✨ Financial Statements
22 JULY NEW ZEALAND GAZETTE 2029
Maximum exposures to credit risk as at balance date are:
| 1999 $ | 1998 $ | |
|---|---|---|
| Bank accounts | 63,720 | 10,503 |
| Accounts receivable | 151,139 | 182,065 |
| Investments | 48,683,684 | 49,040,760 |
Currency Risk
The Community Trust of Wellington incurs currency risk as a result of investment transactions managed by Tower Asset Management 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 Asset Management and BT Funds Management (NZ) Limited. The Community Trust of Wellington is also exposed to interest rate fluctuation on loans, as the debt is on a floating rate.
9. Term Loan
| Bank of New Zealand— | 1999 $ | 1998 $ |
|---|---|---|
| Current | 97,915 | — |
| Non current | 648,932 | — |
| Total liability | $746,847 | — |
Security:
19 Jarden Mile, Ngauranga
Interest rate:
8.01 percent per annum (fixed for 5 years)
Repayments:
For the first 5 years, 60 consecutive monthly payments of $8,159.57. After 5 years the repayments instalments may be varied so the whole of the loan plus interest is repaid over the term of the loan.
Final repayment date:
Repayment based on 12 year term
10. Revaluation Reserve
| 1999 $ | 1998 $ | |
|---|---|---|
| Opening balance at 1 April 1998 | 1,250 | |
| Movements in the year | ||
| Closing balance at 31 March 1999 | $1,250 | — |
11. Investment Income (Net)
| 1999 $ | 1998 $ | |
|---|---|---|
| Portfolio income—realised and unrealised revenue | 4,729,761 | 8,296,556 |
| Less fund management fees and expenses | (227,979) | (270,971) |
| Total investment income (net) | $4,501,782 | $8,025,585 |
12. Reconciliation of Net Surplus with Net Cash Flow from Operating Activities
| 1999 $ | 1998 $ | |
|---|---|---|
| Net surplus/(deficit) | (841,466) | 4,196,895 |
| Add/(deduct) non cash items: | ||
| Depreciation | 1,793 | 2,079 |
| Portfolio investment income reinvested | (4,858,175) | (8,259,749) |
| (5,697,848) | (4,060,775) |
| Add/(deduct) movements in other working capital items: | | |
| (Increase)/decrease in accounts receivable | 30,926 | (38,129) |
| (Increase)/decrease in prepayments | (1,342) | — |
| (Increase)/decrease in accounts payable | (243,090) | 406,881 |
| (Increase)/decrease in G.S.T. | 4,201 | — |
| (Increase)/decrease in taxation paid | (2,307) | (110) |
| Add/(deduct) items classified as an investing activity: | | |
| Movement—Tower Asset management | 29,484 | (22,720) |
| | (211,612) | 368,642 |
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VUW Te Waharoa —
NZ Gazette 1999, No 85
NZLII —
NZ Gazette 1999, No 85
✨ LLM interpretation of page content
💰 Maximum exposures to credit risk
💰 Finance & RevenueCredit risk, Bank accounts, Accounts receivable, Investments
💰 Currency Risk
💰 Finance & RevenueCurrency risk, Investment transactions, Tower Asset Management, BT Funds Management
💰 Interest Rate Risk
💰 Finance & RevenueInterest rate risk, Loans, Floating rate, Tower Asset Management, BT Funds Management
💰 Term Loan Details
💰 Finance & RevenueTerm loan, Bank of New Zealand, Security, Interest rate, Repayments
💰 Revaluation Reserve
💰 Finance & RevenueRevaluation reserve, Opening balance, Closing balance
💰 Investment Income (Net)
💰 Finance & RevenueInvestment income, Portfolio income, Fund management fees
💰 Reconciliation of Net Surplus with Net Cash Flow from Operating Activities
💰 Finance & RevenueNet surplus, Cash flow, Depreciation, Portfolio investment income, Working capital