2102
NEW ZEALAND GAZETTE
No. 62

Less donations paid or approved ............................................ Note 3 $ 1994 $ 1993
3,741,016 2,671,505
Net surplus after donations ............................................ 1,001,908 391,096
Add/(Less) non trading items—
Profit on sale of shares ............................................ — 9,642
Costs re partial disposal of investment portfolio ................... (256,378) —
Net surplus transferred to trust funds ............................... $745,530 $400,738

Transferred to—
Capital fund .................................................... (256,378) 9,642
Accumulated income .............................................. 1,001,908 391,096
Net surplus ....................................................... $745,530 $400,738

(The notes to the financial statements form part of and are to be read in conjunction with these financial statements.)

Balance Sheet as at 31 March 1994

Trust funds—
Capital fund .................................................... Note 4 $ 1994 $ 1993
Accumulated income .............................................. 72,698,521 56,280,668
Revaluation reserve ............................................. 3,862,349 2,860,441
Total trust funds ................................................. 224,175,622 81,676
$300,736,492 $59,222,785

Represented by—
Trust Bank Canterbury Limited—
On call account .............................................. — 391,037
Term investment account ...................................... 23,176,949 300,000
Sundry debtors and prepayments ............................... 78,239 94,926
Current portion of investments ............................... 670,585 758,335
23,925,773 1,544,298

Investments—
Government securities ......................................... 2 1,056,351 917,064
Local authorities securities .................................. 1,146,165 1,249,414
Trust Bank New Zealand Limited shares .......................... 276,000,000 56,235,000
Community social loans ........................................ 214,424 363,491
278,416,940 58,764,969
Less current portion .......................................... (670,585) (758,335)
277,746,355 58,006,634
Fixed assets .................................................... 7 13,870 19,337
Total assets .................................................... 301,685,998 59,570,269

Current liabilities—
Trust Bank Canterbury Limited—current account .................. 42,043 90,150
Accounts payable .............................................. 49,590 16,688
Donations approved not yet paid ............................... 857,873 240,646
949,506 347,484
Total liabilities .............................................. $300,736,492 $59,222,785

Signed on behalf of the board of trustees:
V. S. BUCK, Chairperson.
R. J. TODD, Trustee.
Dated this 20th day of May 1994.

(The notes to the financial statements form part of and are to be read in conjunction with these financial statements.)

Statement of Cash Flows for the Year Ended 31 March 1994

Cash was provided by (used for):
Operations—
Dividend from Trust Bank New Zealand Limited .................. 1994 $ 1993 $
Interest on investments ..................................... 4,685,525 3,044,925
Rent ...................................................... 343,284 242,210
1,430 6,110