New Zealand Gazette – 2002 – No. 78

Page 2100

✨ Financial Statements



2100 NEW ZEALAND GAZETTE No. 78

(e) Capital Commitments
The group has no capital commitments as at 31 March 2002 (2001 $Nil).

  1. Contingent Liabilities
    The trust has no contingent liabilities as at 31 March 2002 (2001 $Nil).

  2. Term Loan

2002 2001
Bank of New Zealand:
Current – 664,519
Non current – –
Total liability – 664,519

The term loan was fully repaid with the proceeds from the sale of the investment property situated at 19 Jarden Mile, Ngauranga, in June 2001.

  1. 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:

2002 2001
Bank accounts 15,755 58,341
Accounts receivable 97,083 51,307
Investments (current) 50,000 –
Investments (non current) 43,065,606 46,140,947

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.

  1. Investment Income (Net)
2002 2001
Portfolio income-realised and unrealised revenue 198,400 (2,352,943)
Less fund management fees and expenses (355,480) (242,125)
Total investment income (net) (157,080) (2,595,068)
  1. Reconciliation of Net Surplus (Deficit) with Net Cash Flow From Operating Activities
2002 2001
Net surplus/(deficit) $(2,372,373) $(6,228,347)

Add/(deduct) financing items:
| Interest expense | 11,796 | 55,108 |

Add/(deduct) non cash items:
| Depreciation | 7,580 | 7,384 |
| Portfolio investment income reinvested | 42,138 | 2,280,863 |

Add/(deduct) movements in other working capital items:
| (Increase)/decrease in accounts receivable | (45,776) | 156,669 |
| (Increase)/decrease in prepayments | (6,204) | 1,392 |
| Increase/(decrease) in accounts payable | 275,545 | 119,437 |
| (Increase)/decrease in G.S.T. | (4,633) | 452 |
| Increase/(decrease) in taxation paid | 1,818 | (26) |
| Increase/(decrease) in tax provision | – | (20,694) |
| | 220,750 | 257,230 |



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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

💰 Commitments - Lease Commitments (continued from previous page)

💰 Finance & Revenue
Lease commitments, Non-cancellable operating leases

💰 Capital Commitments

💰 Finance & Revenue
Capital commitments, Financial reporting

💰 Contingent Liabilities

💰 Finance & Revenue
Contingent liabilities, Financial reporting

💰 Term Loan

💰 Finance & Revenue
Term loan, Bank of New Zealand, Financial reporting

💰 Financial Instruments

💰 Finance & Revenue
Financial instruments, Market value, Credit risk, Currency risk, Interest rate risk
  • Tower Asset Management
  • BT Funds Management (NZ) Limited

💰 Investment Income (Net)

💰 Finance & Revenue
Investment income, Portfolio income, Fund management fees

💰 Reconciliation of Net Surplus (Deficit) with Net Cash Flow From Operating Activities

💰 Finance & Revenue
Net surplus, Net cash flow, Operating activities, Financial reconciliation