✨ Financial Statements
NEW ZEALAND GAZETTE
No. 95
| 1998 $ | 1997 $ | |
|---|---|---|
| Investment property | 412,471,463 | 1,862,270 |
| Less current portion | — | (194,947) |
| 412,471,463 | 26,138,998 | |
| Fixed assets | (Note 7) 3,926,366 | 84,338 |
| Total assets | 423,723,064 | 396,647,701 |
| Current liabilities | ||
| Accounts payable | 133,131 | 118,971 |
| Goods and services tax | 1,742 | — |
| Committed special project donations | 1,051,501 | 3,110,972 |
| Committed donations | 2,521,561 | 291,200 |
| Total liabilities | 3,707,935 | 3,521,143 |
| Net assets | $420,015,129 | $393,126,558 |
The Community Trust Consolidated Statement of Cash Flows for the Year Ended the 31st day of March 1998
| 1998 $ | 1997 $ | |
|---|---|---|
| Cash was provided by (used for): | ||
| Operations (Note 5) | ||
| Dividend from WestpacTrust | 0 | 8,400,000 |
| Income from investments | 16,212,230 | 13,624,919 |
| Income from interest and dividends | 11,933,405 | 36,385,517 |
| Payments to beneficiaries | (3,273,954) | (23,964,491) |
| Payments to suppliers and employees | (2,328,433) | (1,453,187) |
| Payments to trustees | (90,121) | (119,175) |
| Payments of taxation | 3,278,515 | (4,693,059) |
| Payments of goods and services tax | 39,823 | (32,304) |
| Donations to the community | (13,861,115) | (15,901,377) |
| 11,910,350 | 12,246,843 | |
| Investing | ||
| Purchase of Government securities | 0 | (491,000) |
| Sale of Government and local authorities securities | 197,276 | 1,121,000 |
| Sale of Armstrong Jones Investment | 23,378,506 | 0 |
| Sale of Trust Bank New Zealand Limited shares | 0 | 342,157,244 |
| Managed funds investments | (391,434,537) | 0 |
| Movement in term deposits | 344,317,478 | (343,504,451) |
| Decrease in term deposits | 0 | 2,244,502 |
| Reduction of Armstrong Jones Investment | 0 | (1,713,731) |
| Purchase of investment property | 145,389 | 26,483 |
| Purchase of fixed assets | (2,086,687) | (11,774) |
| (25,482,575) | (171,727) | |
| Increase in cash | (13,572,225) | 12,075,116 |
| Cash at beginning of year | 13,514,076 | 1,438,960 |
| Cash at end of year | $(58,149) | $13,514,076 |
Represented by:
| WestpacTrust—current account | 308,794 | — |
|---|---|---|
| WestpacTrust—on call account | (58,149) | 13,205,282 |
| $(58,149) | $13,514,076 |
The notes to the financial statements form part of and are to be read in conjunction with these financial statements.
The Community Trust Notes to the Financial Statements for the Year Ended the 31st day of March 1998
I. Statement of Accounting Policies
General Accounting Policies:
The following general accounting policies have been adopted in the preparation of the financial statements:
(i) The Community Trust was incorporated as a charitable trust in accordance with the provisions of the Trustee Banks Restructuring Act 1988. These financial statements have been prepared in accordance with applicable financial reporting standards.
(ii) Community Trust Charities Limited is a charitable company incorporated under the Companies Act 1993 as amended.
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VUW Te Waharoa —
NZ Gazette 1998, No 95
NZLII — 🌐 NZ Gazette 1998, No 95
✨ LLM interpretation of page content
💰
The Community Trust Financial Statements
(continued from previous page)
💰 Finance & RevenueFinancial Statements, The Community Trust, Trustees' Report, Financial Performance
💰 The Community Trust Consolidated Statement of Cash Flows
💰 Finance & RevenueCash Flows, The Community Trust, Financial Performance
💰 The Community Trust Notes to the Financial Statements
💰 Finance & RevenueNotes to Financial Statements, The Community Trust, Accounting Policies