✨ Financial Statements Notes
2476 | NEW ZEALAND GAZETTE, No. 93 | 2 AUGUST 2010
Notes to the financial statements
in New Zealand Dollars ($000's)
11 Investment property
| Group | |
|---|---|
| 2010 | |
| Balance at 1 April | 25,204 |
| Acquisitions | 8,856 |
| Change in fair value | (1,530) |
| Balance at 31 March | 32,530 |
Investment property comprises seven properties at 262 Oxford Terrace, 141 Hereford Street, 242 Manchester Street, 103-107 Blenheim Road (Christchurch) 16 Parumoana Street, Porirua, 88 Hardy Street and 50 Halifax Street (Nelson).
Christchurch investment properties were valued at 31 March 2010 by an independent valuer, GR Sellers of Fright Aubrey, who is a Fellow of the New Zealand Institute of Valuers. Nelson investment properties were valued at 31 March 2010 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 2010, rent of $2,360,530 was recognised as being other income in the statement of comprehensive income (2009: $1,769,000). Repairs and maintenance expense, recognised in cost of sales, was $60,157 (2009: $59,825).
Canterbury Trust House Limited has a 50% participating interest in an investment property in Porirua. 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 Statement of comprehensive income is $15,767 (2009: $22,404).
12 Financial assets
| Group | |
|---|---|
| 2010 | |
| Non-current investments | |
| Loans and receivables | 4,318 |
| 4,318 | |
| Current investments | |
| Financial assets designated at fair value through the profit or loss | 471,435 |
| Derivatives | 323 |
| 471,758 |
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 $1,455,072 (2009: $871,041) and an unrecognised deferred tax liability in respect of its investment property of $430,370 (2009: $887,042). The assets and liabilities are not expected to be realised in the foreseeable future.
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NZ Gazette 2010, No 93
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Canterbury Community Trust Financial Statements Notes
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💰 Finance & Revenue5 July 2010
Financial Statements, Investment Property, Financial Assets, Taxation, Canterbury Community Trust