New Zealand Gazette – 2007 – No. 84

Page 2206

✨ Financial Statements



NEW ZEALAND GAZETTE, No. 84

26 JULY 2007

2206

Investments held by Walker Capital Management Limited comprise:

2007 2006
Money market deposits 1,041,659 728,420
Equities 9,804,540 8,144,795
Other investments 1,607 18,645
Total 10,847,806 8,891,860

Secured investments (non current):

Karori Wildlife Sanctuary Trust

2007 2006
1,233,333 1,333,333
1,233,333 1,333,333

Total non-current investments

2007 2006
45,866,152 44,274,516

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 commencing 1 August 2005. As at 31 March 2006, the balance, terms and conditions associated with the loan were transferred from Wellington Community Trust Charities Limited to The Community Trust of Wellington. 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 Income (Net)

2007 2006
Portfolio income-realised and unrealised revenue 3,342,430 8,315,789
Less fund management fees and expenses (307,178) (251,080)
Total investment income (net) 3,035,252 8,064,709

7. Contingent Liabilities

There are no contingent liabilities as at 31 March 2007 (2006 – $Nil).

8. Commitments

(a) Donations

As at 31 March 2007, The Community Trust of Wellington has the following commitments:

2007 2006
Less than one year 395,000 255,000
Between one and two years 20,000 30,000
Between two and five years – –
Total 415,000 285,000

(b) Lease Commitments

Commitments existed for non-cancellable operating leases as follows:

2007 2006
Less than one year 154,928 146,267
Between one and two years 154,928 154,928
Between two and five years 44,151 157,503
Total 354,007 458,698

Total rental expenses for the year ended 31 March 2007 is $143,095 (2006 – $125,775).

Commitments existed for non-cancellable finance leases as follows:

2007 2006
Less than one year 3,590 3,590
Between one and two years 2,722 3,590
Between two and four years – 2,722
Total 6,312 9,902

(c) Capital Commitments

There are no capital commitments as at 31 March 2007 (2006 – $Nil).

9. 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.

Fair Value

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 ING New Zealand Limited, Tower Asset Management, Tyndall Investment Management and Walker Capital Management Limited. Credit risk also exists with the loan agreements entered into during the year. The trustees consider the risk of non-recovery of these investments to be within satisfactory guidelines.



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Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2007, No 84


Gazette.govt.nz — PDF NZ Gazette 2007, No 84




✨ LLM interpretation of page content

💰 Community Trust of Wellington Financial Performance (continued from previous page)

💰 Finance & Revenue
Financial Statements, Investments, Income, Liabilities, Commitments, Leases