New Zealand Gazette – 1998 – No. 100

Page 2319

✨ Financial Statements

30 JULY

NEW ZEALAND GAZETTE

1998
$000 1996
$000

Transfer from investment fluctuation and revaluation reserves ... – 56,362
Closing balance ... 34,393 131,467
Total trust funds at 31 March 1998 ... 174,923 157,889

Donations

Donations paid from income ... 6,745 1,468
Donations paid from capital ... 446 513
Effect of the change in accounting policy ... – (461)
7,191 1,520

In the prior year, for ease of presentation and for taxation reasons, the accounting policy was altered to show only donations paid during the period. Donations which the trust has conditionally approved but not yet paid are shown in the accounts as a contingent liability (see note 8).

Managed Funds

Managed by external managers—
Opening balance ... 106,093 73,289
Gross income ... 24,046 8,043
Fund managers fees ... (590) (239)
Trust Bank share sale proceeds ... 43,950 25,000
Withdrawals to fund donations ... (2,000) –

Closing balance ... 171,499 106,093

Investments comprise:
Cash, deposits and miscellaneous ... 21,454 38,368
Bonds ... 83,035 36,797
Equities ... 67,010 30,928
Total managed funds ... 171,499 106,093

Held in:
New Zealand ... 81,669 75,694
Offshore ... 89,830 30,399
171,499 106,093

Fixed Assets

 1998                1997
 Cost    Accum.  Book    Book
 $000    Depn.   Value   Value

Land ... 432 – 432 –
Buildings ... 906 40 866 –
Office furniture and equipment ... 163 34 129 30
1,501 74 1,427 30

Financial Instruments

The financial instruments are subject to an interest rate risk.
The investment portfolios are treated as lump sum investments. The fund managers or custodians manage both the credit risk and foreign exchange risk.

No comparison is provided between the carrying value and estimated fair value of financial instruments, due to the carrying value reflecting market price:

    1998    1997
    $000    $000

New Zealand—
Bonds and deposits ... 68,568 113,277
Equities ... 15,199 14,106

Overseas—
Bonds and deposits ... 38,018 12,617
Equities ... 51,812 17,783
89,830 30,400

Total—

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VUW Te Waharoa — NZ Gazette 1998, No 100

NZLII — NZ Gazette 1998, No 100

The General Assembly Library (on the right) was completed in 1899 and survived the 1907 fire. Now the oldest remaining original Parliament building, still used as the Parliamentary Library.

✨ LLM interpretation of page content

💰 Transfer from Investment Fluctuation and Revaluation Reserves

Domain💰 Finance & Revenue
KeywordsInvestment, Revaluation Reserves, Financial Statements

💰 Closing Balance and Total Trust Funds

Domain💰 Finance & Revenue
KeywordsTrust Funds, Closing Balance, Financial Statements

💰 Donations Paid from Income and Capital

Domain💰 Finance & Revenue
KeywordsDonations, Income, Capital, Financial Statements

💰 Managed Funds and Investments

Domain💰 Finance & Revenue
KeywordsManaged Funds, Investments, Financial Statements

💰 Fixed Assets

Domain💰 Finance & Revenue
KeywordsFixed Assets, Land, Buildings, Financial Statements

💰 Financial Instruments

Domain💰 Finance & Revenue
KeywordsFinancial Instruments, Interest Rate Risk, Financial Statements

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