✨ Financial Statements
NEW ZEALAND GAZETTE
No. 78
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as a charitable trust in accordance with the provisions of the Trustee Banks Restructuring Act 1988 and now superseded by the Community Trust Act 1999.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 company, Wellington Community Trust Charities Limited, is restricted by its 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 company operate under the trading name of “The Community Trust of Wellington”.
3. Fixed Assets
2003
| Cost | Accumulated Depreciation | Book Value | |
|---|---|---|---|
| $ | $ | $ | |
| Furniture and office equipment | 61,281 | 33,169 | 28,112 |
2002
| Cost | Accumulated Depreciation | Book Value | |
|---|---|---|---|
| $ | $ | $ | |
| Furniture and office equipment | 54,631 | 23,980 | 30,651 |
4. Investments
Secured Investments (Current):
| 2003 | 2002 | |
|---|---|---|
| $ | $ | |
| The Embassy Theatre Trust | 80,000 | 50,000 |
| Total | 80,000 | 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 next repayment will be on 1 July 2003.
Term investments (current):
| 2003 | 2002 | |
|---|---|---|
| $ | $ | |
| ANZ Banking Group | 7,075,573 | – |
| ASB Bank Limited | 6,013,828 | – |
| Bank of New Zealand | 2,864,560 | – |
| National Bank | 11,083,951 | – |
| Total | 27,037,912 | – |
Investments (Non Current)
Investments held by Tower Asset Management comprise:
| 2003 | 2002 | |
|---|---|---|
| $ | $ | |
| Money market deposits | – | 2,668,489 |
| Fixed interest bonds | – | 2,664,851 |
| Equities | – | 18,017,843 |
| Other investments | – | 435,177 |
| Total | – | 23,786,360 |
Investments held by BT Funds Management (NZ) Limited comprise:
| 2003 | 2002 | |
|---|---|---|
| $ | $ | |
| Cash | 79,977 | – |
| Currency | (5,489) | 175,746 |
| Fixed interest bonds | 4,697,833 | 1,399,001 |
| Equities | 9,966 | 13,873,607 |
| Short term investment | – | 1,840,791 |
| Investment trusts | – | 10,101 |
| Total | 4,782,287 | 17,299,246 |
Secured investments (non current):
| 2003 | 2002 | |
|---|---|---|
| $ | $ | |
| The Embassy Theatre Trust | 400,000 | 480,000 |
| Karori Wildlife Sanctuary Trust | 1,500,000 | 1,500,000 |
| Total | 1,900,000 | 1,980,000 |
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2003, No 78
Gazette.govt.nz —
NZ Gazette 2003, No 78
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Consolidated Notes to the Financial Statements for the Year Ended 31 March 2003
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