✨ Financial Statements and Investments
26 MAY
NEW ZEALAND GAZETTE
1779
(b) Taxation—For taxation purposes the trust is deemed to be a charitable organisation. Its income is not subject to taxation.
(c) Goods and Services Tax—The trust is not registered for goods and services tax purposes. Accordingly these financial statements are stated on a G.S.T. inclusive basis.
(d) Investments—Investments are stated at market value. Adjustments to market value of investments are included in the income and expenditure account, with the exception of Trust Bank New Zealand shares, which are included in the share revaluation reserve. Dividend income is included in the income and expenditure account when it is received.
Changes in Accounting Policies
As a result of the recent Trust Bank New Zealand Limited share issue, the trust has been able to accurately determine the market value of its shares in Trust Bank New Zealand Limited for the first time. Previously the shares were recorded at cost. The effect of this change is shown in the share revaluation reserve.
There have been no other material changes in accounting policies since the previous annual financial statements. All other policies have been applied on a basis consistent with those used in the previous years annual financial statements.
2. Investments
Fixed Term Investments
| Face Value | Rate | Maturity Date | Market Value This Year $ | Market Value Last Year $ | |
|---|---|---|---|---|---|
| Hamilton City Council | $100,000 | 7.5% | 15/10/99 | 103,884 | 100,680 |
| New Zealand Government Stock | $500,000 | 8.0% | 15/04/04 | 560,340 | 531,212 |
| New Zealand Government Stock | $52,000 | 8.0% | 15/04/04 | 58,276 | — |
| New Zealand Government Stock | $240,000 | 6.5% | 15/02/00 | 239,000 | — |
| Rural Bank Limited | $100,000 | 7.7% | 18/12/95 | 100,000 | 100,000 |
| 1,061,500 | 731,892 |
Equity Securities
| Number of Shares/Units | Market Value This Year $ | Market Value Last Year $ | |
|---|---|---|---|
| Trust Bank New Zealand | 48 620 000.00 | 111,826,000 | 21,316,622 |
| Australian Foundation Investment Co Limited | 19 600.00 | 51,352 | — |
| Australian United Investment Co Limited | 20 500.00 | 54,735 | — |
| BT Equity Imputation Fund | 10 327.18 | 40,444 | — |
| BT International Fund | 83 745.55 | 311,408 | 125,974 |
| BT Pacific Basin Fund | 53 170.70 | 367,654 | 203,769 |
| Jardine Fleming Pacific Growth Trust | 34 552.20 | 125,172 | — |
| Joseph Banks New Zealand Equity Trust | 81 629.04 | 130,819 | 92,820 |
| Prudential New Zealand Emerging Companies | 88 987.00 | 186,704 | 155,645 |
| 113,094,288 | 21,894,830 |
Term Deposits
| Rate | Maturity Date | This Year $ | Last Year $ | |
|---|---|---|---|---|
| Trust Bank Waikato Limited | Variable | at call | 45,577 | — |
| Trust Bank Waikato Limited | 6.10% | 29/04/94 | 17,798,028 | — |
| Trust Bank Waikato Limited | 5.75% | 07/06/94 | 304,438 | — |
| Trust Bank Waikato Limited | 6.00% | 07/06/94 | 300,000 | — |
| Trust Bank Waikato Limited | 5.35% | 01/11/94 | 650,000 | — |
| 19,098,043 | 911,882 | |||
| $133,253,831 | $23,538,604 |
Trust Bank New Zealand Limited
On 1 February 1994 as part of capital reconstruction, a one-for-one bonus issue took place and a two-for-one share split. This increased the number of shares held by the Trust Bank Waikato Community Trust from 14 300 000 to 57 200 000.
In March 1994 as part of a Trust Bank Waikato Limited share issue, the trust sold 8 580 000 (15 percent) of the shares held in Trust Bank New Zealand Limited for $2.10 each. The share issue resulted in the Trust Bank Community Trusts selling 11.1 percent of their Trust Bank New Zealand Limited shares and new shares being issued to enable 21.6 percent public ownership of Trust Bank New Zealand Limited. The proceeds of $17,798,028 received by the trust have been invested for future use to meet the purposes of the trust.
The trust’s investment in Trust Bank New Zealand Limited is valued at market value ($2.30) at 31 March 1994. This value is subject to normal market fluctuations of the share price.
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VUW Te Waharoa —
NZ Gazette 1994, No 50
NZLII —
NZ Gazette 1994, No 50
✨ LLM interpretation of page content
💰
Notes to the Financial Statements for the Year Ended 31 March 1994
(continued from previous page)
💰 Finance & RevenueAccounting policies, financial statements, grants, accrual accounting, taxation, goods and services tax, investments, market value, share revaluation reserve
💰 Investments Held by the Trust
💰 Finance & RevenueFixed term investments, equity securities, term deposits, market value, Trust Bank New Zealand, Australian Foundation Investment Co Limited, Australian United Investment Co Limited, BT Equity Imputation Fund, BT International Fund, BT Pacific Basin Fund, Jardine Fleming Pacific Growth Trust, Joseph Banks New Zealand Equity Trust, Prudential New Zealand Emerging Companies