24 JULY NEW ZEALAND GAZETTE 1865

Note 1997
$
1,443,843

                1996
                $
                1,654,733

New Zealand Government stock ... 4
Shares—TBNZ Limited ... 4 76,122,858

                                    96,874,532             79,561,668

Fixed assets ... 5 30,578 21,949
Total assets ... $97,566,298 $79,788,929

Current liabilities—
Accounts payable ... 71,788 72,968
Total liabilities ... 71,788 72,968
Total net assets ... $97,494,510 $79,715,961

Signed on behalf of the board of trustees:
R. B. TAIT, Chairman.
M. B. TOWNSHEND, Trustee.
Dated this 18th day of June 1997.
(The accompanying notes form part of these financial statements.)

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

                                    1997                   1996
                                    $                      $

Cash flows from operating activities—
Cash was provided from:
Dividends from Trust Bank New Zealand Limited ... 2,140,178 3,210,000
Interest on investments ... 6,856,472 198,585
Other ... 296 —

Cash was dispersed to:
8,996,946 3,408,585
Suppliers of goods and services ... (355,444) (66,494)
Trustees ... (82,646) (49,159)
Donations to the community ... (2,356,309) (1,178,136)
Dillon Memorial Scholarship ... (9,250) (10,500)
(2,803,649) (1,304,289)

Net cash flows from operating activities ... 6,193,297 2,104,296

Cash flows from investing activities—
Cash was provided from:
Sale of shares ... 87,167,470 —
Cash was applied to:
Purchase of fixed assets ... (22,579) (23,103)
Purchase of investments ... (93,384,686) (2,053,382)

Net cash outflows from investing activities ... (6,239,795) (2,076,485)
Increase (decrease) in cash held ... (46,498) 27,811
Add cash at 1 April 1996 ... 156,347 128,536
Cash at 31 March 1997 ... $109,849 $156,347

Reconciliation of Net Surplus and Net Cash Flows From Operating Activities

                                    1997                   1996
                                    $                      $

Net surplus transferred to equity ... 9,078,769 2,041,082
Less payments out of capital (net) ... (2,389,108) —
Fixed asset purchases in accounts payable ... (20,206) —
Add (less) non cash items:
Depreciation of fixed assets ... 13,950 1,154
Amortisation of Government stocks ... 13,446 13,660
Movement in working capital:
Increase in accounts receivable ... (502,374) (22,625)
Increase (decrease) in accounts payable ... (1,180) 71,025

Net cash flows from operating activities ... $6,193,297 $2,104,296

(The accompanying notes form part of these financial statements.)