2104 NEW ZEALAND GAZETTE No. 62

| Face Value | Market Value | Cost Price | 1993 |
| $ | $ | $ | $ |
| Local authority securities ... | 1,080,000 | 1,146,165 | 1,092,129 | 1,249,414 |
| Shares— | No. | | |
| Trust Bank New Zealand Limited | 2,000 | 4,600 | 865 | 56,235,000 |
| Trust Bank New Zealand Limited (via Community Trust Nominees Limited) | 119,998,000 | 275,995,400 | 51,908,365 | — |
| | $120,000,000 | $276,000,000 | $51,909,230 | $56,235,000 |

The Trust Bank New Zealand Limited shares are valued at the market price of $2.30 on 31 March 1994. On 16 May 1994 the market price was $2.01.

During the year Trust Bank New Zealand Limited made a bonus issue of 1:1 and then split nominal value to 50 cents.

During the year the trust transferred 119,998,000 shares to Community Trust Nominees Limited (CTN) which holds the shares as bare trustee. Altogether CTN holds 337,654,000 Trust Bank New Zealand Limited shares as bare trustee for various community trusts through their investments in Community Trusts Investments Limited (CTI). CTN has a share capital of $100 consisting of 100 $1 shares, and is wholly owned by CTI. CTI has a share capital of 100,000 1 cent shares of which the trust owns 35,539. At balance date the share capital of CTN and CTI were unpaid.

As part of the Trust Bank New Zealand share float the trust sold 10,000,000 of their shares, realising a capital gain (after brokerage) of $16,417,852.

3. Donations

The names of persons and organisations to whom distributions of income have been made by the trust under section 21 of the Trustee Banks Restructuring Act 1988 during the financial year and the amounts distributed are shown in the appendix to the financial statements.

Future donation commitments as at 31 March 1994 ... $3,741,016 $2,671,505

Further committed donations include donations approved but not yet paid out and donations not allocated to specific entities but available for distribution under the Trust Bank Canterbury Community Trust distribution policy.

The distribution policy allows disposable income, being net trading surplus less an allowance for contingencies, to be distributed by way of donation. Donation funds unspent in the current year are to be provided for and carried forward to be distributed in the following year.

Future donation commitments represent donations approved in the current or previous years which are to be distributed from future disposable income.

A full list of donation recipients is available on request from Trust Bank Canterbury Community Trust Office, P.O. Box 203, Christchurch.

4. Trust Fund

| Accumulated income— | | |
| Balance brought forward | 2,860,441 | 2,469,345 |
| Transfer from income and expenditure | 1,001,908 | 391,096 |
| | $3,862,349 | $2,860,441 |

| Revaluation reserve— | | |
| Balance brought forward | 81,676 | 160,010 |
| Revaluation of securities | 3,177 | (78,334) |
| Revaluation of shares | 240,765,000 | — |
| Transfer to capital fund | (16,674,231) | — |
| | $224,175,622 | $81,676 |

During the year the shares in Trust Bank New Zealand Limited were revalued from cost price to the market issue price of $2.10. Shares held at balance date were further revalued to market value of $2.30 at 31 March 1994.

The transfer from the revaluation reserve to the capital fund of $16,674,231 represents the amount in the reserve realised on the 10,000,000 shares sold during the year.