investment and exports.
OUR VALUES Professional Transparent Visionary Effective Influential Innovative Passionate Communicative 3 GOVERNANCE TEAM Ms. Jenny Seeto Chair Mr. Shaheen Ali Deputy Chairman Mr. Solomoni Nata Board Member Dr. Angeela Jokhan Board Member Mr. Richard Breen Board Member Ms. Raijeli Taga Board Member Mr. Esala Masitabua Board Member Mr. Yogesh Karan Board Member Mr. Avinesh Raju Board Member 4 CHIEF EXECUTIVE OFFICER’S REPORT Craig Strong Chief Executive Officer This year 163 Foreign Investors were issued with Foreign Investment Certificates.
The proposed combined value of these investments is $745m with 3,434 jobs expected as a result.

During the year, 197 FDI projects were implemented.

It was an honor being appointed to the role of Chief Executive Officer Investment Fiji in May of 2020 and lead the organisation for the last three months of the 2019-2020 financial year.

The onset of COVID - 19 Global Pandemic in March 2020 went some way to impact on the organisation’s performance in the last four months of the financial year.
Notwithstanding this, the organisation achieved against planned performance targets and delivered on her mandate of driving trade revenues and investment outcomes for Fiji.

Promoting Trade and Investment is one of two key pillars of investment Fiji’s work.

The other being registering foreign Investment and providing post registration facilitation is the other pillar of value that the organisation delivers.
It is therefore extremely encouraging to report that the organisation continued to drive demand through her involvement in seven outbound trade and investment missions and sixteen inbound trade and investment missions.

The organisation continued with the valuable work of building capacity for Fijian Exporters, this was achieved through the provision of seven training programs which delivered sessions on organic certification, freight and logistics, HACCP and Global Gap.
Connecting domestic investors with foreign investors was another success for the organisation this year with ninety-eight connections made.

Further research on exports markets as well as the changing opportunities presented by the pandemic were also undertaken this year.

This year 163 Foreign Investors were issued with Foreign Investment Certificates.

The proposed combined value of these investments is $745m with 3,434 jobs expected as a result.

During the year, 197 FDI projects were implemented.
I would like to take this opportunity to thank the Chair and Board of Investment Fiji for their support this year.

I must also convey my gratitude to the Minister for Commerce, Trade, Tourism and Transport, Honourable Faiyaz Siddiq Koya along with the Permanent Secretary Shaheen Ali for their relentless support of the organisation throughout the year.
Craig Strong CHIEF EXECUTIVE OFFICER 5 5 STATEMENT OF PERFORMANCE TRADE AND INVESTMENT Covid-19 pandemic has dramatically impacted globalization with flows of Foreign Direct Investment (FDI) being disrupted as a result.

Global flows of FDI came under severe pressure in early 2020.

According to UN conference on Trade and Development, global FDI flows is expected to contract by 40% during 2020.
Health measures and travel restrictions has changed Investment Promotion Agencies (IPA) modus operandi and the type of assistance required by clients.

Despite the challenges in early 2020, below are some of the key highlights of Investment and Trade promotion activities.

1,592 INVESTMENT AND TRADE ENQUIRIES 16 INBOUND MISSIONS HOSTED Generated through marketing initiatives in key markets, promoting investment opportunities and Fijian products.
Prior to travel restrictions from markets such as China, New Zealand, Japan, Tahiti, United Arab Emirates, India, Australia and Macau.

JOINT VENTURE ENQUIRIES 128 Generated to match high-value capital investment with Fijian companies and opportunities through domestic investor engagements.

7 SEMINARS ORGANISED Upskill new and established exporters.
(Organic certification, freight and logistic, HACCP and Global Gap) 7 OUTBOUND MISSIONS 97 STAKEHOLDER ENGAGEMENTS Undertaken prior to global pandemic to promote Investment and Trade in markets such as Indonesia, Australia, New Zealand, Japan and India.

Foreign and local stakeholder engagements are important for increasing network and improving relationship.
6 6 TRADE AND INVESTMENT 445 CUSTOMER VISITS Undertaken to deliver a strong and unified message to the customer that its business is important to Fiji specially during time of crisis.

98 BUSINESS LINKAGES PROVIDED Between foreign and domestic investors.

FDI has the potential to contribute to growth through complementing domestic investment as well as transfer of skills, management expertise and technology.
16 RESEARCH PAPERS UNDERTAKEN For market insights and more importantly in-depth analysis of COVID-19 pandemic on trade and investment to develop strategies to mitigate its effects.

