✨ Financial Report of Trust Bank Wellington Community Trust
2652 NEW ZEALAND GAZETTE No. 107
Wellington Regional Stadium Trust ... $3,000,000
St James Theatre Trust ... 1,200,000
Sport Wellington Region Trust ... 2,000,000
Museum of Wellington Trust ... 2,400,000
Donations approved but not uplifted as at 31 March 1998 were:
Children’s Grief Centre Trust ... 50,000
Newtown Union Health Centre ... 80,000
Trust Bank Wellington Community Trust has the following donations not uplifted as at 31 March 1998:
House of Hope, Otaki ... 10,000
Junior Cricket Upper Hutt (approved 97) ... 100,000
(b) Lease Commitments
Commitments existed for non-cancellable operating leases as follows:
| 1998 $ | 1997 $ | |
|---|---|---|
| Not later than 1 year | 11,000 | – |
| Later than 1 year | 11.00 | – |
(c) Capital Commitments
The group has no capital commitments as at 31 March 1998. (1997 $Nil.)
-
Contingent Liabilities
The group has no contingent liabilities as at 31 March 1998. (1997 $Nil.) -
Financial Instruments
Investments are stated at estimated market value at balance date. Accrued interest, accounts payable, and accounts receivable are stated at the amount expected to be received or paid.
Accordingly, the trustees consider that the fair value of each class of financial asset and financial liabilities is the same as the carrying value in the statement of financial position.
Concentration of Credit Risk
The concentrations of credit risk incurred by the trust are managed by Tower Corporation Holdings Limited and BT Funds Management (NZ) Limited within a range of financial institutions. Trustees consider the risk of non-recovery of these investments to be within satisfactory guidelines.
Currency Risk
The Community Trust of Wellington incurs currency risk as a result of investment transactions managed by Tower Corporation Holdings Limited and BT Funds Management (NZ) Limited.
Interest Rate Risk
The investments of the Community Trust of Wellington which are sensitive to changes in interest rates are managed by Tower Corporation Holdings Limited and BT Funds Management (NZ) Limited.
- Reconciliation of Net Surplus with Net Cash Flow from Operating Activities
| 1998 $ | 1997 $ | |
|---|---|---|
| Net surplus | 4,196,895 | 31,146,735 |
| Add/(deduct) non cash items: | ||
| Depreciation | 2,079 | 1,175 |
| Add/(deduct) movements in other working capital items: | 4,198,974 | 31,147,910 |
| (Increase)/decrease in accounts receivable | (38,129) | (141,864) |
| (Increase)/decrease in prepayments | – | (1,519) |
| (Increase)/decrease in accounts payable | 406,881 | 54,147 |
| (Increase)/decrease in taxation paid | (110) | 6,082 |
| 368,642 | (83,154) |
Less items classified as an investing activity:
Income—Tower Corporation Holdings Limited ... 241,833 ... (15,420)
Net cash flow from operating activities ... $4,325,783 ... $31,080,176
Audit Report
To the readers of the financial report of Trust Bank Wellington Community Trust and its subsidiary company (trading as the Community Trust of Wellington).
We have audited the financial report. The financial report provides information about the past financial performance of the
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VUW Te Waharoa —
NZ Gazette 1998, No 107
NZLII —
NZ Gazette 1998, No 107
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💰 Financial Report of Trust Bank Wellington Community Trust
💰 Finance & RevenueFinancial Report, Trust Bank Wellington Community Trust, Donations, Lease Commitments, Capital Commitments, Contingent Liabilities, Financial Instruments, Net Surplus, Audit Report