✨ Financial Statements
Financial Statements
Notes to the financial statements (in New Zealand Dollars ($000's))
11 Investment property
| Group 2011 | Group 2010 | |
|---|---|---|
| Balance at 1 April | 32,530 | 25,204 |
| Acquisitions | - | 8,856 |
| Transfer from PPE to Investment Property | 1,829 | - |
| Change in fair value | (889) | (1,530) |
| Balance at 31 March | 33,470 | 32,530 |
Investment property comprises eight properties. 262 Oxford Terrace, 95 Oxford Terrace, 141 Hereford Street, 242 Manchester Street, 105-107 Blenheim Road (Christchurch) 16 Parumoana Street (Porirua), 188 Hardy Street and 50 Halifax Street (Nelson).
Christchurch investment properties were valued at 31 March 2011 by an independent valuer, GT Sellars of Colliers International Valuation (Chch) Limited, who is a Fellow of the New Zealand Institute of Valuers. Nelson investment properties were valued at 31 March 2011 by an independent valuer, R Muir of Duke and Cooke, who is a Fellow of the New Zealand Institute of Valuers.
The following properties are within the restricted Christchurch CBD area:
- 262 Oxford Terrace
- 95 Oxford Terrace
- 141 Hereford Street
- 242 Manchester Street
The valuations of these properties is based on the assumption the improvements and land forming the property are sound and not detrimentally affected by the earthquakes.
The Trust is fully covered for material damage and loss of rental in respect of all earthquake events. The Trust is unaware of any significant areas of dispute over the validity of our claims and no material uninsured risk. The Trustees are therefore satisfied that the cost to the Trust at 31 March 2011 is limited to our policy excess.
During the year ended 31 March 2011, rent of $2,650,754 was recognised as being other income in the Statement of Comprehensive Income (2010: $2,405,532). Repairs and maintenance expense, recognised in other expenses, was $65,812 (2010: $60,157).
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 accrued for.
The Group's share of the management fee for the property expensed in the Statement of Comprehensive Income is $17,180; (2010: $15,767).
12 Financial assets
| Group 2011 | Group 2010 | |
|---|---|---|
| Non-current investments | ||
| Loans and receivables | 4,702 | 4,318 |
| 4,702 | 4,318 |
| Current investments | | |
| Financial assets at fair value through profit or loss | 481,087 | 471,435 |
| Derivatives | - | 323 |
| | 481,087 | 471,758 |
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NZ Gazette 2011, No 116
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Canterbury Community Trust Financial Statements
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💰 Finance & RevenueFinancial Statements, Investment Property, Valuation, Christchurch Earthquakes, Canterbury