Foreign and local stakeholder engagements are important for increasing network and improving relationship.
7 STATEMENT OF PERFORMANCE INVESTMENT FACILITATION 4,141 INVESTMENT FACILITATION ENQUIRIES 62 DOMESTIC IMPLEMENTED PROJECTS With intention to provide post establishment facilitation services through to development support, to retain investment, encourage follow on investment and achieve greater local economic impact.

Across wholesale & retail, construction, manufacturing and real-estate sectors.
Investment Fiji assists domestic investors to grow and implement projects with the ethos of improving capacity and facilitation support.

163 FIRCs ISSUED 4,070 PROJECT ENAGAGEMENT Worth $757.11 million with the intention of creating 3,434 employment in the services, tourism, wholesale & retail, manufacturing, real-estate and agriculture & forestry sectors.

Assisted which focused on market growth, business facilitations and regulatory objectives.
644 CUSTOMER VISITS 197 REINVESTMENT IMPLEMENTED PROJECTS Undertaken throughout Fiji to deliver aftercare support services.

Undertook reinvestments or diversification in Fiji.

Result of the team’s proactive approach regularly liaising, assisting investors in either establishing the projects or expanding.

4 SEMINARS ORGANISED Covering topics such as business licenses processes, collaboration and data sharing to fast track and streamline government approval processes.
8 INVESTMENT FACILITATION 99 LEADERSHIP TEAM Our People are at the heart of everything we do.

Our Values shape our actions to ensure our customers succeed.
Mr. Craig Strong Chief Executive Officer Mr. Ritesh Gosai Manager Investment Facilitation Mr. Kamal Chetty Manager Investment & Trade Mr. Lisala Dyer Manager Regional Mrs. Rowena Erasito Manager Human Resources Mr. Sameer Narayan Manager IT 10 Mr. Kamal Chetty Manager Investment & Trade 40 STAFF 19 MALES 21 FEMALES 38 FULL TIME 47.5% 52.5% 2 PART TIME MALE FEMALE 11 12 FINANCIAL STATEMENTS 14 STATEMENT BY BOARD CHAIR AND CHIEF EXECUTIVE OFFICER 15 INDEPENDENT AUDITOR’S REPORT 18 INCOME STATEMENT 19 STATEMENT OF CHANGES IN EQUITY 20 STATEMENT OF FINANCIAL POSITION 21 STATEMENT OF CASH FLOWS 22 NOTES TO THE FINANCIAL STATEMENTS 13 STATEMENT BY BOARD CHAIR AND CHIEF EXECUTIVE OFFICER FOR THE YEAR ENDED 31 JULY 2020 In the opinion of the Board Chair and Chief Executive Officer: [i] [ii] [iii] [iv] the accompanying income statement of Investment Fiji is drawn up so as to give a true and fair view of the results for Investment Fiji for the year ended 31 July 2020; the accompanying statement of changes in equity of Investment Fiji is drawn up so as to give a true and fair view of the changes in equity of Investment Fiji for the year ended 31 July 2020; the accompanying statement of financial position of Investment Fiji is drawn up so as to give a true and fair view of the state of affairs of Investment Fiji as at 31 July 2020; the accompanying statement of cash flows of Investment Fiji is drawn up so as to give a true and fair view of the cash flows of Investment Fiji for the year ended 31 July 2020; and [v] at the date of this statement, there are reasonable grounds to believe that Investment Fiji will be able to pay its debts as and when they fall due.
Dated this 23rd day of June, 2021.

