✨ Financial Statements and Accounting Policies
26 JULY 2007
NEW ZEALAND GAZETTE, No. 84
2205
Property, Plant and Equipment
Property, plant and equipment are stated at cost less accumulated depreciation. Depreciation is calculated on a diminishing
value basis to allocate the cost over its useful life:
Furniture and office equipment 9.0%DV – 60.0%DV
Investment Income (Net)
Investment income (net) includes gross investment income less management fees payable to the fund managers.
Donations
Donations made from current year’s income are recorded in the statement of financial performance when paid.
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.
Goods and Services Tax
The financial statements have been prepared using GST exclusive figures to the extent that GST is claimable.
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.
Cash and Cash Equivalents
For the purposes of the statement of cash flows, cash comprises cash balances (net of bank overdrafts) and demand deposits.
Cash excludes treasury bills that are not used as part of the group’s day-to-day cash management.
Taxation
The Community Trust of Wellington is exempt from income tax under section CB4(1)(m) of the Income Tax Act 1994.
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Banks Restructuring Act 1988 and now superseded by the Community Trusts Act 1999.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.
3. Property, Plant and Equipment
| 2007 | 2006 | |
|---|---|---|
| Furniture and office equipment | ||
| At cost | 51,385 | 49,920 |
| Less accumulated depreciation | 31,997 | 24,845 |
| Net book value | 19,388 | 25,075 |
| Depreciation charge for the year | 7,152 | 8,107 |
4. Investments (Current)
| Investments: | 2007 | 2006 |
|---|---|---|
| ASB Bank Limited | 768,540 | – |
| Bank of New Zealand | – | 500,966 |
| Total current investments | 768,540 | 500,966 |
5. Investments (Non Current)
Investments held by Tyndall Investment Management comprise:
| 2007 | 2006 | |
|---|---|---|
| Equities | 19,315,853 | 20,345,492 |
Investments held by Tower Asset Management comprise:
| International fixed interest bonds | 8,702,013 | 8,168,354 |
Investments held by ING New Zealand Limited comprise:
| Fixed interest fund | 5,767,147 | 5,535,477 |
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2007, No 84
Gazette.govt.nz —
NZ Gazette 2007, No 84
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Community Trust of Wellington Financial Performance
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💰 Finance & RevenueFinancial Statements, Equity, Assets, Liabilities, Revenue, Expenses