✨ Financial Statements
11 JULY
NEW ZEALAND GAZETTE
2099
Investments held by BT Funds Management (NZ) Limited comprise:
| Currency | 175,746 | (82,883) |
| Property | – | 18,325 |
| Fixed interest bonds | 1,399,001 | 2,831,778 |
| Equities | 13,873,607 | 14,494,443 |
| Short term investment | 1,840,791 | 933,612 |
| Investment trusts | 10,101 | – |
| Total | 17,299,246 | 18,195,275 |
Secured investments (non current):
| The Embassy Theatre Trust | 480,000 | 530,000 |
| Karori Wildlife Sanctuary Trust | 1,500,000 | 1,500,000 |
| Total | 1,980,000 | 2,030,000 |
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.
| Total investments | 43,065,606| 44,840,947|
It is the intention of the trustees to hold the investments long term and, accordingly, they have been classified as non current assets.
6. Investment Property
| 2002 | 2001 | |
|---|---|---|
| Investment property at valuation | – | 1,300,000 |
| Total investment property | – | 1,300,000 |
The investment property at 19 Jarden Mile, Ngauranga, was sold in June 2001.
7. Taxation
The Community Trust of Wellington is not exempt from income tax as a charitable trust. No taxation liability arises for the year ended 31 March 2002.
A reversal of provision for taxation of $20,694 was recorded in the financial statements for the 2001 year. During 2001, the charitable status of the trust was being reviewed by the Inland Revenue Department. The review resulted in a reversal of the 2000 tax provision in 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.
8. Commitments
(a) Donations
As at 31 March 2002, The Community Trust of Wellington has conditionally committed funding to:
| 2002 | 2001 | |
|---|---|---|
| The Wellington Regional Sports Education Trust (Sport Wellington Region) | 1,000,000 | 1,500,000 |
| Te Runanganui O Taranaki Whanui Ki Te Upoko O Te Ika A Maui Incorporated (Tu Tangata) | – | 60,000 |
| New Zealand Symphony Orchestra Limited | – | 150,000 |
| WellTrust | 1,800,000 | 2,400,000 |
| New Zealand International Festival of the Arts Trust | 450,000 | 600,000 |
| Fresh Start Incorporated | 15,000 | – |
| Total commitments | 3,265,000 | 4,710,000 |
| Less than one year | 1,257,500 | 1,460,000 |
| Between one and two years | 1,257,500 | 1,250,000 |
| Between two and five years | 750,000 | 2,000,000 |
(b) Lease Commitments
Commitments existed for non-cancellable operating leases as follows:
| 2002 | 2001 | |
|---|---|---|
| Less than one year | 132,036 | 132,036 |
| Between one and two years | 132,036 | 132,036 |
| Between two and five years | 289,107 | 389,699 |
| Greater than five years | – | 31,443 |
| Total | 553,179 | 685,214 |
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2002, No 78
Gazette.govt.nz —
NZ Gazette 2002, No 78
✨ LLM interpretation of page content
💰
Investments held by BT Funds Management (NZ) Limited
(continued from previous page)
💰 Finance & RevenueInvestments, BT Funds Management, Currency, Property, Fixed interest bonds, Equities, Short term investment, Investment trusts
💰
Secured investments (non current)
(continued from previous page)
💰 Finance & RevenueSecured investments, Embassy Theatre Trust, Karori Wildlife Sanctuary Trust
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Loan agreement with Wellington Community Trust Charities Limited
(continued from previous page)
💰 Finance & Revenue19 February 1999
Loan agreement, Karori Wildlife Sanctuary Trust, Wellington Community Trust Charities Limited, Wellington City Council
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Total investments
(continued from previous page)
💰 Finance & RevenueTotal investments, BT Funds Management
💰
Investment Property
(continued from previous page)
💰 Finance & RevenueInvestment property, Jarden Mile, Ngauranga
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Taxation
(continued from previous page)
💰 Finance & RevenueTaxation, Community Trust of Wellington, Inland Revenue Department, Jarden Mile Investments Limited
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Commitments - Donations
(continued from previous page)
💰 Finance & RevenueDonations, Wellington Regional Sports Education Trust, Te Runanganui O Taranaki Whanui Ki Te Upoko O Te Ika A Maui Incorporated, New Zealand Symphony Orchestra Limited, WellTrust, New Zealand International Festival of the Arts Trust, Fresh Start Incorporated
💰
Commitments - Lease Commitments
(continued from previous page)
💰 Finance & RevenueLease commitments, Non-cancellable operating leases