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Board Chair ……………………………………… Chief Executive Officer 14 INDEPENDENT AUDITOR’S REPORT 15 INDEPENDENT AUDITOR’S REPORT 16 INDEPENDENT AUDITOR’S REPORT 17 INCOME STATEMENT FOR THE YEAR ENDED 31 JULY 2020 Income Government grant - operational Registration Extract fees International Business Awards Other income Total income Expenditure Administrative expenses Depreciation Amortization of Intangible assets Operating expenses Personnel expenses International Business Awards NOTES 3 (a) 4 5 9 10 6 7 3 (b) 2020 $ 1,970,841 647 79,510 29,493 2019 $ 2,715,295 459 293,878 32,314 2,080,491 3,041,946 295,429 99,034 96,432 478,013 1,398,086 269,996 306,558 95,440 96,432 565,648 1,544,266 294,027 Total expenditure 2,636,990 2,902,371 Net Surplus / (Deficit) for the period (556,499) 139,575 The accompanying notes form an integral part of this income statement.
18 STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 JULY 2020 ACCUMULATED FUNDS NOTES 2020 $ 2019 $ Balance as at 1 August 1,150,724 1,011,149 Surplus for the Year (556,499) 139,575 Balance at the end of the year 594,225 1,150,724 The accompanying notes form an integral part of this statement of change in equity.
19 STATEMENT OF FINANCIAL POSITION AS AT 31 JULY 2020 ASSETS Current Assets Cash on hand and at bank Receivables Total Current Assets Non Current Assets Property, plant and equipment Intangible assets Total Non Current Assets TOTAL ASSETS LIABILITIES Current Liabilities Trade creditors and accruals Payable to Ministry of Economy Provision for employee entitlements Total Current Liabilities Non Current Liabilities Deferred Grant Income - Capital Total Non Current Liabilities TOTAL LIABILITIES NET ASSETS NOTES 14 8 9 10 13 11 12 2020 $ 383,751 92,089 475,840 203,333 346,204 549,536 2019 $ 739,872 92,389 832,261 262,944 439,426 702,370 1,025,377 1,534,631 80,331 167,500 98,001 345,832 85,320 85,320 431,152 594,225 92,055 82,500 95,591 270,146 113,761 113,761 383,907 1,150,724 ACCUMULATED FUNDS AND RESERVES Accumulated funds and reserves 594,225 1,150,724 TOTAL EQUITY 594,225 1,150,724 The accompanying notes form an integral part of this statement of financial position.
………………………………….........................…… Board Chair ………………………………….........................…… Chief Executive Officer 20 STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JULY 2020 NOTES 2020 Inflow /(Outflow) 2019 Inflow / (Outflow) Cash flows from Operating Activities $ $ Receipts of grants and others Receipts from /(payments for) special account Payments to suppliers and employees 1,970,841 (190,486) (2,094,444) 2,719,627 (149) (2,806,632) Net cash provided by/(used in) Operating Activities (314,089) (87,154) Cash flows from Investing Activities Payments for property, plant & equipment Proceeds from sale of property, plant & equipment (42,634) 602 (90,078) - Net cash used in Investing Activities (42,032) (90,078) Net increase/(decrease) in cash and cash equivalents Cash and cash equivalents at the beginning of the year (356,121) 739,872 (177,232) 917,104 Cash and cash equivalents at the end of the year 14 383,751 739,872 The accompanying notes form an integral part of this statement of cash flows 21 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2020 NOTE 1.
GENERAL INFORMATION Investment Fiji is a Government of Fiji entity domiciled in the Republic of the Fiji.

Investment Fiji was created in 1980 under Economic Development Board Act No.11.

The address of its registered office and principal place of business is disclosed in Note 20 to the financial statements.

The principal activity of Investment Fiji is to promote, stimulate and facilitate trade and investment in Fiji.

NOTE 2.
NOTE 2.

STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES Statement of Compliance The financial statements prepared by Investment Fiji are in accordance with the International Financial Reporting Standard for Small and Medium-sized Entities (IFRS for SMEs) issued by the International Accounting Standards Board.

The principal accounting policies adopted by Investment Fiji are stated to assist in a general understanding of these financial statements.
The accounting policies adopted are consistent with those of the previous year except as stated otherwise.

All amounts are stated in Fijian currency.

Basis of Preparation The financial statements have been prepared on the basis of historical cost.

Cost is based on the fair values of the consideration given in exchange for assets.
In the application of IFRS for SMEs, management is required to make judgments, estimates and assumptions about carrying values of assets and liabilities that are not readily apparent from other sources.

The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstance, the results of which form the basis of making the judgments.

Actual results may differ from these estimates.


The estimates and underlying assumptions are reviewed on an ongoing basis.

Revisions to accounting estimates are recognized in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods.
Judgments made by management in the application of IFRS for SMEs that have significant effects on the financial statements and estimates with a significant risk of material adjustments in the next year are disclosed, where applicable, in the relevant notes to the financial statements.
Accounting policies are selected and applied in a manner which ensures that the resulting financial information satisfies the concepts of relevance and reliability, thereby ensuring that the substance of the underlying transactions or other events is reported.

