86
2 0 . t e wh e r owh e r o t i t l e p r o p e r t i e s
For Te Wherowhero title properties held at fair value amounting to $48m (2013: $39m), valuations were completed as follows:
T. Arnott from CB Richard Ellis Limited valued properties at fair value of $32m (Parent: $32m) as at 31 March 2014 (31 March
2013: $24m and Parent $24m) using a mixture of market evidence of transaction prices for similar properties, capitalisation
and discounted cash flow approaches.
D.J. Saunders from Telfer Young (Waikato) Limited valued properties at fair value of $11m (Parent: $11m) as at 31 March 2014
(31 March 2013: $9m and Parent $9m) using a mixture of market evidence of transaction prices for similar properties, direct
comparison, capitalisation and discounted cash flow approaches.
P. A. Curnow from Curnow Tizard Limited valued properties at fair value of $6m (Parent: $6m) as at 31 March 2014 (31 March
2013: $6m and Parent $6m) using a mixture of market evidence of transaction prices for similar properties, direct comparison,
capitalisation and discounted cash flow approaches.
All valuers are independent registered valuers not related to the Group. All valuers hold recognised and relevant professional
qualifications and have recent experience in the locations and categories of the investment property they have valued.
Te Wherowhero land title is subject to an operating lease with Tainui Group Holdings Limited. The sub‑lessor interest is held
within investment properties (see note 19).
2 1 . t r a d e a nd o t h e r paya b l e s
Consolidated
Parent
Notes
2014
2013
2014
2013
$'000
$'000
$'000
$'000
Inventory acquisition ‑ land
3,582
-
-
-
Trade payables
4,773
1,559
71
87
Grants payable
2,850
2,520
2,840
2,520
Subsidiary acquisition
27
10,505
-
-
-
Trade payables to related parties
14
-
42
4,414
167
Income received in advance
3,241
1,590
-
-
Accrued expenses
14,406
12,155
876
550
Employee entitlements
865
799
113
257
Other payables
468
404
-
-
GST
160
646
-
8
40,850
19,715
8,314
3,589
Consolidated
Parent
Notes
2014
2013
2014
2013
$'000
$'000
$'000
$'000
Investment Property
Balance at beginning of the year
38,546
34,856
38,546
34,856
Net gain from fair value adjustments
8
9,821
3,690
9,821
3,690
48,367
38,546
48,367
38,546
Other land
At cost
1,716
1,716
1,716
1,716
Closing balance
50,083
40,262
50,083
40,262
waikato raupatu lands trust
notes to the financial statements
f o r t h e y e a r e n d e d 3 1 m a r c h 2 0 1 4
