New Zealand Gazette – 1999 – No. 85

Page 2028

✨ Financial Statements and Commitments



2028 NEW ZEALAND GAZETTE No. 85

5. 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.

For taxation purposes Jarden Mile Investments 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 29th day of September 1998 by the Inland Revenue Department.

6. Commitments

(a) Donations

As at 31 March 1999 Wellington Community Trust Charities Limited has committed funding to:

1999 1998
$ $
Wellington Regional Stadium Trust 2,000,000 3,000,000
St James Theatre Trust – 1,200,000
Sport Wellington Region Trust 1,500,000 2,000,000
Museum of Wellington Trust 1,800,000 2,400,000
Victoria University Foundation 100,000 –
Surgical Research Trust 120,000 –
Total commitments as at 31 March 1999 5,520,000 8,600,000
1999 1998
$ $
Payable no later than 1 year 3,210,000 3,300,000
Payable later than 1, not later than 2 years 1,210,000 3,100,000
Payable later than 2 years 1,100,000 2,200,000
5,520,000 8,600,000

As at 31 March 1999 donations approved by Trust Bank Wellington Community Trust and Wellington Community Trust Charities Limited but not uplifted were:

1999 1998
$ $
Junior Cricket Upper Hutt (approved 1997) 100,000 100,000
Newtown Union Health Centre (approved 1998) 80,000 80,000
Children’s Grief Centre Trust (approved 1998) 80,000 50,000
House of Hope, Otaki (approved 1998) – 10,000
Total not uplifted as at 31 March 1999 180,000 240,000

(b) Lease Commitments

Commitments existed for non-cancellable operating leases as follows:

1999 1998
$ $
Not later than 1 year 4,641 11,000
Later than 1 year – –
4,641 11,00

(c) Capital Commitments

The group has no capital commitments as at 31 March 1999 (1998 $nil).

7. Contingent Liabilities

The group has no contingent liabilities as at 31 March 1999 (1998 $nil).

8. Financial Instruments

Investments are stated at estimated market value at balance date. Accounts payable, secured investments 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 Asset Management and BT Funds Management (NZ) Limited. Credit risk also exists with the loan agreements entered into during the year.

Trustees consider the risk of non-recovery of these investments to be within satisfactory guidelines.



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✨ LLM interpretation of page content

💰 Consolidated Notes to the Financial Statements (continued from previous page)

💰 Finance & Revenue
Financial Statements, Accounting Policies, Reporting Entity, Reporting Basis, Investments, Depreciation, Book Value

💰 Taxation Status of Trusts and Companies

💰 Finance & Revenue
Taxation, Charitable Status, Trusts, Companies

💰 Donations and Commitments

💰 Finance & Revenue
Donations, Commitments, Funding, Trusts

💰 Lease Commitments

💰 Finance & Revenue
Lease Commitments, Operating Leases

💰 Capital Commitments

💰 Finance & Revenue
Capital Commitments

💰 Contingent Liabilities

💰 Finance & Revenue
Contingent Liabilities

💰 Financial Instruments

💰 Finance & Revenue
Financial Instruments, Investments, Credit Risk