80 / 100
1 9 T e Wh e r owh e r o t i t l e p r o p e r t i e s ( c on t i n u e d )
• comparing market evidence of transaction prices for similar properties.
T. Arnott from CB Richard Ellis Limited valued properties at fair value of $33m as at 31 March 2015 (31 March 2014: $32m) 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 $12m as at 31 March 2015 (31 March 2014:
$11m) 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 $5m as at 31 March 2015 (31 March 2014: $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 titles located at The Base and the University are subject to an operating leases with Tainui Group Holdings
Limited. The sub-lessors interest is held within investment properties (see note18).
2 0 T r a d e a n d o t h e r p a y a b l e s
Consolidated
Notes
2015
$’000
2014
$’000
Inventory acquisition – land
-
3,582
Trade payables
1,682
2,122
Grants payable
6,037
2,850
Subsidiary acquisition
25
-
10,505
Trade payables to related parties
13
46
-
Income received in advance
2,277
3,241
Accrued expenses
11,957
12,515
Employee entitlements
2,587
865
Other payables
552
463
GST
1,349
263
26,487
36,406
2 1 T r a d e a n d o t h e r p a y a b l e s ( non - c u r r e n t )
Consolidated
2015
$’000
2014
$’000
Income received in advance
-
452
-
452
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 5
78