2026

NEW ZEALAND GAZETTE

No. 85

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.

Investment Properties

The investment property held is valued at net current value. Depreciation is not charged on the investment property. The net change in the value of the investment property is transferred directly to the property revaluation reserve.

Basis of Consolidation

The consolidated financial statements have been prepared using the purchase method of consolidation and include the financial statements of the parent and subsidiary companies.

All significant inter-entity profits and transactions have been eliminated in preparing the consolidated financial statements.

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
Office furniture 13.2–14.4 percent DV

Goods and Services Tax

The Community Trust of Wellington financial statements are stated on a G.S.T. inclusive basis, with the exception to transactions that went through Jarden Mile Investments Limited whose financial statements are prepared on a G.S.T. exclusive basis, as it is registered for goods and services tax.

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, secured investments, borrowings, 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.

Where possible, financial assets and liabilities are supported by collateral or other security. These arrangements are described in the individual policy statements associated with each item.

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.

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 nature of business of the wholly owned companies, Wellington Community Trust Charities Limited and Jarden Mile Investments Limited, is restricted by their constitution to providing charitable benefits to the community, principally in the region of The Community Trust of Wellington.

The Trust Bank Wellington Community Trust and its subsidiary companies operate under the trading name of “The Community Trust of Wellington”.

3. Fixed Assets