Page 31 - 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
7. 22-24 NGATA STREET DEVELOPMENT COSTS
Balance at Beginning of Year
Development Costs incurred during the Year
Balance at End of the Year
2020 2019 $$
43,174 764,057
$807,231
– 43,174
$43,174
The Trust has undertaken a development at 22-24 Ngata Street to build a facility for early childhood education. The project is expected to be completed during June 2020. Further anticipated development costs to completion are $322,801. When this development is completed it will be classified as Investment Property (note 3).
8. ACQUISITION OF HAUKAWAKAWA LIMITED PARTNERSHIP
On 18 July 2018 Palmerston North Māori Reserve acquired the remaining 50% of Haukawakawa Limited Partnership it did not own.
The following table summarises the consideration paid for Haukawakawa Limited Partnership, the fair value of assets acquired, and liabilities assumed at acquisition date.
Consideration transferred
Cash
Fair value of equity interest in Haukawakawa Limited Partnership before the business combination
Recognised amounts of identifiable assets acquired and liabilities assumed
Cash and Cash Equivalents
Accounts Receivable
Investment Property
Legal fee in relation to Acquisition of 89-95 Thorndon Quay Related Party Balances
Accounts Payable
GST
Total identifiable net assets
18 July 2018
$
1,375,878 1,375,878
$2,751,756
40,495 7,286 2,700,000 739 4,284
(849) (199)
$2,751,756
The rental revenue included in the consolidated statement of comprehensive income since 18 July 2018 contributed by Haukawakawa Limited Partnership was $145,004, along with a revaluation gain on investment property of $100,000. Haukawakawa Limited Partnership contributed profit of $160,032.
Palmerston North Ma¯ori Reserve Trust
29
ANNUAL REPORT 2020