✨ Trust Bank Financial Report
24 JULY
NEW ZEALAND GAZETTE
Shares and Investments
Shares and other investments are stated at the market value. Changes in the market value of investments are taken to the statement of financial performance.
Financial Instruments
All financial instruments held by the trust are recorded in the statement of financial position. The financial instruments comprise equity securities, discounted securities, deposits and cash. Concentrations of credit risk arise as a result of holding equity securities as investments. These are subject to the normal market risk associated with investments of this nature. There are no significant differences between the fair value and book value of financial instruments.
Nominees of the trust hold 100 percent of the shares in Wellington Community Trust Charities Limited on behalf of the trust. This shareholding comprises 2 shares on which the capital is uncalled. The company has not traded and no financial statements have been prepared for it.
2. Nature of Business
The Trust Bank Wellington Community Trust was incorporated as a charitable trust in accordance with the provisions of the Trustee Banks Restructuring Act 1988. The purpose of the community trust is to provide charitable, cultural, philanthropic and recreational benefits to the community, principally in the region of the trust.
3. Fixed Assets
| Cost | Accumulated Depreciation | Book Value | |
|---|---|---|---|
| $ | $ | $ | |
| 1997— | |||
| Computer equipment | 4,167 | 2,708 | 1,151 |
| Filing cabinets | 1,165 | 14 | 1,459 |
| 5,332 | 2,722 | 2,610 |
| | | | |
| 1996— | | | |
| Computer equipment | 4,167 | 1,547 | 2,620 |
4. Investments
Investments held by Tower Corporation Holdings Limited comprise:
| 1997 | 1996 | |
|---|---|---|
| $ | $ | |
| Money market deposits | 18,908,393 | 5,033,132 |
| Trust Bank New Zealand Limited | — | 27,787,500 |
| Discounted securities | — | 1,491,854 |
| NZD fixed interest bonds | 22,035,912 | 2,376,771 |
| Equities | 3,174,475 | — |
| Total investments at 31 March 1997 | 44,118,781 | 36,689,257 |
The trust sold 11,250,000 ordinary shares in Trust Bank New Zealand Limited to Westpac Holdings NZ Limited on 27 May 1996. These funds were invested with Tower Corporation Holdings Limited.
5. Revaluation Reserve
| 1997 | 1996 | |
|---|---|---|
| $ | $ | |
| Opening balance at 1 April 1996 | — | 17,531,842 |
| Movements in the year | 24,056,842 | (22,162,500) |
| 6,525,000 | ||
| Closing balance at 31 March 1997 | 1,894,342 | 24,056,842 |
6. Taxation
For taxation purposes the trust is deemed to be a charitable organisation and on this basis the income is not subject to taxation. The charitable status is under review which may affect the future tax status of the trust.
7. Goods and Services Tax
The trust is not registered for goods and services tax purposes. Accordingly these financial statements are stated on a G.S.T. inclusive basis.
8. Items Not Included in Statement of Financial Position
The trust has made a commitment of $3,000,000 to the Wellington Regional Stadium Trust subject to the commitment of that trust to construct.
Additional donations totalling $1,931,000 have been approved but not uplifted as at 31 March 1997. These are $10,000 for the Te Omanga Hospice, $10,000 for the NZ Dance and Drama Premises Management Trust, $100,000 for Upper Hutt Junior Cricket, $1,800,000 for the St James Theatre Trust and $11,000 for the Scots College Board of Trustees.
Next Page →
NZ Gazette 1997, No 75
✨ LLM interpretation of page content
💰
Trust Bank Wellington Community Trust Financial Performance for the Year Ended 31 March 1997
(continued from previous page)
💰 Finance & Revenue26 June 1997
Financial Performance, Trust Bank, Wellington Community Trust, Income, Expenses, Donations, Equity, Assets, Liabilities, Cash Flows