✨ Financial Statements
2302 NEW ZEALAND GAZETTE No. 92
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
2000
| Cost | Accumulated Depreciation | Book Value | |
|---|---|---|---|
| $ | $ | $ | |
| Computer equipment | 13,783 | 7,647 | 6,135 |
| Office furniture | 4,013 | 1,369 | 2,644 |
| 17,796 | 9,016 | 8,779 |
1999
| Cost | Accumulated Depreciation | Book Value | |
|---|---|---|---|
| $ | $ | $ | |
| Computer equipment | 6,793 | 5,713 | 1,080 |
| Office furniture | 4,013 | 882 | 3,131 |
| 10,806 | 6,595 | 4,211 |
4. Investments
Investments held by Tower Asset Management comprise:
2000
| $ | |
|---|---|
| Money market deposits | 3,872,170 |
| Fixed interest bonds | 4,623,201 |
| Equities | 17,961,499 |
| Other investments | 103,598 |
| Total investments at 31 March 2000 | 26,560,468 |
1999
| $ | |
|---|---|
| Money market deposits | 3,190,561 |
| Fixed interest bonds | 5,569,331 |
| Equities | 17,799,454 |
| Other investments | 2,746 |
| Total investments at 31 March 1999 | 26,562,096 |
Investments held by BT Funds Management (NZ) Limited comprise:
2000
| $ | |
|---|---|
| Currency | 106,302 |
| Property | 0 |
| Fixed interest bonds | 1,771,204 |
| Equities | 17,376,282 |
| Short term investment | 1,147,681 |
| Total investments at 31 March 2000 | 20,401,469 |
1999
| $ | |
|---|---|
| Currency | (102,267) |
| Property | 0 |
| Fixed interest bonds | 3,067,172 |
| Equities | 14,117,062 |
| Short term investment | 1,812,621 |
| Total investments at 31 March 1999 | 18,894,588 |
Secured investments
2000
| $ | |
|---|---|
| The Embassy Theatre Trust | 530,000 |
| Karori Wildlife Sanctuary Trust | 1,500,000 |
| Total secured investments at 31 March 2000 | 2,030,000 |
1999
| $ | |
|---|---|
| The Embassy Theatre Trust | 530,000 |
| Karori Wildlife Sanctuary Trust | 1,312,000 |
| Total secured investments at 31 March 1999 | 1,842,000 |
On 30 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 is secured over the property owned by The Embassy Theatre Trust. The first repayment will be on 1 July 2002.
On 19 February 1999 the Karori Wildlife Sanctuary Trust entered into a loan agreement with Wellington Community Trust Charities Limited. The loan is guaranteed by the Wellington City Council. The loan is to be repaid over 15 years with repayments commencing from 1 July 2004.
Investment property
2000
| $ | |
|---|---|
| At cost | 1,383,750 |
| Revaluations brought forward | 1,250 |
| Current year revaluation | (85,000) |
| Total investment property at 31 March 2000 | 1,300,000 |
1999
| $ | |
|---|---|
| At cost | 1,383,750 |
| Revaluations brought forward | 1,250 |
| Current year revaluation | - |
| Total investment property at 31 March 1999 | 1,385,000 |
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2000, No 92
Gazette.govt.nz —
NZ Gazette 2000, No 92
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Consolidated Notes to the Financial Statements for the Year Ended 31 March 2000
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