✨ Financial Performance Report
1806
NEW ZEALAND GAZETTE
No. 75
As at 31 March 2001, donations approved by The Community Trust of Wellington and subject to the satisfaction of certain conditions were:
| 2001 | 2000 | |
|---|---|---|
| $ | $ | |
| * Junior Cricket Upper Hutt (approved 1997) | – | 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 2001 | – | 129,500 |
(b) Lease Commitments
Commitments existed for non-cancellable operating leases as follows:
| 2001 | 2000 | |
|---|---|---|
| $ | $ | |
| * Not later than one year | 132,036 | 4,641 |
| * Later than one year | 553,178 | – |
| Total | 685,214 | 4,641 |
During the year, The Community Trust of Wellington shifted premises to 28 Grey Street and entered into a 6-year non-cancellable operating lease. The trust has sub-leased a major portion of the premises on similar terms.
(c) Capital Commitments
The group has no capital commitments as at 31 March 2001 (2000 $Nil).
- Contingent Liabilities
The trust has no contingent liabilities as at 31 March 2001 (2000 $Nil).
- Term Loan
| Bank of New Zealand | 2001 | 2000 |
|---|---|---|
| $ | $ | |
| Current | 664,519 | 42,807 |
| Non current | – | 664,518 |
| Total liability | 664,519 | 707,325 |
- Security: 19 Jarden Mile, Ngauranga
- Interest Rate: 8.01%PA
- Repayments: The loan will be full repaid upon settlement of the investment property.
- 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.
Accordingly, the trustees consider that the fair value of each class of financial asset and financial liabilities is the same as the carrying value in the statement of financial position.
Concentration of Credit Risk
The concentrations of credit risk incurred by the trust are managed by Tower Asset Management and BT Funds Management (NZ) Limited. Credit risk also exists with the loan agreements entered into during the year.
Trustees consider the risk of non-recovery of these investments to be within satisfactory guidelines.
Maximum exposures to credit risk as at balance date are:
| 2001 | 2000 | |
|---|---|---|
| $ | $ | |
| Bank accounts | 58,341 | 2,130,809 |
| Accounts receivable | 51,307 | 207,976 |
| Investments | 46,140,947 | 50,376,937 |
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.
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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
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Trust Bank Wellington Community Trust Financial Performance
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💰 Finance & Revenue31 March 2001
Community Trust, Financial Performance, Donations, Investment Income, Rental Income, GST, Shares, Investments, Financial Instruments, Accounting Policies, Fixed Assets