1958 NEW ZEALAND GAZETTE No. 79

The trust capital is the original value of the shares in Trust Bank New Zealand at the time they were settled on the trust in 1988.

Trust capital—
Balance as at 31 March 1997 .......................................................... $21,202 $21,202

Capital maintenance reserve—
Balance as at 1 April 1996 .......................................................... 4,014 2,520
Transfers during the period .......................................................... 1,206 1,495
Balance as at 31 March 1997 .......................................................... $5,220 $4,014

Investment revaluation reserve—
Balance as at 1 April 1996 .......................................................... 49,857 35,937
Net gain during the period .......................................................... – 13,920
Transfer to uncommitted surplus .......................................................... 49,857 –
Balance as at 31 March 1997 .......................................................... $– $49,857

Investment fluctuation reserve—
Balance as at 1 April 1996 .......................................................... 6,505 493
Transfer to uncommitted surplus .......................................................... 6,505 6,012
Balance as at 31 March 1997 .......................................................... $– $6,505

Uncommitted surplus—
Balance as at 1 April 1996 .......................................................... 53,860 53,607
Allocation from surplus for the year .......................................................... 21,758 253
Transfer from investment fluctuation reserve .......................................................... 49,857 –
Transfer from investment fluctuation reserve .......................................................... 6,505 –
................................................................................... 131,980 53,860
Less donation paid ................................................................... 513 –
Balance as at 31 March 1997 .......................................................... $131,467 $53,860
Balance of funds at 31 March 1997 .......................................................... $157,889 $135,438

5. Long Term Investments
   Shares in Trust Bank New Zealand—
   Balance as at 1 April 1996 .......................................................... 59,280 45,360
   Revaluation to year end market value .......................................................... – 13,920
   Sold during the year .......................................................... (68,430) –
   Realised profit .......................................................... 9,150 –
   Balance as at 31 March 1997 .......................................................... – $59,280

During the year the trust sold the remaining shares it held in TBNZ to Westpac, realising a profit above the book value of $9,150,000.

6. Managed Funds
   Managed by external managers—
   Balance 1 April 1996 .......................................................... 73,289 64,984
   Gross income .......................................................... 8,043 8,466
   Add: fees not yet charged to fund .......................................................... – 56
   Less: management fees .......................................................... (239) (217)
   Deposits to funds .......................................................... 25,000 –
   Balance as at 31 March 1997 .......................................................... $106,093 $73,289

Investments comprise:
Cash, deposits and miscellaneous .......................................................... 38,368 20,301
Bonds .......................................................... 36,797 30,958
Equities .......................................................... 30,928 22,030
Portfolio total .......................................................... $106,093 $73,289

Held in:
New Zealand .......................................................... 75,694 46,931
Offshore .......................................................... 30,399 26,358
................................................................................... $106,093 $73,289