22 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2020 NOTE 2.
STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D) The following significant accounting policies have been adopted in the preparation and presentation of the financial statements: a) Allowance for Doubtful Debts An allowance is made in respect of debts considered doubtful based on a review of outstanding amounts at year end.

Bad debts are written off during the year in which they are identified.

b) Borrowings Borrowings are recognized initially at fair value, net of transaction costs incurred.
Borrowings are subsequently stated at amortized cost using the effective interest method.

Borrowings are classified as current liabilities unless Investment Fiji has an unconditional right to defer settlement of the liability for at least 12 months after the balance date.
c) Borrowing Costs Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale.

All other borrowing costs are recognized in income statement in the period in which they are incurred.
d) Cash and Cash Equivalents Cash and cash equivalents comprise cash balances, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of changes in value.

e) Employee Benefits Annual leave The liability for annual leave is recognized in the provision for employee benefits.
Liabilities for annual leave are expected to be settled within 12 months of the reporting date and are measured at their nominal values using the current remuneration rate which is expected to be applied at the time of settlement.

Wages and salaries Liabilities for wages and salaries expected to be settled by the reporting date are accrued up to the reporting date.

Defined contribution plans Contributions to Fiji National Provident Fund (FNPF) by Investment Fiji are expensed when incurred.
23 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2020 NOTE 2.

STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D) f) Foreign Currency Transactions Functional and presentation currency Investment Fiji operates in Fiji and hence the financial statements are presented in Fiji dollars, which is Investment Fiji’s functional and presentation currency.
Transactions and balances Foreign currency transactions are translated into Fiji currency using the exchange rates prevailing at the dates of the transactions.

Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized in the income statement.
g) Government Grants Government grants are recognized in the statement of financial position initially as deferred income where there is reasonable assurance that they will be received and that the entity will comply with the conditions attached to them.

Grants that compensate the entity for expenses incurred are recognized as revenue in the income statement on a systematic basis in the same period in which the expenses are incurred.
Grants that compensate the entity for the cost of an asset are recognized in the income statement as revenue on a systematic basis over the useful life of the asset.

h) Income Tax Income of Investment Fiji is exempt from income tax in accordance with Section 17(24) of the Income Tax Act.

i) Property, Plant and Equipment Property, plant and equipment is stated at cost less accumulated depreciation and impairment loss.
Cost includes expenditure that is directly attributable to the acquisition and installation of the items.
Property, plant and equipment are depreciated on a straight-line basis over their estimated useful lives using the following rates: Audio Visual Equipment Computer Equipment Furniture and Fittings Leasehold Improvements Office Equipment Motor Vehicles 20% 20% - 35% 10% 10% 15% 20% Profits and losses on disposal of property, plant and equipment are taken into account in determining the results for the year.

24 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2020 NOTE 2.
STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D) j) Intangible Assets Acquired computer software and licences are capitalized on the basis of the costs incurred to acquire and bring to use the specific software.

These costs are amortized at the rate of 20%.

Costs associated with maintaining computer software programmes are recognized as expenses incurred.
Costs that are directly associated with the development of identifiable and unique software products controlled by the agency, and that will probably generate economic benefit exceeding costs beyond one year, are recognized as intangible assets.

k) Trade and other receivables Trade and other receivables are recognized initially at fair value less allowance for doubtful debts.
An allowance for doubtful debt of trade and other receivables is established when there is objective evidence that Investment Fiji will not be able to collect all amounts due according to the original terms of the receivables.
l) Value Added Tax (VAT) Revenues, expenses, assets and liabilities are recognized net of the amount of Value Added Tax (VAT), except: i. where the amount of VAT incurred is not recoverable from the taxation authority, it is recognized as part of the cost of acquisition of an asset or as part of an item of expense; or ii.

for receivables and payables which are recognized inclusive of VAT.
The net amount of VAT recoverable from, or payable to, the taxation authority is included as part of receivables or payables.

