Statement of Cash Flows

Te Kāhui O Taranaki Group For the 15 months ended 30 June 2019

13. INTANGIBLE ASSETS

Quota Shares are stated at cost less any accumulated impairment loss.Gains and losses are recognised in profit or loss when the assets are derecognised or impaired. Cost is based on the transfer price when transferred from Te Ohu Kaimoana in 2007. An independent valuation was received from Quota Management Systems Limited as at 30 June 2019 which states that the market value of quota owned to be $5,220,995.

14. INVESTMENTS IN ASSOCIATES

The Group’s share of results of equity accounted associates are included in these financial statements from the date that joint control begins, until the date that joint control ceases.

Under the equity method, an investment in an associate is initially recognised in the balance sheet at cost and adjusted thereafter to recognise the group’s share of the profit or loss and other comprehensive income of the associate less any impairment losses.

The Group has a 33% share in the general partner, Ngāmotu Hotels General Partner Limited. The Group’s investment in the limited partnership has been accounted for as an associate.

Details of the Group’s associates are as follows:

The associate is incorporated in New Zealand and has a 31 December balance date.

The movement in the carrying value of the investment in associates is as follows: