2318 NEW ZEALAND GAZETTE No. 100

Changes in Accounting Policies

There have been no changes in accounting policies during this accounting period.

Changes in Comparative Figures

Where applicable, certain comparatives have been restated to comply with the accounting presentation adopted for the current period.

| | 1998
| | $000 | 1996
| | | $000 |
|---------------------------|-------|-------|
| 1. Revenue | | |
| Interest | 1,390 | 5,914 |
| Managed funds | 24,046| 8,043 |
| Dividend—Trust Bank | — | 1,680 |
| Sale of Trust Bank shares | 57 | 9,150 |
| Other | — | — |
| Total Revenue | $25,493| $24,787|

| | 1998
| | $000 | 1996
| | | $000 |
|---------------------------|-------|-------|
| 2. Expenditure | | |
| Depreciation | 57 | 9 |
| Fund managers fees | 528 | 239 |
| Occupancy | 29 | 18 |
| Other operating | 103 | 66 |
| Professional fees | 118 | 170 |
| Promotion | 37 | 72 |
| Public and statutory reporting | 50 | 2 |
| Staff | 218 | 142 |
| Trustee fees | 103 | 71 |
| Trustee expenses | 25 | 28 |
| Total Expenditure | $1,268| $817 |

| Professional fees— | 1998 |
| Accounts— | $000 | 1996
| Audit fees | 4 | 3 |
| Other professional fees | 34 | 5 |
| Community Trust Investment Limited | — | 50 |
| Legal advisors | 12 | 4 |
| Professional investment advisors | 55 | 87 |
| Other | 13 | 21 |
| Subtotal Professional Fees | $118 | $170 |

3. Trust Funds

Trust Capital

The trust capital represents the realised value of its original asset, being shares in Trust Bank. They were sold, partly in 1994 when Trust Bank listed on the New Zealand Stock Exchange and the balance in 1996 when Westpac took over Trust Bank.

| | 1998
| | $000 | 1996
| | | $000 |
|---------------------------|-------|-------|
| Opening balance | 21,202| 21,202|
| Transfer from uncommitted surplus | 110,265 | — |
| Closing balance | $131,467| $21,202|

| Capital maintenance reserve — | 1998
| | $000 | 1996
| | | $000 |
|---------------------------|-------|-------|
| Opening balance | 5,220 | 4,014 |
| Transfers | 3,843 | 1,206 |
| Closing balance | $9,063 | $5,220|

| Uncommitted surplus — | 1998
| | $000 | 1996
| | | $000 |
|---------------------------|-------|-------|
| Opening balance | 131,467| 53,860|
| Adjustment to reflect original capital | (110,265) | — |
| Donations to non profit bodies from trust capital | (446) | (513) |
| Trustee surplus | 17,480| 22,963|
| Transfer to capital maintenance reserve | (3,843) | (1,206) |