The VAT component of cash flows arising from operating and investing activities, which is recoverable from or payable to the taxation authority, is classified as operating cash flows.
25 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2020 NOTE 3(a) INTERNATIONAL BUSINESS AWARDS NOTE 3(b) Sponsorship Ticket Sales Total International Business Awards - Income Advertising, Publicity & Printing Launch Plaques and Prize Money Award Night (Main Event) Post IBA Expenses Total International Business Awards - Expenses 2020 $ 18,349 61,161 79,510 48,192 - 63,709 158,095 - 269,996 2019 $ 244,037 49,841 293,878 63,820 32,477 67,445 129,067 1,218 294,027 Prime Minister’s International Business Awards is an initiative taken by the Fijian Government to reward businesses and exporters who are positively contributing to the economy on an international level.
This event is hosted by Investment Fiji on behalf of the Fijian Government and is fully funded through sponsorship funds and ticket sales.

IBA expenses incurred are verified and allocated specifically to the overall preparation, prevent, launch, main and post event.
NOTE 4 NOTE 5 OTHER INCOME Fiji-PNG Business Council secretariat fee Amortization of Deferred Grant FNU Grant Profit /(loss) on disposal of fixed assets Interest Received Total Other income ADMINISTRATIVE EXPENSES Advertising and public relations Audit fee Bank charges Board members’ expenses Computer licences & repairs Director’s fees Electricity Entertainment and hospitality Stationery Subscriptions Telephone and fax Telephone computer line Travel/accommodation and subsistence Reallocation Allowance for CEO Total Administrative Expenses 26 400 28,441 - 602 50 29,493 17,284 4,587 3,673 5,821 71,615 18,083 39,564 2,729 5,597 6,438 30,629 62,274 27,135 - 295,429 2,400 28,441 1,289 - 184 32,314 26,112 4,128 4,095 7,179 43,512 18,083 39,886 3,547 8,960 3,249 32,303 62,607 21,769 31,128 306,558 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2020 NOTE 6 OPERATING EXPENSES Insurance Trade promotion seminars /investment work- shops Motor vehicle repairs and maintenance Office expenses Printing Hire of photocopiers Postage and courier Rent Operating leases on motor vehicles Government Initiative Mission - Overseas Total Operating Expenses NOTE 7 PERSONNEL EXPENSES FNPF contribution FNU levy Fringe benefit tax Salaries and wages Staff training Total Personnel Expenses NOTE 8 RECEIVABLES AND OTHER ASSETS 2020 $ 64,808 2,043 13,741 17,457 34,342 5,693 1,131 205,059 114,580 19,159 478,013 2019 $ 62,965 5,534 12,931 14,847 88,392 8,328 1,127 204,059 135,770 31,695 565,648 105,599 12,961 120 1,278,163 1,243 1,398,086 132,390 13,963 4,138 1,378,201 15,574 1,544,266 Other receivables Vat Receivables Prepayments Total Receivables and Other Assets 31,087 31,087 7,125 53,877 92,089 35,481 35,481 6,924 49,984 92,389 27 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2020 NOTE 9.
PROPERTY, PLANT AND EQUIPMENT Gross carrying amount Balance at 31st July 2018 Acquisitions Disposals Balance at 31st July 2019 Acquisitions & transfers Disposals Balance at 31st July 2020 Accumulated Depreciation Balance at 31st July 2018 Depreciation expense Disposals Balance at 31st July 2019 Depreciation for the year Disposals Balance at 31st July 2020 Carrying Amount As at 31 July 2019 As at 31 July 2020 Audio Equipment $ 28,842 - (6,653) 22,189 - - 22,189 13,704 4,438 (6,653) 11,489 4,290 - 15,779 Computer Equipment $ 310,785 39,169 (5,717) 344,237 38,414 - 382,651 134,305 66,602 (5,717) 195,190 73,720 - 268,910 10,700 6,410 149,047 113,741 Furniture & Fittings $ 176,193 - (9,860) 166,333 - - 166,333 95,083 14,056 (9,860) 99,279 11,041 - 110,320 67,054 56,013 There are some assets with zero written down values which are in use.
However, management is of the view that the residual value of these assets are not significant to impact on the balance of Property, Plant and Equipment.
28 Leasehold Improvements Office Equipment & Others Work In Progress (CRM) $ - - 201,125 (96,493) 104,632 - 104,631 177,768 4,302 (96,493) 85,577 4,038 - 89,615 19,055 15,017 $ - - 44,960 (4,623) 40,337 1,008 41,345 21,829 6,042 (4,623) 23,248 5,945 - 29,193 17,089 12,152 $ 29,428 (29,428) - - - - - - - - - - - - - - Total $ 791,333 9,741 (123,346) 677,728 39,422 - 717,150 442,689 95,440 (123,346) 414,783 99,034 - 513,817 262,944 203,333 NOTE 9.
Gross carrying amount Balance at 31st July 2018 Acquisitions Disposals Balance at 31st July 2019 Acquisitions & transfers Disposals Balance at 31st July 2020 Accumulated Depreciation Balance at 31st July 2018 Depreciation expense Disposals Balance at 31st July 2019 Depreciation for the year Disposals Balance at 31st July 2020 Carrying Amount As at 31 July 2019 As at 31 July 2020 Audio Equipment $ - 28,842 (6,653) 22,189 - - 22,189 13,704 4,438 (6,653) 11,489 4,290 - 15,779 Computer Equipment $ 310,785 39,169 (5,717) 344,237 38,414 - 382,651 134,305 66,602 (5,717) 195,190 73,720 - 268,910 10,700 6,410 149,047 113,741 $ - 176,193 (9,860) 166,333 - - 166,333 95,083 14,056 (9,860) 99,279 11,041 - 110,320 67,054 56,013 Furniture & Fittings Leasehold Improvements $ Office Equipment & Others $ Work In Progress (CRM) $ 201,125 - (96,493) 104,632 - - 104,631 177,768 4,302 (96,493) 85,577 4,038 - 89,615 19,055 15,017 44,960 - (4,623) 40,337 1,008 - 41,345 21,829 6,042 (4,623) 23,248 5,945 - 29,193 17,089 12,152 29,428 (29,428) - - - - - - - - - - - - - - Total $ 791,333 9,741 (123,346) 677,728 39,422 - 717,150 442,689 95,440 (123,346) 414,783 99,034 - 513,817 262,944 203,333 29 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2020 NOTE 10 INTANGIBLE ASSETS Cost - Computer Software and Licences Balance as at 1 August 2019 Work In Progress - Website Balance as at 31 July 2020 Accumulated amortization: Balance as at 1 August 2019 Amortization for the year Balance as at 31 July 2020 Net Carrying Amount As at 31 July 2020 NOTE 11 PROVISIONS Employee Entitlements Opening balance Add: Accruals made in the year Less: Leave utilized in the year Closing Balance Analysis of total provisions: Current NOTE 12 Deferred Grant Income - Capital Opening Balance 01 August Released to Income Statement Total Deferred Grant Income 2020 $ 652,612 3,210 655,822 213,186 96,432 309,618 2019 $ 572,270 80,342 652,612 116,754 96,432 213,186 346,204 439,426 95,591 98,568 (96,158) 98,001 106,802 104,937 (116,148) 95,591 98,001 98,001 95,591
 95,591 113,761 (28,441) 85,320 142,202 (28,441) 113,761 Deferred Grant relates to Customer Relationship Management (CRM) database project which is a software developed to manage all investor information, investment levels, re-investment levels and overall engagement and monitoring.
This software commenced in August 2019.

