✨ Financial Statements and Commitments
3352 NEW ZEALAND GAZETTE, No. 127 14 AUGUST 2008
Financial Instruments Risk Management
Exposure to credit, interest rate and currency risks arise in the normal course of the Trust’s operations. The Trust’s concentrations of credit risk are managed by ING NZ Limited, Tower Asset Management Limited, Tyndall Investment Management Limited, Walker Capital Management Limited and Mint Asset Management Limited, through diversified investment portfolios.
10. Contingent Liabilities
There are no contingent liabilities as at 31 March 2008 (2007 – $Nil).
11. Commitments
(a) Donations
As at 31 March 2008, The Community Trust of Wellington had the following commitments:
| 2008 | 2007 | |
|---|---|---|
| $ | $ | |
| Less than one year | 90,200 | 395,000 |
| Between one and five years | – | 20,000 |
| 90,200 | 415,000 |
(b) Lease Commitments
Commitments existed for non-cancellable operating leases as follows:
| 2008 | 2007 | |
|---|---|---|
| $ | $ | |
| Less than one year | 154,816 | 154,928 |
| Between one and five years | 52,136 | 154,928 |
| More than five years | – | 44,151 |
| 206,951 | 354,007 |
The premises lease expires 10 July 2009 with a right of renewal for three years to 10 July 2012. The sublease for Property Pack (Wellington) Limited expires 9 July 2009. The remaining tenants are required to give 3 months’ notice to terminate their tenancies. Rental payments of $69,212 are expected to be received during 2009.
During the year ended 31 March 2008, $157,949 was recognised as an expense in the income statement in respect of operating leases (2007 – $148,300). $124,548 was recognised as income in the income statement in respect of subleases (2007 – $127,421).
Commitments existed for non-cancellable finance leases as follows:
| 2008 | 2007 | |
|---|---|---|
| $ | $ | |
| Less than one year | – | 3,590 |
| Between one and five years | – | 2,722 |
| – | 6,312 |
(c) Capital Commitments
There are no capital commitments as at 31 March 2008 (2007 – $Nil).
12. Related Party Transactions
The Community Trust of Wellington has a code of conduct and a register of interests in regard to related party transactions. The code of conduct requires trustees and management to declare any interests in transactions that the trust may undertake and the following grants were made in respect of related party transactions:
| 2008 | 2007 | |
|---|---|---|
| $ | $ | |
| Frances Russell | ||
| NZ Affordable Art Trust | 15,000 | 15,000 |
| Wellington Zoo Trust | 100,000 | 20,000 |
| Wellington Museums Trust | 10,000 | 20,000 |
Frances Russell is the Executive Director of The Community Trust of Wellington and also a trustee of The Affordable Art Trust and the Wellington Zoo Trust. Frances Russell’s partner was the chairperson of the Wellington Museums Trust for part of the 2008 financial year.
| 2008 | 2007 | |
|---|---|---|
| $ | $ | |
| Alma Andrews | ||
| Orongomai Marae | – | 1,000 |
Alma Andrews is a trustee of the The Community Trust of Wellington. She was also a member of the Board of Orongomai Marae in 2007. During that year, Orongomai Marae won the Community Trust of Wellington community award in Upper Hutt.
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NZ Gazette 2008, No 127
✨ LLM interpretation of page content
🏢
Financial Instruments Risk Management
(continued from previous page)
🏢 State Enterprises & InsuranceFinancial Instruments, Risk Management, Credit Risk, Interest Rate Risk, Currency Risk, Investment Portfolios
🏢 Contingent Liabilities
🏢 State Enterprises & InsuranceContingent Liabilities, Financial Statements
🏢 Commitments - Donations
🏢 State Enterprises & InsuranceDonations, Financial Commitments
🏢 Commitments - Lease Commitments
🏢 State Enterprises & InsuranceLease Commitments, Operating Leases, Finance Leases, Rental Payments
🏢 Commitments - Capital Commitments
🏢 State Enterprises & InsuranceCapital Commitments, Financial Statements
🏢 Related Party Transactions
🏢 State Enterprises & InsuranceRelated Party Transactions, Grants, Trustees, Conflicts of Interest
- Frances Russell, Executive Director and Trustee involved in related party transactions
- Alma Andrews, Trustee involved in related party transactions