Rangatira Annual Report 2023 - Flipbook - Page 45
Ra n g a t i ra An n u a l Re p ort 2023
Rangatira Group
Notes to the Consolidated
Financial Statements (continued)
For the year ended 31 March 2023
Determination of fair values
Investments in unlisted equity securities are valued by reference to comparable market transactions and valuations provided by fund
managers to estimate fair value where such prices are not available. The International Private Equity and Venture Capital Association
Limited (IPEV) guidelines are used, which also ensure compliance with NZ IFRS 13. Valuations are performed by the fund managers or
use comparable market transactions, and require the use of significant judgement in determining the fair value of investments when no
other observable inputs are available.
Note 2 Revenue
2023
$000
2022
$000
108,271
98,600
57,704
21,051
Dividends
1,333
1,752
Interest revenue
1,825
704
Rental income
904
2,515
Total revenue
170,037
124,622
Revenue from the sale of goods
Revenue from the rendering of services (1)
Revenue from the rendering of services includes ticket sales at Polynesian Spa and Rainbows End, service agreement revenue at Bio-Strategy and
medical services at Boulcott.
(1)
The following provides information about the nature and timing of recognition of revenue as required by NZ IFRS 15.
Sale of packaging goods. The revenue is recognised at a point in time, when the goods are delivered to and have been accepted at the
customer premises as this is the point control of the goods have passed to the customer.
Access to recreational facilities. Revenue is recognised when the customer enters the recreational facilities.
Shop sales. The revenue is recognised at a point in time, when the goods are delivered to and have been accepted by the
customer.
Sales of scientific consumables. The revenue is recognised at a point in time, when the consumables are delivered to and installed at
the customer premises.
Instrument sales. The revenue is recognised at a point in time, when the consumables are delivered to and installed at the customer
premises.
Service Agreements. Revenue is recognised over time as the services are provided to the customers.
Dividend Income. Dividend revenue is recognised on the date that the Group’s right to receive payment is established, which in the case
of quoted securities is the ex-dividend date.
Interest Revenue. Interest revenue is recognised on a time proportionate basis that takes into account the effective yield on the
financial asset.
Rental Income. Rental income is recognised over time, as the leasing service is provided.
Medical services. Revenue derived from the operation of a private surgical hospital.
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