19 JULY

NEW ZEALAND GAZETTE

1805

Secured investments:

The Embassy Theatre Trust | 530,000 | 530,000
Karori Wildlife Sanctuary Trust | 1,500,000 | 1,500,000
Total secured investments at 31 March 2001 | 2,030,000 | 2,030,000

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 (non current):
At cost | – | 1,383,750
Revaluations brought forward | – | 1,250
Current year revaluation | – | (85,000)
Total investment property at 31 March 2001 | – | 1,300,000

Total investments at 31 March 2001 | 44,840,947 | 50,291,937

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

5. Investment Property (Current)

A conditional contract for the sale of the investment property at 19 Jarden Mile, Ngauranga, was entered into on 30 March 2001 with expected net proceeds of $1,300,000.

The property has been valued at $1,300,000 as at 31 March 2001. The carrying value of the property includes allowances for potential disposal costs. The valuation was carried out on 4 April 2001 by an independent registered valuer, C. W. Nyberg F.N.Z.P.I., of Darroch Limited.

6. Taxation

Trust Bank Wellington Community Trust is not exempt from income tax as a charitable trust. A tax liability of $20,694 was recorded in the financial statements for the previous year. During that time the charitable status of the trust was being reviewed by Inland Revenue. The review has since resulted in a reversal of tax expense and no liability arises for tax to 31 March 2001.

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.

7. Commitments

(a) Donations

As at 31 March 2001, The Community Trust of Wellington has conditionally committed funding to:

• The Wellington Regional Sports Education Trust (Sport Wellington Region) | 1,500,000 | 1,000,000 |
• Wellington Museums Trust Inc. | – | 1,200,000 |
• Victoria University of Wellington Foundation | – | 50,000 |
• Wellington School of Medicine – Surgical Research Trust | – | 60,000 |
• Te Runanganui O Taranaki Whanui Ki Te Upoko O Te Ika A Maui Incorporated Tu Tangata | 60,000 | 120,000 |
• New Zealand Symphony Orchestra Limited | 150,000 | 300,000 |
• WellTrust | 2,400,000 | 3,000,000 |
• New Zealand International Festival of the Arts Trust | 600,000 | – |
  Total commitments at 31 March 2001 | 4,710,000 | 5,730,000 |

Payable no later than one year | 1,460,000 | 2,620,000 |
Payable later than one year, not later than two years | 1,250,000 | 1,310,000 |
Payable later than two years | 2,000,000 | 1,800,000 |
Total commitments at 31 March 2001 | 4,710,000 | 5,730,000 |