✨ Financial Statements Notes
Notes to the financial statements
11 Investment property
| Group | ||
|---|---|---|
| 2009 | 2008 | |
| Balance at 1 April | 27,018 | 15,285 |
| Acquisitions | 0 | 10,656 |
| Change in fair value | -1,814 | 1,077 |
| Balance at 31 March | 25,204 | 27,018 |
Investment property comprises six properties at 262 Oxford Terrace, 141 Hereford Street, 242 Manchester Street (Christchurch) 16 Patumoaona Street, Porirua, 88 Hardy Street and 50 Halifax Street (Nelson).
Christchurch investment properties were valued at 31 March 2009 by an independent valuer, GR Sellars of Fright Aubrey, who is a Fellow of the New Zealand Institute of Valuers. Nelson investment properties were valued at 31 March 2009 by an independent valuer, R Muir of Duke and Cooke, who is a Fellow of the New Zealand Institute of Valuers.
During the year ended 31 March 2009, rent of $1,769,000 was recognised as being other income in the income statement (2008: $1,267,000). Repairs and maintenance expense, recognised in cost of sales, was $59,825 (2008: $12,258).
Canterbury Trust House Limited purchased a 50% participating interest in an investment property in Porirua on 30 March 2007. Under the joint arrangement, rental revenue and all expenses are shared equally between each party. At balance date there were no revenue or expense items to be accounted for.
The Group's share of the management fee for the property expensed in the Income Statement is $22,404 (2008: $22,404).
12 Financial assets
| Group | ||
|---|---|---|
| 2009 | 2008 | |
| Non-current investments | ||
| Loans and receivables | 3,480 | 2,615 |
| Current investments |
|------------------------------------------------------|-------------|----------|
| Financial assets designated at fair value through the profit or loss | 452,629 | 498,915 |
| Derivatives | 1,846 | 617 |
| | 454,275 | 499,532 |
13 Taxation
The Canterbury Community Trust is exempt from income tax with effect 1 April 2004. This means that the Canterbury Trust House Limited is now the only taxable entity in the Group.
The Group has an unrecognised deferred taxation asset in respect of taxation losses of $871,041 (2008: $716,513) and an unrecognised deferred tax liability in respect of its investment property of $887,042 (2008: $640,978). The assets and liabilities are not expected to be realised in the foreseeable future.
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NZ Gazette 2009, No 112
✨ LLM interpretation of page content
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Notes to the financial statements of The Canterbury Community Trust
(continued from previous page)
🏢 State Enterprises & Insurance6 July 2009
Investment Property, Financial Assets, Taxation, Valuation, Revenue, Expenses, Deferred Tax