NOTE 13 PAYABLE TO MINISTRY OF ECONOMY FIRC registration fees Total Payable to Ministry of Economy 167,500 167,500 82,500 82,500 Subsequent to the year end, the Ministry has approved the utilization of the above FIRC registration fees to cater for the shortfall in FY2020/2021 Government Grant.
30 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2020 NOTE 14 NOTES TO THE STATEMENT OF CASH FLOWS 2020 $ 2019 $ Cash and Cash Equivalents Cash and cash equivalents consist of cash on hand and balance held with banks.
Cash and cash equivalents included in the statement of cash flows comprise the following statement of financial position amounts: ANZ Banking Group - Operational Account ANZ Banking Group - Special Expenditure Account (a) ANZ Banking Group - Other Funds Account (b) HFC Bank - InvFj IBA (a) Petty Cash Total cash and cash equivalents 169,743 43,797 169,511 - 700 383,751 409,011 225,164 84,912 20,085 700 739,872 a) The Bank Account relates to the International Business Awards night and is only incurred for that purpose.
b) The Bank Account relates to the Foreign Investment Registration Certificate (FIRC) application fees.
NOTE 15 COMMITMENTS a) Rental lease commitments for Suva, Lautoka, Labasa offices and Archive are as follows: Not later than one year Later than one year but not later than five years Total rental lease commitments 274,722 198,340 473,062 221,884 473,062 694,946 b) Operating lease commitments for leased motor vehicles are as follows: Not later than one year Later than one year but not later than five years Total operating lease commitments 139,771 107,721 247,491 66,356 63,900 130,256 NOTE 16 CONTINGENT LIABILITY Contingent liabilities exist with respect to the following: Retirement benefits 57,789 57,789 57,789 57,789 Retirement benefit yet to be paid to an employee who retired in accordance with provisions of Article 26 paragraph of the Collective Agreement signed in 2001 between Investment Fiji and the Fiji Public Service Association (FPSA) regarding terms and conditions of service of salaried staff.
The employee retired on 18 May 2009 and no claim has been received so far by FPSA.
31 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2020 NOTE 17 RELATED PARTY DISCLOSURES The names of persons who were directors of Investment Fiji at the date of this report are as follows: Name Mr. Truman Bradley Ms. Jenny Seeto Mr. Shaheen Ali Mr. Esala Masitabua Mr. Avinesh Raju Mr. Visvanath Das Mr. Solomoni Nata Mr. Yogesh Karan Mr. Richard Breen Ms. Raijeli Taga Dr. Angeela Jokhan Mr. William Situ Capacity Chair Chair Deputy Chair Member Member Member Member Member Member Member Member Member Status Resigned - 31.12.2019 Appointed - 01.01.2020 Existing Existing Existing Resigned - 02.03.2020 Existing Appointed - 04.02.2020 Existing Term Expired- 08.05.2020 Existing Term Expired - 08.05.2020 Directors’ remuneration as at July 2020 is $18,083 (July 2019: $18,083).
Compensation for key management personnel: Short-term employee benefits Housing and other allowances and benefits 2020 $ 136,202 - 136,202 2019 $ 92,982 15,595 108,577 NOTE 18 EVENTS SUBSEQUENT TO BALANCE DATE On 11 March 2020, The World Health Organization declared the COVID19 outbreak as a pandemic.

