New Zealand Gazette – 2013 – No. 123

Page 3405

✨ Financial Statements



4 SEPTEMBER 2013 NEW ZEALAND GAZETTE, No. 123 3405

The Canterbury Community Trust

Notes to the financial statements

For the year ended 31 March 2013

in New Zealand Dollars ($000’s)

12 Investment property

Group 2013 Group 2012 Trust 2013 Trust 2012
Balance at 1 April 27,555 32,470 0 0
Acquisitions 6,766 0 0 0
Disposals (5,800) (7,700) 0 0
Change in fair value (96) 1,785 0 0
Balance at 31 March 28,425 27,555 0 0

Investment property comprises nine properties. 262 Oxford Terrace, 95 Oxford Terrace, 141 Hereford Street, 242 Manchester Street, 105-107 Blenheim Road, 55 Shands Road (Christchurch) 16 Parumoana Street (Porirua), 188 Hardy Street and 50 Halifax Street (Nelson).

Christchurch investment properties were valued at 31 March 2013 by Colliers International Valuation (Chch) Limited, Telfer Young Limited and BJK Valuation Ltd. Nelson investment properties were valued at 31 March 2013 by Duke and Cooke Limited. The Porirua investment property was valued at 31 March 2013 by Darroch Limited.

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 land at 141 Hereford Street was sold. The land at 262 Oxford Terrace and 242 Manchester Street was compulsorily acquired by the Canterbury Earthquake Recovery Authority. Insurance settlements for the indemnity values of the buildings have been received or provided for in these accounts. Some payments have been deferred pending completion of demolition work. Demolition costs have been paid or provided for in these accounts.

During the year ended 31 March 2013, rent of $2,276,355 was recognised as being other income in the Statement of Comprehensive Income (2012: $2,714,617).

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.

The Group’s share of the management fee for the property expensed in the Statement of Comprehensive Income is $19,531; (2012: $20,124).

13 Financial assets

Group 2013 Group 2012 Trust 2013 Trust 2012
Non-current investments
Loans and receivables 4,400 4,552 4,400 4,552
4,400 4,552 4,400 4,552
Current investments
Loans and receivables 726 805 726 805
Financial assets at fair value through profit or loss 451,915 462,264 426,943 436,346
452,641 463,069 427,669 437,151

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 $2,702,160 (2012: $3,053,702). The assets and liabilities are not expected to be realised in the foreseeable future.



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Online Sources for this page:

Gazette.govt.nz — PDF NZ Gazette 2013, No 123




✨ LLM interpretation of page content

💰 Notes to the Financial Statements for The Canterbury Community Trust (continued from previous page)

💰 Finance & Revenue
3 July 2013
Financial statements, Investment property, Financial assets, Taxation, Valuation