NEW ZEALAND GAZETTE

No. 85

1. Revenue

| | 2002
$000 | 2001
$000 |
|---------------|------------|------------|
| Interest | 41 | 59 |
| Managed funds | (764) | 5,472 |
| Other | 135 | 137 |
| | (588) | 5,668 |

2. Expenditure

| | 2002
$000 | 2001
$000 |
|-----------------------------|------------|------------|
| Bad debts | 1 | – |
| Depreciation | 79 | 80 |
| Fund managers’ fees | 721 | 838 |
| Occupancy | 49 | 50 |
| Other operating | 122 | 123 |
| Professional fees | 232 | 197 |
| Promotion | 72 | 34 |
| Public & statutory reporting| 66 | 64 |
| Staff | 229 | 222 |
| Trustee fees | 157 | 154 |
| Trustee expenses | 26 | 32 |
| | 1,754 | 1,794 |

Professional fees—

Payments to auditors:

| | 2002
$000 | 2001
$000 |
|-----------------------------|------------|------------|
| Audit fees | 8 | 8 |
| Accounting and other support| 9 | 17 |
| Computer support | 6 | 13 |
| Legal advisers | 5 | 4 |
| Professional investment advisers | 124 | 80 |
| Tax advice | 29 | 28 |
| Other professional advice | 51 | 47 |
| | 232 | 197 |

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 NZ Stock Exchange and the balance in 1996 when Westpac took over Trust Bank.

| | 2002
$000 | 2001
$000 |
|------------------------|------------|------------|
| Opening balance | 131,467 | 131,467 |
| Transfer from uncommitted surplus | – | – |
| Closing balance | 131,467 | 131,467 |

Capital maintenance reserve:

| | 2002
$000 | 2001
$000 |
|------------------------|------------|------------|
| Opening balance | 15,603 | 11,181 |
| Transfers | 4,010 | 4,422 |
| Closing balance | 19,613 | 15,603 |

Uncommitted surplus:

| | 2002
$000 | 2001
$000 |
|-----------------------------|------------|------------|
| Opening balance | 33,274 | 40,067 |
| Donations paid from capital | (9,721) | (930) |
| Trustee (deficit)/surplus | (2,342) | (1,441) |
| Transfer to capital maintenance reserve | (4,010) | (4,422) |
| Closing balance | 17,201 | 33,274 |
| Total trust funds at 31 March 2002 | 168,281 | 180,344 |

4. Donations

| | 2002
$000 | 2001
$000 |
|-----------------------------|------------|------------|
| Donations paid from income | – | 5,315 |
| Donations paid from capital | 9,721 | 930 |
| | 9,721 | 6,245 |