New Zealand Gazette – 2014 – No. 85

Page 2389

✨ Financial Statements



1 AUGUST 2014 NEW ZEALAND GAZETTE, No. 85 2389

Otago Community Trust

Notes to the financial statements

For the year ended 31 March 2014

in New Zealand Dollars (’000’s)

10 Investment property

Group Parent
2014 2013 2014 2013
Balance at 1 April - 1,610 - -
Acquisitions - - - -
Change in fair value - - - -
Reclassification to property, plant and equipment - (1,610) - -
Total fair value balance at 31 March - - - -

Investment property comprised the property at 229 Moray Place, Dunedin. The property was reclassified to property, plant and equipment on 31 March 2013.

11 Other investments

Group Parent
2014 2013 2014 2013
Non-current investments
Investment in Te Kete Putea Limited Partnership 123 154 123 154
Financial assets designated at fair value through profit or loss (Note 18) 237,550 225,199 237,550 225,199
237,673 225,353 237,673 225,353

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 amortised cost.

12 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
2014 2013 2014 2013
Current Tax
(Deficit)/Surplus before tax 12,962 16,603 12,951 16,571
(Deficit)/Surplus attributable to tax exempt parent 12,951 16,571 12,951 16,571
(Deficit)/Surplus attributable to tax exempt subsidiaries 11 - - -
Accounting depreciation 24 32 - -
Tax depreciation (6) (7) - -
Tax surplus/(loss) 29 25 - -
Current tax using company tax rate of 28% 8 7 - -

| Deferred Tax | | | | |
| Tax surplus/(loss) | 8 | 7 | - | - |
| Change in fair value of property | (5) | 2 | - | - |
| Adjustment in tax losses following change in tax rate | - | 9 | - | - |
| Applying tax rate of 28% | 3 | 9 | - | - |

| Tax expense per Income Statement | 3 | 9 | - | - |



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Gazette.govt.nz — PDF NZ Gazette 2014, No 85




✨ LLM interpretation of page content

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

💰 Finance & Revenue
Financial Statements, Community Trusts, Property, Plant and Equipment, Office furniture and equipment, Depreciation, Impairment losses, Carrying amounts, Investment property, Other investments, Taxation