New Zealand Gazette – 2002 – No. 78

Page 2098

✨ Financial Statements



2098 NEW ZEALAND GAZETTE No. 78

Goods and Services Tax

The financial statements for The Community Trust of Wellington are prepared on a G.S.T. inclusive basis with the following exceptions:

  • The Wellington Community Trust Charities Limited is registered for G.S.T. 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 G.S.T.

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 Community Trust of Wellington was incorporated as a charitable trust in accordance with the provisions of the Trustee Banks Restructuring Act 1988 and now superseded by the Community Trust Act 1999. 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 Community Trust of Wellington and its subsidiary companies operate under the trading name of “The Community Trust of Wellington”.

3. Fixed Assets

2002

Cost Accumulated Depreciation Book Value
$ $ $
Computer equipment 14,094 12,303 1,791
Office furniture 40,537 11,677 28,860
54,631 23,980 30,651

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

4. Investments (Current)

2002 2001
$ $
Secured investments (current):
The Embassy Theatre Trust 50,000 –
Total 50,000 –

On 30 June 1998, The Embassy Theatre Trust entered in a 5th 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.

5. Investments (Non Current)

2002 2001
$ $
Investments held by Tower Asset Management comprise:
Money market deposits 2,668,489 1,678,767
Fixed interest bonds 2,664,851 3,640,654
Equities 18,017,843 19,963,356
Other investments 435,177 (667,105)
Total 23,786,360 24,615,672


Next Page →



Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2002, No 78


Gazette.govt.nz — PDF NZ Gazette 2002, No 78




✨ LLM interpretation of page content

💰 Consolidated Notes to the Financial Statements for the Year Ended 31 March 2002 (continued from previous page)

💰 Finance & Revenue
Financial statements, Accounting policies, Wellington