✨ Financial Statements Notes
Notes to the financial statements
in New Zealand Dollars ($000's)
12 Investment property
| Group 2012 | Group 2011 | |
|---|---|---|
| Balance at 1 April | 33,470 | 32,530 |
| Acquisitions | 0 | 0 |
| Disposals | (7,700) | 0 |
| Transfer from PPE to Investment Property | 0 | 1,829 |
| Change in fair value | 1,785 | (889) |
| Balance at 31 March | 27,555 | 33,470 |
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), 168 Hardy Street and 50 Halifax Street (Nelson).
Christchurch investment properties were valued at 31 March 2012 by an independent valuer, GR Sellars of Colliers International Valuation (Chch) Limited, who is a Fellow of the New Zealand Institute of Valuers, and M Foster of BBK Valuation. Nelson investment properties were valued at 31 March 2012 by an independent valuer, M McLachlan of Duke and Cooke, who is a Fellow of the New Zealand Institute of Valuers.
The following properties were within the restricted Christchurch CBD area and have been disposed of during the year:
- 262 Oxford Terrace
- 141 Hereford Street
- 242 Manchester Street
The valuations of these properties relates to the land forming the property. The land has been assessed as sound and not detrimentally affected. Insurance settlements for the indemnity values of the buildings have been provided for in these accounts.
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 claims and no material uninsured risk. The Trustees are therefore satisfied that the cost to the Trust at 31 March 2012 is limited to our policy excess.
During the year ended 31 March 2012, rent of $2,714,617 was recognised as being other income in the Statement of Comprehensive Income (2011: $2,650,754).
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 $20,124; (2011: $17,180).
13 Financial assets
| Group 2012 | Group 2011 | |
|---|---|---|
| Non-current investments | ||
| Loans and receivables | 5,357 | 4,702 |
| 5,357 | 4,702 | |
| Current investments | ||
| Financial assets at fair value through profit or loss | 462,264 | 481,087 |
| 462,264 | 481,087 |
14 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 $909,000 (2011: $4,500,739). The assets and liabilities are not expected to be realised in the foreseeable future.
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NZ Gazette 2012, No 103
✨ LLM interpretation of page content
💰
Canterbury Community Trust Financial Statements
(continued from previous page)
💰 Finance & Revenue2 July 2012
Financial statements, Property, Plant and Equipment, Depreciation, Carrying amounts
- G. R. Sellars, Valued Christchurch investment properties
- M Foster, Valued Christchurch investment properties
- M McLachlan, Valued Nelson investment properties