New Zealand Gazette – 2011 – No. 101

Page 2915

✨ Financial Statements



11 JULY 2011 NEW ZEALAND GAZETTE, No. 101 2915

Otago Community Trust

Notes to the financial statements

in New Zealand Dollars ($000’s)

11 Investment property

Group Parent
2011 2010 2011 2010
Balance at 1 April 1,670 1,680 - -
Acquisitions - - - -
Change in fair value (50) (10) - -
Total fair value balance at 31 March 1,620 1,670 - -

Investment property comprises the property at 229 Moray Place, Dunedin. The property was valued by Macpherson Valuation on 18 May 2011.

12 Other investments

Group Parent
2011 2010 2011 2010
Non-current investments
Financial assets designated at fair value through profit or loss 201,422 191,469 201,422 191,469

13 Taxation

Otago Community Trust is exempt from income tax pursuant to section CW52 of the Income Tax Act 2007. Fillmor House Limited is the only taxable entity in the Group.

Group Parent
2011 2010 2011 2010
Current Tax
(Deficit)/Surplus before tax 15,421 35,653 15,514 35,640
(Deficit)/Surplus attributable to tax exempt parent 15,514 35,640 15,514 35,640
(Deficit)/Surplus attributable to tax exempt subsidiaries - - - -
(93) 13 - -
Change in fair value of investment property 50 10 - -
Tax depreciation - (26) - -
Tax (surplus)/loss (67) (3) - -
Current tax using company tax rate of 30% (20) (1) - -

| Deferred Tax | | | | |
| Tax loss | (20) | (1) | - | - |
| Change in fair value of investment property | (4) | 7 | - | - |
| Applying tax rate of 28% | (24) | 6 | - | - |

| Tax expense per Income Statement | (24) | 6 | - | - |

The effective tax rate is (0.02%) (2010: 0.001%)



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Online Sources for this page:

Gazette.govt.nz — PDF NZ Gazette 2011, No 101




✨ LLM interpretation of page content

💰 Otago Community Trust Financial Statements for 2011 (continued from previous page)

💰 Finance & Revenue
Financial Statements, Investment Property, Other Investments, Taxation, Income Tax Act 2007