2016 RASV Annual Report

8. INVESTMENT IN JOINT VENTURE (cont.)
Notes 2016 2015
$ $
Current Assets
Cash 1,196,203 689,929
Trade and Other Receivables (a) 12,666,088 9,649,786
Total Current Assets 13,862,291 10,339,715
Non Current Assets
Land - fair value (c) 100,000,000 100,000,000
Buildings and Structures – net carrying amount 79,888,136 82,516,082
Trade and Other Receivables (a) 31,588,833 42,862,878
Total Non Current Assets 211,476,969 225,378,960
Total Assets 225,339,260 235,718,675
Current Liabilities
Trade and Other Payables 3,473,932 3,340,546
Income in Advance 110,000 110,000
Interest Bearing Liabilities (b) 2,611,144 2,366,482
Total Current Liabilities 6,195,076 5,817,028
Non Current Liabilities
Income in Advance 4,651,935 4,761,935
Interest Bearing Liabilities (b) 87,052,697 89,663,841
Total Non Current Liabilities 91,704,632 94,425,776
Total Liabilities 97,899,708 100,242,804
Net Assets of Joint Venture 127,439,552 135,475,871
Proportion of the Company’s ownership interest in the Joint Venture 50 50
Carrying amount of the Company’s interest in the Joint Venture 63,719,776 67,737,936
(a) Trade and other receivables includes the unreceived balance of the $100.7 million funding commitment from the State of Victoria,
discounted back to present value.
(b) The interest bearing liabilities represents the finance lease relating to the Showgrounds buildings development with a lease term of 25 years.
(c) In February 2016, by directive from the Department of Treasury and Finance, the Royal Melbourne Showgrounds Land asset was
re-valued by the Valuer-General Victoria. The property comprises three separate titles and each title was valued using the highest
and best economic use of the land resulting in a valuation of $178,180,000, an increase in value of $78,180,000. The option of highest
and best use for development of the land is not considered by the Company to reflect the true value of the land and the Valuer-
General Victoria has been requested to prepare a valuation based on development which would be complementary to activities on
the Showgrounds site. The Company has undertaken to defer the recognition of the land revaluation in the financial statements until
the valuation based on complementary use is received from the Valuer-General Victoria.
Annual Report 2016 59