✨ Financial Statements
NEW ZEALAND GAZETTE, No. 133
28 AUGUST 2008
Depreciation and impairment losses:
| Group | Parent | |
|---|---|---|
| Balance at 1 April 2006 | 157 | 157 |
| Depreciation for the year | 15 | 15 |
| Impairment loss | – | – |
| Disposals | – | – |
| Balance as at 31 March 2007 | 172 | 172 |
| Balance at 1 April 2007: | 172 | 172 |
| Depreciation for the year | 10 | 10 |
| Disposals | – | – |
| Balance as at 31 March 2008 | 182 | 182 |
Carrying amounts
| Group | Parent | |
|---|---|---|
| At 1 April 2006 | 38 | 38 |
| At 31 March 2007 | 30 | 30 |
| At 1 April 2007 | 30 | 30 |
| At 31 March 2008 | 20 | 20 |
11. Investment Property
| Group | Parent | |||
|---|---|---|---|---|
| 2008 | 2007 | 2008 | 2007 | |
| Balance at 1 April | 1,580 | 1,520 | – | – |
| Acquisitions | – | – | – | – |
| Change in fair value | 100 | 60 | – | – |
| Total fair value balance at 31 March | 1,680 | 1,580 | – | – |
Investment property comprises the property at 229 Moray Place, Dunedin. The property was valued by Macpherson Valuation on 9 May 2008.
12. Other Investments
| Non-current investments | Parent | Group | ||
|---|---|---|---|---|
| Financial assets designated at fair value through profit or loss | 2008 | 2007 | 2008 | 2007 |
| 189,143 | 195,427 | 189,143 | 195,427 |
13. Taxation
The Community Trust of Otago has been exempt from income tax pursuant to section CW44 of the Income Tax Act 2004. This means that Fillmor House Limited is the only taxable entity in the Group.
| Group | Parent | |||
|---|---|---|---|---|
| 2008 | 2007 | 2008 | 2007 | |
| Current tax: | ||||
| Profit before tax | 3,860 | 10,890 | 3,756 | 10,721 |
| Surplus attributable to tax exempt parent | (3,756) | (10,721) | (3,756) | (10,721) |
| Surplus attributable to tax exempt subsidiaries | – | (76) | – | – |
| 104 | 93 | – | – | |
| Change in fair value of investment property | (100) | (60) | – | – |
| Tax depreciation | (30) | (33) | – | – |
| Tax surplus/(loss) | (26) | – | – | – |
| Current tax using company tax rate of 33% | – | – | – | – |
| Deferred tax: | | | | |
| Tax loss | (8) | – | – | – |
| Change in fair value of investment property | 39 | 28 | – | – |
| Applying tax rate of 30% | 31 | 28 | – | – |
| Tax expense per income statement | 31 | 28 | – | – |
The effective tax rate is 0.8% (2007 – 0.3%)
Group
Deferred tax assets and liabilities are attributable to the following:
In thousands of New Zealand dollars
| Assets | Liabilities | Net | ||||
|---|---|---|---|---|---|---|
| 2008 | 2007 | 2008 | 2007 | 2008 | 2007 | |
| Investment property | – | – | 202 | 163 | 202 | 163 |
| Tax losses | (8) | – | – | – | (8) | – |
| Net tax (assets)/liabilities | (8) | – | 202 | 163 | 194 | 163 |
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NZ Gazette 2008, No 133
✨ LLM interpretation of page content
💰
Notes to the Financial Statements–Significant Accounting Policies
(continued from previous page)
💰 Finance & Revenue24 June 2008
Accounting Policies, Foreign Currency, Financial Instruments, Property Plant Equipment, Investment Property, Impairment, Fair Values, Investment Property, Equity Securities, Debt Securities, Trade Receivables, Derivatives, Net Finance Costs, Trustee Remuneration, Trustee Expenses, Auditor’s Remuneration, Professional Fees, Donations, Tax Exempt Donees, Non Tax Exempt Donees, Plant and Equipment