✨ Financial Statements and Accounting Policies
1804
NEW ZEALAND GAZETTE
No. 75
- The Wellington Community Trust Charities Limited is registered for goods and services tax on the basis that taxable supplies are derived from rent received and the reimbursement of operating expenses from the sub-leasing of their premises. Income and expenditure relating to this are stated on a G.S.T. exclusive basis.
- Transactions relating to Jarden Mile Investments Limited are prepared on a G.S.T. exclusive basis as it is registered for goods and services tax.
Shares and Investments
Shares and other investments are stated at the market value. Changes in the market value of investments are taken to the statement of financial performance.
Financial Instruments
All financial instruments held by the trust are recorded in the statement of financial position. The financial instruments comprise equity securities, discounted securities, secured investments, borrowings, deposits and cash. Concentrations of credit risk arise as a result of holding equity securities as investments. These are subject to the normal market risk associated with investments of this nature. There are no significant differences between the fair value and book value of financial instruments. Where possible, financial assets and liabilities are supported by collateral or other security. These arrangements are described in the individual policy statements associated with each item.
Changes in Accounting Policies
There have been no changes in accounting policies. All policies have been applied on bases consistent with those used in previous years.
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
2001
| Cost | Accumulated Depreciation | Book Value | |
|---|---|---|---|
| Computer equipment | $14,094 | $10,686 | $3,408 |
| Office furniture | $38,422 | $5,714 | $32,708 |
| $52,516 | $16,400 | $36,116 |
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 |
4. Investments
Investments held by Tower Asset Management comprise:
| 2001 | 2000 | |
|---|---|---|
| Money market deposits | $1,678,767 | $3,872,170 |
| Fixed interest bonds | $3,640,654 | $4,623,201 |
| Equities | $19,963,356 | $17,961,499 |
| Other investments | $(667,105) | $103,598 |
| Total investments at 31 March 2001 | $24,615,672 | $26,560,468 |
Investments held by BT Funds Management (NZ) Limited comprise:
| 2001 | 2000 | |
|---|---|---|
| Currency | $(82,883) | $106,302 |
| Property | $18,325 | – |
| Fixed interest bonds | $2,831,778 | $1,771,204 |
| Equities | $14,494,443 | $17,376,282 |
| Short term investment | $933,612 | $1,147,681 |
| Total investments at 31 March 2001 | $18,195,275 | $20,401,469 |
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2001, No 75
Gazette.govt.nz —
NZ Gazette 2001, No 75
✨ LLM interpretation of page content
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Trust Bank Wellington Community Trust Financial Performance
(continued from previous page)
💰 Finance & Revenue31 May 2001
Community Trust, Financial Performance, Donations, Investment Income, Rental Income, GST, Shares, Investments, Financial Instruments, Accounting Policies, Fixed Assets