New Zealand Gazette – 2012 – No. 103

Page 2995

✨ Financial Statements Notes

27 AUGUST 2012 NEW ZEALAND GAZETTE, No. 103 2995

Notes to the financial statements
For the year ended 31 March 2012

4 Determination of fair values (continued)

The fair value of trade and other receivables, excluding construction work in progress, is estimated as the present value of future cash flows, discounted at the market rate of interest at the reporting date.

(d) Derivatives

The fair value of forward exchange contracts is estimated by discounting the difference between the contractual forward price and the current forward price for the residual maturity of the contract using a risk-free interest rate (based on government bonds).

The fair value of interest rate swaps is based on broker quotes. Those quotes are tested for reasonableness by discounting estimated future cash flows based on the terms and maturity of each contract and using market interest rates for a similar instrument at the measurement date.

5 Restatements impacting the Statement of Comprehensive Income

Management have re-assessed the recording of the donations from prior years. The Trust has previously shown donations paid through equity as a movement, this year the donations have been moved to the Statement of Comprehensive Income as an expense to reflect the outgoing value. There was no need to restate opening equity. The Statement of Comprehensive Income for the prior year has been restated with the effect that $23,272,000 of the donations costs have been included instead of this being shown as a deduction through the Statement of Changes in Equity.

6 Revenue
in New Zealand Dollars ($000’s) Group Group
2012 2011

Rents received 846 861
Dividends received 0 2,987
Interest received 268 12,323
Change in fair value of investments 12,539 12,925
13,653 29,096

7 Other income Group Group
2012 2011

Change in fair value of investment property 1,785 (889)
Profit on disposal of investment property 460 0
Rent received from investment property 2,715 2,643
4,960 1,754

8 Investment fees Group Group
2012 2011

Fund manager funds 1033 852
Custodial fees 168 175
Advisory fees 260 257
1,461 1,284

Gazette.govt.nz — NZ Gazette 2012, No 103

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✨ LLM interpretation of page content

💰 Canterbury Community Trust Financial Statements (continued from previous page)

Domain💰 Finance & Revenue
Dated2 July 2012
KeywordsFinancial statements, Accounting policies, Investment property, Fair value measurement, NZ IFRS 9, NZ IFRS 13

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