2136
NEW ZEALAND GAZETTE
No. 77

5. Revaluation Reserve
   Revaluation of shares in Trust Bank NZ Limited ............................................ $61,270,000 $61,270,000

6. Cash at Bank
   Trust bank current account ........................................................................ 9,404 7,353
   Trust bank call account ............................................................................ 156,000 12,000
   Petty cash ............................................................................................ 30 69
   Short term deposit ................................................................................. 300,000 525,000
   ..................................................................................................... $465,434 $544,422

7. Shares
   Trust Bank New Zealand Limited

Shares held—
(Ordinary shares of 50c each, fully paid .................................................. 34 800 000 34 800 000
Recorded at initial public offer value of $2.10 ......................................... 73,080,000 73,080,000
Market value—
Quoted share price .............................................................................. 1.89 2.30
The market value of shares at 31 March 1995 ........................................... $65,772,000 $80,040,000

Shareholding Arrangements
The 9 regional community trusts together hold approximately 78 percent of the capital of Trust Bank New Zealand Limited. This means that, as a group, they retain control of the Trust Bank Group.

The Trust Bank Eastern and Central Community Trust holds 2000 shares outright and 34 798 000 are held by Community Trusts Nominees Limited which acts as a bare trustee and has legal ownership of these shares while the community trust retains beneficial ownership. This holding of 34 800 000 shares represents 10.3 percent of the total shareholding in Community Trusts Investments Limited and Community Trusts Nominees Limited. Community Trusts Nominees Limited is required to act for the participating community trusts, including the exercise of the voting rights attached to the shares, in the manner directed by Community Trusts Investments Limited. The directors of Community Trusts Investments Limited and Community Trusts Nominees Limited are the same.

Community Trusts Investments Limited is owned by the participating community trusts in proportion to their present individual shareholdings in Trust Bank New Zealand. The articles of Community Trusts Investments Limited, together with a deed of trust entered into by the participating community trusts, are the mechanisms adopted to regulate the ongoing relationship of the participating community trusts and to manage their collective shareholding in Trust Bank New Zealand.

7. Government Stock

New Zealand Government stock ............................................................. within 1 year – 237,690
New Zealand Government stock ............................................................. 2–5 years 978,000 1,015,529
New Zealand Government stock ............................................................. beyond 5 years 235,000 242,867
..................................................................................................... 1,213,000 1,275,039
Market value of Government stock at 31 March ........................................... $1,232,177 $1,283,492

8. Financial Instruments
   The fair values of all financial instruments are disclosed within this report. No undisclosed credit risk exists. There are no undisclosed financial instruments. Approximately 97 percent of the trust’s assets are represented by investments in or deposits with the Trust Bank New Zealand Group. Trustees consider the risk of non recovery of these investments to be minimal.

9. Reconciliation of Net Surplus With Operating Cash Flows

Net surplus transferred to trust fund .......................................................... 994,147 712,122
Adjust for non cash items—
Loss on sale of Government stock ......................................................... 15,311 –
Amortisation of premium on investments .................................................. 1,961 15,257
Compounded interest ........................................................................... – (580)
Disaster fund payments ........................................................................ – 870
Depreciation ...................................................................................... 2,042 2,042
Movements in net current assets—
Accruals ........................................................................................... (1865) 4,690
Sundry creditors ................................................................................ 3,438 3,485