New Zealand Gazette – 1998 – No. 107

Page 2650

✨ Financial Statements

2650 NEW ZEALAND GAZETTE No. 107

1998 1997
$ $
Cash at bank—Trust Bank Wellington ... 10,503 6,332
Closing cash carried forward ... $10,503 $369,667

Consolidated Notes to the Financial Statements for the Year Ended 31 March 1998

1. Statement of Accounting Policies

Reporting Entity
The financial statements presented here are for the reporting entity Trust Bank Wellington Community Trust and its wholly owned company Wellington Community Trust Charities Limited, the company commenced trading on the 1st day of April 1997. The Trust Bank Wellington Community Trust is an incorporated charitable trust under the Charitable Trusts Act 1957.

Reporting Basis
The trustees have chosen to prepare general purpose financial reports which comply with generally accepted accounting practice.

Measurement Base
The measurement base adopted is historical cost with the exception of certain items for which specified accounting policies are identified.

Investment Income (Net)
Investment income (net) includes gross investment income less management fees payable to the fund managers.

Accounts Receivable
Accounts receivable are stated at expected realised value.

Donations
Donations made are included in the statement of financial performance when paid.

Fixed Assets
Fixed assets are stated at cost less accumulated depreciation.

Depreciation
Depreciation is charged at the maximum rates allowable by the Inland Revenue Department. The tax rates are as follows:
Computer equipment 24.0–48.0 percent CP
Filing cabinets 13.2–14.4 percent DV

Changes in Accounting Policies
There have been no changes in accounting policies. All policies have been applied on bases consistent with those used in previous years.

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.

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 trust region.

The wholly owned Wellington Trust Charities Limited nature of business is restricted by its constitution to providing charitable benefits to the community, principally in the region of the Wellington Community Trust.

The Trust Bank Wellington Community Trust and the Wellington Community Trust Charities Limited both operate under the trading name of "The Community Trust of Wellington".

3. Fixed Assets

	Cost	Accumulated Depreciation	Book Value
	$	$	$
1998—
Computer equipment ...	6,793	4,418	2,375

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VUW Te Waharoa — NZ Gazette 1998, No 107

NZLII — NZ Gazette 1998, No 107

The Executive Wing of Parliament (depicted) is universally known as The Beehive. It was completed in 1977 and remains the primary office for the elected Government of the day.

✨ LLM interpretation of page content

🏢 The Community Trust of Wellington Financial Performance and Fund Movements (continued from previous page)

Domain🏢 State Enterprises & Insurance
KeywordsFinancial Statements, Trust Funds, Donations, Investment Income, Wellington

🏢 Consolidated Notes to the Financial Statements for the Year Ended 31 March 1998

Domain🏢 State Enterprises & Insurance
KeywordsAccounting Policies, Financial Statements, Investment Income, Fixed Assets, Depreciation

🏢 Nature of Business

Domain🏢 State Enterprises & Insurance
KeywordsCharitable Trust, Community Benefits, Wellington Region

🏢 Fixed Assets

Domain🏢 State Enterprises & Insurance
KeywordsFixed Assets, Computer Equipment, Depreciation, Book Value

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