✨ Financial Statements
1962 NEW ZEALAND GAZETTE No. 83
| 1999 $000 | 1998 $000 | |
|---|---|---|
| Tax advice | 36 | — |
| $171 | $118 |
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.
| 1999 | 1998 | |
|---|---|---|
| Opening balance | 131,467 | 21,202 |
| Transfer from uncommitted surplus | — | 110,265 |
| Closing balance | $131,467 | $131,467 |
Capital maintenance reserve—
| 1999 | 1998 | |
|---|---|---|
| Opening balance | 9,063 | 5,220 |
| Transfers | 10 | 3,843 |
| Closing balance | $9,073 | $9,063 |
Uncommitted surplus—
| 1999 | 1998 | |
|---|---|---|
| Opening balance | 34,393 | 131,467 |
| Adjustment to reflect original capital | (333) | (110,265) |
| Donations to non profit bodies | — | (446) |
| Trustee surplus | 9,332 | 17,480 |
| Transfer to capital maintenance reserve | (10) | (3,843) |
| Closing balance | $43,382 | $34,393 |
Total trust funds at 31 March 1999 ... $183,922 $174,923
4. Donations
Donations paid from income ... 6,650 6,745
Donations paid from capital ... 333 446
| 1999 | 1998 | |
|---|---|---|
| Total donations | $6,983 | $7,191 |
In the prior year, for ease of presentation and taxation purposes, 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).
5. Managed Funds
Managed by external managers—
| 1999 | 1998 | |
|---|---|---|
| Opening balance | 171,499 | 106,093 |
| Gross income | 17,374 | 24,046 |
| Fund managers fees | (772) | (590) |
| Trust Bank share sale proceeds | — | 43,950 |
| Withdrawals to fund donations | (7,000) | (20,000) |
| Closing balance | $181,101 | $171,499 |
Investments comprise:
| 1999 | 1998 | |
|---|---|---|
| Cash, deposits and miscellaneous | 27,655 | 21,454 |
| Bonds | 88,445 | 83,035 |
| Equities | 65,001 | 67,010 |
Total managed funds | $181,101| $171,499|
Held in:
| 1999 | 1998 | |
|---|---|---|
| New Zealand | 89,124 | 81,669 |
| Offshore | 91,977 | 89,830 |
| $181,101 | $171,499 |
6. Fixed Assets
| 1999 Cost $000 | Accum. Depn. $000 | 1999 Book Value | 1998 Book Value | |
|---|---|---|---|---|
| Land | 432 | — | 432 | 432 |
| Buildings | 1,025 | 88 | 937 | 866 |
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VUW Te Waharoa —
NZ Gazette 1999, No 83
NZLII —
NZ Gazette 1999, No 83
✨ LLM interpretation of page content
💰
Notes to the Consolidated Financial Statements for the Year Ended 31 March 1999
(continued from previous page)
💰 Finance & RevenueFinancial Statements, Trust Funds, Trust Capital, Capital Maintenance Reserve, Uncommitted Surplus, Donations, Managed Funds, Fixed Assets, Accounting Policies, Taxation