✨ Financial Statements
24 JULY NEW ZEALAND GAZETTE 1867
1997 $
58,375,680
23,098
97,494,510
1996 $
...
58,375,680
...
79,715,961
Realised revaluations from sale of TBNZ shares transferred to general fund ... 58,375,680
Balance 31 March 1997 ... 23,098
Total Equity ... $97,494,510
4. Non Current Assets
1997 $
...
...
1,443,843
1,420,745
1996 $
4,980
76,117,878
76,122,858
1,654,733
1,675,910
Shares in Trust Bank New Zealand Limited:
Direct—2,000 ordinary shares of 50 cents each fully paid at market value $2.49 each ... ...
Through Community Trusts Nominees Limited, 30,569,429 ordinary shares of 50 cents each ... 76,117,878
Total shares ... $76,122,858
New Zealand Government stocks are shown at assessed market value ... 1,443,843
New Zealand Government stocks at cost price adjusted by amortised discount/premium to date ... 1,420,745
Sale of TBNZ Limited Shares
Trust Bank Bay of Plenty Community Trust Incorporated accepted a Westpac offer for the purchase of TBNZ shares, such offer including a bonus issue of 3 shares for every 11 held plus a special interim dividend. The final gross amount received inclusive of early sales totalled $89,307,470.
Sale value inclusive of special dividend ... 87,838,137
Early sale proceeds ... 1,469,333
Total ... 89,307,470
Comprising:
Original cost of shares ... 17,726,000
Revaluation reserve realised ... 58,375,680
Capital profit ... 11,065,790
Dividends received ... 2,140,000
Total ... $89,307,470
5. Fixed Assets
1997 $
45,682
15,104
30,578
1996 $
23,103
1,154
21,949
Office furniture and equipment:
Cost ... 45,682
Accumulated depreciation ... 15,104
Book value ... $30,578
6. Financial Instruments
Credit Risks
Financial instruments which potentially subject the trust to credit risk principally consist of bank balances, bank term deposits and accounts receivable. Maximum exposure to credit risk as at balance date is:
1997 $
109,849
95,430,689
551,339
1996 $
156,347
1,784,077
58,042
Bank balances ... 109,849
Bank term deposits ... 95,430,689
Accounts receivable ... 551,339
Concentrations of Credit Risk
The bank balances are held with Trust Bank New Zealand Limited. Term deposit investments are with various trading banks and under common funds management. There are no other material concentrations of credit risk.
Market Risk
The value of investments which are held in shares and New Zealand Government stocks are subject to market fluctuations. No provision has been made for potential gains or losses that could occur due to market fluctuations.
Fair Value
The carrying value is considered to be the fair value for financial instruments.
Next Page →
NZ Gazette 1997, No 75
✨ LLM interpretation of page content
💰
Notes to the Financial Statements for the Year Ended 31 March 1997
(continued from previous page)
💰 Finance & RevenueFinancial Statements, Accounting Policies, Donations, Investments, Fixed Assets, Depreciation, Accounts Receivable, Financial Instruments, Consolidation