New Zealand Gazette – 1998 – No. 107

Page 2651

✨ Financial Statements



6 AUGUST

NEW ZEALAND GAZETTE

2651

| | Cost $
$ | Accumulated
Depreciation $
$ | Book
Value $
$ |
| --- | --- | --- | --- |
| Filing cabinets | 3,340 | 383 | 2,957 |
| | $10,133 | $4,801 | $5,332 |
| 1997— | | | |
| Computer equipment | 4,167 | 2,708 | 1,151 |
| Office furniture | 1,165 | 14 | 1,459 |
| | $5,332 | $2,722 | $2,610 |

4. Investments

Investments held by Tower Corporation Holdings Limited comprise:

| | 1998 $
$ | 1997 $
$ |
| --- | --- | --- |
| Money market deposits | 496,092 | 18,908,393 |
| Property | 418,549 | — |
| Fixed interest bonds | 15,777,682 | 22,035,912 |
| Equities | 11,554,155 | 3,174,475 |
| Total investments at 31 March 1998 | $28,246,478 | $44,118,781 |

Investments held by BT Funds Management (NZ) Limited comprise:

| | 1998 $
$ | 1997 $
$ |
| --- | --- | --- |
| Money market deposits | (22,638) | — |
| Property | 1,325,201 | — |
| Fixed interest bonds | 7,538,469 | — |
| Equities | 8,469,754 | — |
| Short term investment | 3,483,497 | — |
| Total investments at 31 March 1998 | $20,794,283 | — |

It is the intention of the trustees to hold the investments long term and accordingly they have been classified as non current assets.

5. Revaluation Reserve

| | 1998 $
$ | 1997 $
$ |
| --- | --- | --- |
| Opening balance at 1 April 1997 | — | 24,056,842 |
| Movements in the year | — | (24,056,842) |
| Closing balance at 31 March 1998 | — | — |

Fundamental Error

During the year ended 31 March 1997, the Trust Bank Wellington Community disposed of its ownership in TBNZ shares. From the sale of the TBNZ shares, the Trust Bank Wellington Community Trust recorded a profit of $22,708,563 in the year ended 1997 financial statements. The full profit on sale was actually $24,602,905, therefore in the year ended 31 March 1997, profit was understated by $1,894,342.

Due to the significance of the amount, the trustees believe that in the 1998 financial statements, the 1997 comparatives should be amended to reflect the correct profit on sale.

The effect on the statement of financial position is to increase retained earnings by $1,894,342.

6. Taxation

The charitable status of the Trust Bank Wellington Community Trust is currently being reviewed by the Inland Revenue. The trustees are of the view that no income tax liability will arise.

For taxation purposes the Wellington Community Trust Charities Limited is deemed to be a charitable organisation and on this basis the income is not subject to taxation. The company’s charitable status was confirmed on the 27th day of August 1997 by the Inland Revenue Department.

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. Commitments

(a) Donations

Wellington Community Trust Charities Limited has committed funding to:



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✨ LLM interpretation of page content

🏢 Fixed Assets (continued from previous page)

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

💰 Investments Held by Tower Corporation Holdings Limited

💰 Finance & Revenue
Investments, Money Market Deposits, Property, Fixed Interest Bonds, Equities

💰 Investments Held by BT Funds Management (NZ) Limited

💰 Finance & Revenue
Investments, Money Market Deposits, Property, Fixed Interest Bonds, Equities, Short Term Investment

💰 Revaluation Reserve

💰 Finance & Revenue
Revaluation Reserve, Opening Balance, Closing Balance

💰 Fundamental Error

💰 Finance & Revenue
Fundamental Error, Profit, Retained Earnings, Financial Statements

💰 Taxation

💰 Finance & Revenue
Taxation, Charitable Status, Income Tax, Inland Revenue

💰 Goods and Services Tax

💰 Finance & Revenue
Goods and Services Tax, GST, Financial Statements

💰 Commitments

💰 Finance & Revenue
Commitments, Donations, Funding