✨ Financial Statements
Otago Community Trust
Notes to the financial statements
For the year ended 31 March 2013
in New Zealand Dollars ($000's)
11 Investment property
| Group | Parent | |||
|---|---|---|---|---|
| 2013 | 2012 | 2013 | 2012 | |
| Balance at 1 April | 1,610 | 1,820 | - | - |
| Acquisitions | - | - | - | - |
| Change in fair value | (610) | (10) | - | - |
| Reclassification to property, plant and equipment | - | 1,610 | - | - |
| Total fair value balance at 31 March | - | 1,610 | - | - |
Investment property comprised the property at 229 Moray Place, Dunedin. The property was reclassified to property, plant and equipment on 31 March 2013.
12 Other investments
| Group | Parent | |||
|---|---|---|---|---|
| 2013 | 2012 | 2013 | 2012 |
Non-current investments
| Investment in Te Kete Putea Limited Partnership | 154 | - | 154 | - |
| Financial assets designated at fair value through profit or loss (Note 18) | 225,199 | 208,535 | 225,199 | 208,535 |
| Total | 225,353 | 208,535 | 225,353 | 208,535 |
The Trust has a 6.5% investment in the Te Kete Putea Limited Partnership. This entity was established with 10 other New Zealand Community Trusts to acquire the combined Community Trusts database (DMS Database) from the ASB Community Trust. It is accounted for at cost.
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 | |||
|---|---|---|---|---|
| 2013 | 2012 | 2013 | 2012 |
Current Tax
| (Deficit)/Surplus before tax | 16,603 | 7,504 | 16,571 | 7,518 |
| (Deficit)/Surplus attributable to tax exempt parent | (16,571) | (7,518) | (16,571) | (7,518) |
| (Deficit)/Surplus attributable to tax exempt subsidiaries | - | - | - | - |
| | 32 | (14) | - | - |
| Change in fair value of property | - | 10 | - | - |
| Tax depreciation | - | (7) | - | - |
| Tax (surplus)/loss | 25 | (12) | - | - |
| Current tax using company tax rate of 28% | 7 | (3) | - | - |
Deferred Tax
| Tax loss | 7 | (3) | - | - |
| Change in fair value of property | 2 | 2 | - | - |
| Adjustment in tax losses following change in tax rate | - | - | - | - |
| Applying tax rate of 28% | 9 | 1 | - | - |
Tax expense per Income Statement
| | 9 | 1 | - | - |
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NZ Gazette 2013, No 98
✨ LLM interpretation of page content
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Otago Community Trust Financial Statements
(continued from previous page)
🏢 State Enterprises & InsuranceFinancial statements, Investment property, Other investments, Taxation, Te Kete Putea Limited Partnership, DMS Database, Income Tax Act 2007, Fillmor House Limited