✨ Financial Statements
22 JULY
NEW ZEALAND GAZETTE
2027
| Cost $ | Accumulated Depreciation $ | Book Value $ | |
|---|---|---|---|
| Filing cabinets ... | 4,013 | 882 | 3,131 |
| $10,806 | $6,595 | $4,211 |
1998—
| Computer equipment ... | 6,793 | 4,418 | 2,375 |
| Office furniture ... | 3,340 | 383 | 2,957 |
| | $10,133 | $4,801 | $5,332 |
4. Investments
Investments held by Tower Asset Management comprise:
| 1999 $ | 1998 $ | |
|---|---|---|
| Money market deposits ... | 3,190,561 | 496,092 |
| Fixed interest bonds ... | 5,569,335 | 15,777,682 |
| Equities ... | 17,799,454 | 11,554,154 |
| Other investments ... | 2,746 | 418,549 |
| Total investments at 31 March 1999 ... | $26,562,096 | $28,246,477 |
Investments held by BT Funds Management (NZ) Limited comprise:
| 1999 $ | 1998 $ | |
|---|---|---|
| Currency ... | (102,267) | (22,638) |
| Property ... | — | 1,325,201 |
| Fixed interest bonds ... | 3,067,172 | 7,538,469 |
| Equities ... | 14,117,062 | 8,469,754 |
| Short term investment ... | 1,812,621 | 3,483,497 |
| Total investments at 31 March 1999 ... | $18,894,588 | $20,794,283 |
Secured Investments
| 1999 $ | 1998 $ | |
|---|---|---|
| The Embassy Theatre Trust ... | 530,000 | — |
| Karori Wildlife Sanctuary Trust ... | 1,312,000 | — |
| Total secured investments as at 31 March 1999 ... | $1,842,000 | — |
On the 30th day of June 1998 the Embassy Theatre Trust entered into a mortgage agreement with Wellington Community Trust Charities Limited. The mortgage is repayable over 10 years and secured over the property held by the Embassy Theatre Trust. The first repayment will be on the 1st day of July 2002.
On the 19th day of February 1999 the Karori Wildlife Sanctuary Trust entered into a loan agreement with Wellington Community Trust Charities Limited. The agreement provides for a facility of up to $1,500,000 to be drawn. The loan is guaranteed by the Wellington City Council. The loan is to be repaid over 15 years, with repayments commencing from the 1st day of July 2004.
Investment Property
| 1999 $ | 1998 $ | |
|---|---|---|
| At cost ... | 1,383,750 | — |
| Revaluations brought forward ... | — | — |
| Current year revaluation ... | 1,250 | — |
| Total investment property ... | $1,385,000 | — |
A valuation of the investment property was carried out on the 17th day of June 1998 by an independent registered valuer, M. J. Bevin, B.P.A., ANZIV, of Darroch Limited. Since the investment property was purchased during the year the trustees considered it unnecessarily to revalue the property at balance date, because of the short ownership period. Annual revaluation will be conducted in future years.
| Total investments ... | $48,683,684 | $49,040,760 |
It is the intention of the trustees to hold the investments long term and accordingly they have been classified as non current assets.
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VUW Te Waharoa —
NZ Gazette 1999, No 85
NZLII —
NZ Gazette 1999, No 85
✨ LLM interpretation of page content
💰
Consolidated Notes to the Financial Statements
(continued from previous page)
💰 Finance & RevenueFinancial Statements, Accounting Policies, Reporting Entity, Reporting Basis, Investments, Depreciation, Book Value
- M. J. Bevin, Conducted property valuation