Measures taken to contain the virus are having a significant negative economic impact on global markets including Fiji’s major trading partners.
It is anticipated that this will have a major impact on the ability of Investment Fiji to deliver growth in trade revenues and investment outcomes in FY20/21.

Notwithstanding border closures, global travel restrictions and budgetary constraints, Investment Fiji has used technology through a series of virtual investment seminars and trade expos in order to engage with investors and connect Fijian Exports with global customers.
Apart from the above, there has not arisen in the interval between the end of the financial year and the date of this report any other item, transaction or event of a material and unusual nature likely, in the opinion of the management and the Board, to significantly affect the operations of the Organization, the results or the state of affairs of the Organization in the subsequent financial year.
32 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2020 NOTE 19 PRINCIPAL ACTIVITY The principal activity of Investment Fiji is to promote, stimulate and facilitate trade and investment in Fiji NOTE 20 INVESTMENT FIJI DETAILS Registered Office and Principal Place of Business The registered office and the principal place of business of Investment Fiji is: Level 6, Civic Tower Victoria Parade Suva Fiji.
Number of employees As at balance date, Investment Fiji employed a total of 40 (2019: 49) employees.
33 NOTES 34 35 SUVA 6th Floor Civic Tower, Victoria Parade P.O Box 2303 Government Buildings, Suva T (+679) 331 5988 F (+679) 330 1783 E investment@investmentfiji.org.fj LAUTOKA Ground Floor Jay Lal & Company Complex 21 Tui Street Lautoka E lautoka@investmentfiji.org.fj LABASA Level 1 Suite 1 LTD Building Damanu Street Labasa E labasa@investmentfiji.org.f DISCLAIMER Data and information provided by Investment Fiji is for information purpose only and not intended to be a source of advice, financial or otherwise.
Investment Fiji does not accept any responsibility or liability for any direct or indirect loss or damage (whether in tort, contract or otherwise) which may be suffered or occasioned by any person howsoever arising due to any inaccuracy, omission, misrepresentation or error in respect of any informa- tion and content provided in this document.

This document may contain links to internet sites or references to alternative sources.
Such references and links are provided as an information service only and Investment Fiji does not in any way, expressly or implicitly, en- dorse the linked sites, or resources or the respective contents thereof.

The contents contained in this document may be copyright protected.
Except with the prior written permission of Investment Fiji and/or other copyright owner, no person may download, duplicate, reproduce, edit, publish, make available or disseminate through whatever means any content contained in whole or in part.

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