1848 NEW ZEALAND GAZETTE No. 73

Note 1996 1995
$ $
Total expenses ... 806,520 506,087

Net income before taxation ... 14,945,457 9,178,372
Less taxation ... 12 40,892 –

Net income before retentions and distributions ... 14,904,565 9,178,372
Less retentions
Future donation reserve ... 927,932 386,265
Capital base reserve ... 500,000 372,935

                 1,427,932     759,200

Available for distribution ... 13,476,633 8,419,172
Donations approved ... 3 4,217,578 3,543,650
Special project donations approved ... 3 8,684,870 3,156,244
Less donations refunded ... (31,303) (38,601)

Total distributed/approved ... 12,871,145 6,661,293

Net surplus transferred to trust funds ... $605,488 $1,757,879

Transferred to:
Accumulated income ... 4 605,488 1,757,879

                 $605,488      $1,757,879

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

Consolidated Statement of Movements in Equity for the Year Ended 31 March 1996

Note 1996 1995
$ $
Total equity at beginning of year ... 253,968,718 300,736,492
Net surplus for the year ... 605,488 1,757,879
Increase in future donation reserve ... 4 927,932 386,265
Increase in capital base reserve ... 4 500,000 372,935
Revaluation of investments ... 4 69,600,000 (49,284,853)

Total equity at end of year ... $325,602,138 $253,968,718

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

Consolidated Statement of Financial Position as at 31 March 1996

Note 1996 1995
$ $
Trust funds
Capital fund ... 4 72,698,521 72,698,521
Accumulated income ... 2,363,367 1,757,879
Future donation reserve ... 5,176,546 4,248,614
Capital base reserve ... 872,935 372,935
Revaluation reserve ... 244,490,769 174,890,769

Total trust funds ... $325,602,138 $253,968,718

Represented by:
Current assets
Trust Bank New Zealand Limited
Current account ... 71,180 109,070
On call account ... 1,367,780 –
Term deposits ... 6,533,175 3,835,613
Accrued interest ... 143,915 123,995
Taxation refund due ... 12 40,056 –
Goods and services tax ... 11,276 –
Current portion of investments ... 634,976 309,330

                 8,802,358      4,378,008

Investments
Government securities ... 2 593,006 902,570
Local authorities securities ... 539,917 551,975
Trust Bank New Zealand Limited shares ... 296,400,000 226,800,000
Community loans ... 543,625 587,969
Armstrong Jones (NZ) Limited managed funds ... 23,147,761 21,819,559
Investment property ... 6 192,539 –

                 321,416,848     250,662,073

Less current portion ... (634,976) (309,330)

                 320,781,872     250,352,743