Page 28 - PNMRT AnnRpt 2020

PALMERSTON NORTH MA¯ ORI RESERVE TRUST
NOTES TO AND FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2020
4. INVESTMENT IN EQUITY ACCOUNTED ASSOCIATES
Palmerston North Māori Reserve Trust holds the following voting interests in the following entities and as such has significant influence but not control of the entities, with the exception of Haukawakawa Limited Partnership which Palmerston North Māori Reserve Trust now has full control (refer to note 8). The Group has classified the investments listed as associates and it is accounting for them using the equity method.
Investee
Hı¯koikoi Management Limited
Metlifecare Palmerston North Limited
Balance Date
31-Mar 30-Jun
Place of Business /Country of Incorporation
NZ NZ
Ownership Percentage 2020 2019
50% 50% 50% 50%
The Group has no commitments and no contingencies in relation to its investments in associates.
During the year ended 31 March 2019 Palmerston North Māori Reserve acquired Wellington Tenths Trust’s 50% share in Haukawakawa Limited Partnership held by Wellington Tenths Trust for $1,375,878. Following this acquisition Haukawakawa Limited Partnership is now recognised as a subsidiary of Palmerston North Māori Reserve (refer to note 8).
H¯ıkoikoi Non-current Management Investment in Limited Associate $
Haukawakawa LP $
1,374,667 1,210 –
(1,375,878)
Metlifecare
Palmerston North Limited $
10,024,500 726,500
(325,000) –
Total $
11,399,167 727,710
(325,000) (1,375,878)
Balance at 1 April 2018 Share of profit/(loss) Dividends received Consolidation into Subsidiary following Acquisition
Balance at 31 March 2019
Share of profit/(loss) Dividends received
Balance at 31 March 2020
– – –
–
–
– –
$ –
– 10,426,000 10,426,000
– 730,000 730,000 – (125,000) (125,000)
$ – $11,031,000 $11,031,000
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Hīkoikoi Management Limited has no profit/(loss) for the year ended 31 March 2019 and 31 March 2020.
Palmerston North Ma¯ori Reserve Trust
ANNUAL REPORT 2020