4 JULY NEW ZEALAND GAZETTE 1705

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

6. Cash and Bank Deposits
   Trust bank current account ........................................................................................................ 3,162 27,589
   Trust bank imprest account ......................................................................................................... 2,00 –
   Trust bank call account ............................................................................................................... 446,129 156,000
   Petty cash ............................................................................................................................... 59 30
   Short term deposit .................................................................................................................... 1,382,000 402,958
   $1,833,350 $586,577

7. Shares in Trust Bank New Zealand Limited
   Shareholding in Trust Bank New Zealand Limited
   Shares held—(ordinary shares of 50c each, fully paid)
   Number of shares—34 800 000
   Recorded at initial public offer value of $2.10 ............................................................................ $73,080,000 $73,080,000
   Market value—
   Quoted share price ................................................................................................................. 2.47 1.89
   The market value of shares at 31 March 1996 ............................................................................ $85,956,000 $65,772,000

Events Subsequent to Balance Date
On 24 April 1996 the trustees entered into an agreement to sell the shareholding in Trust Bank New Zealand Limited to Westpac Holdings NZ Limited. The effective price for shares was $2.85 cps. This will realise a gain over book value of approximately $26,100,000. The effect of this transaction is not included in the financial statements to 31 March 1996.

7. Government Securities
   Securities analysis—
   New Zealand Government stock .................................................................................................. 2,809,270 2,262,941
   Kiwi Bonds ........................................................................................................................... 232,000 –
   $3,041,270 $2,262,941

Maturity profile—
Within 1 year ....................................................................................................................... 255,000 263,687 –
2–5 years ............................................................................................................................ 837,000 833,034 1,107,341
Beyond 5 years ..................................................................................................................... 1,878,000 1,944,549 1,155,600
2,470,000 3,041,270 2,262,941
Market value
Market value of Government securities at 31 March ................................................................... $3,048,648 $2,272,795

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 98 percent of the trust’s assets are represented by investments in or deposits with the Trust Bank New Zealand Group. The 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 ............................................................................................... 2,035,658 1,021,636
   Adjust for non cash items—
   Amortisation of premium/discount on investments ....................................................................... 15,782 (2,469)
   Depreciation and loss on disposal of assets ................................................................................ 10,215 2,042
   Movements in net current assets—
   Accruals and sundry debtors ................................................................................................... 11,261 (6,898)
   Sundry creditors ................................................................................................................... 6,110 3,439
   Net operating cash flows ............................................................................................................. $2,079,026 $1,017,750