Financial Statements




NEW ZEALAND GAZETTE

No. 66

Note 1997 $ 1996 $
Total recognised revenues and expenses ... 76,841,843 79,508,275
Total trust funds at end of year ... $393,126,558 $325,737,272

Represented by:
Core real capital base reserve ... | 4 | 358,000,000 | 61,968,961
Accumulated income reserve ... | 4 | 26,386,023 | 13,228,061
Capital base reserve ... | 4 | 8,740,535 | 872,935
Revaluation reserve ... | 4 | – | 244,490,769
Future donation reserve ... | 4 | – | 5,176,546

| | $393,126,558 | $325,737,272

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 1997

Note 1997 $ 1996 $
Trust funds ... 4 $393,126,558

Represented by:

Current assets

WestpacTrust
Current account ... | | 308,794 | 71,180
On call account ... | | 13,205,282 | 1,367,780
Bank deposits ... | | 350,037,627 | 6,533,175
Donations paid in advance ... | | 708 | –
Accrued interest ... | | 2,085,340 | 143,915
Prepayments ... | | 15,419 | –
Taxation refund due ... | 12 | 4,733,115 | 40,056
Goods and services tax ... | | 38,080 | 11,276
Current portion of investments ... | | 194,947 | 634,976

| | 370,619,312 | 8,802,358

Investments

Government securities ... | 2 | 450,040 | 593,006
Local authorities securities ... | | 51,040 | 539,917
Trust Bank New Zealand Limited shares ... | | 397,142 | 296,400,000
Community loans ... | | – | 543,625
Armstrong Jones (NZ) Limited/managed funds ... | | 23,378,506 | 23,147,761
Investment property ... | | 1,862,270 | 192,539

| | 26,138,998 | 321,416,848
Less current portion ... | | (194,947) | (634,976)

| | 25,944,051 | 320,781,872

Fixed assets ... | 7 | 84,338 | 100,865

Total assets ... | | 396,647,701 | 329,685,095

Current liabilities

Accounts payable ... | | 89,100 | 92,425
Accrued charges ... | | 29,872 | 28,310
Committed special project donations ... | | 3,110,971 | 3,547,388
Committed donations ... | | 291,200 | 159,700
Committed community loans ... | | – | 120,000

| | 3,521,143 | 3,947,823

Net assets ... | | $393,126,558 | $325,737,272

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

Consolidated Statement of Cash Flows for the Year Ended 31 March 1997

| 1997 $ | 1996 $
--- | --- | ---
Cash was provided by (used for):

Operations

Dividend from WestpacTrust ... | 5 | 8,400,000 | 12,600,000
Income from investments ... | | 26,045,945 | 642,887
Payments to suppliers and employees ... | | (1,572,362) | (760,906)
Payments of taxation ... | | (4,693,059) | (77,721)
Payments of goods and services tax ... | | (32,304) | (5,776)



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✨ LLM interpretation of page content

💰 Consolidated Statement of Movements in Trust Funds for the Year Ended 31 March 1997 (continued from previous page)

💰 Finance & Revenue
Trust Funds, Capital, Donations, Revaluation of Investments

💰 Consolidated Statement of Financial Position as at 31 March 1997

💰 Finance & Revenue
Financial Position, Assets, Liabilities, Trust Funds

💰 Consolidated Statement of Cash Flows for the Year Ended 31 March 1997

💰 Finance & Revenue
Cash Flows, Operations, Dividends, Investments