17 AUGUST
NEW ZEALAND GAZETTE
2303

The investment property has been valued as at 31 March 2000. The carrying value of the property includes allowances for potential disposal costs. The valuation was carried out on 16 May 2000 by an independent registered valuer, M. J. Bevin BPA ANZIV, of Darroch Limited.

Total investments at 31 March 2000
50,291,937 48,683,684

It is the intention of the trustees to hold the investments long term and accordingly they have been classified as non current assets.

5. Taxation
   The charitable status of the Trust Bank Wellington Community Trust is currently being reviewed by the Inland Revenue Department. To date, this review has resulted in a tax liability of $20,694, which has been recorded in the financial statements.

For taxation purposes, 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 27 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 29 September 1998 by the Inland Revenue Department.

6. Commitments
   (a) Donations
   As at 31 March 2000 The Community Trust of Wellington has conditionally committed funding to:

2000 1999
$ $

• Wellington Regional Stadium Trust - 2,000,000
• Wellington Regional Sports Trusts Inc. 1,000,000 1,500,000
• Wellington Museums Trust Inc. 1,200,000 1,800,000
• Victoria University of Wellington 50,000 100,000
• Wellington School of Medicine – Surgical Research Trust 60,000 120,000
• Te Runanganui O Taranaki Whanui Ki Te Upoko O Te Ika A Maui Incorporated 120,000 -
• New Zealand Symphony Orchestra Limited 300,000 -
• WellTrust 3,000,000 -
  Total commitments at 31 March 2000 5,730,000 5,520,000

2000 1999
$ $
Payable no later than one year 2,620,000 3,210,000
Payable later than one year, not later than two years 1,310,000 1,210,000
Payable later than two years 1,800,000 1,100,000
5,730,000 5,520,000

As at 31 March 2000 donations approved by The Community Trust of Wellington and subject to the satisfaction of certain conditions were:

2000 1999
$ $

• Junior Cricket Upper Hutt (approved 1997) 100,000 100,000
• Upper Hutt Bowling & Tennis Club 15,000 -
• New Zealand Aids Foundation 3,000 -
• Mauri Ora Newspaper Charitable Trust 1,500 -
• Clean Up New Zealand Trust 10,000 -
  Total not uplifted at 31 March 2000 129,500 100,000

(b) Lease commitments
Commitments existed for non-cancellable operating leases as follows:

2000 1999
$ $

• Not later than one year 4,641 4,641
• Later than one year - -
  4,641 4,641

(c) Capital commitments
The group has no capital commitments as at 31 March 2000. (1999 $Nil)

7. Contingent liabilities
   The trust has no contingent liabilities as at 31 March 2000. (1999 $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.