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Statement of Trust Money

for the year ended 30 June 2010

Trust money is defined by section 66 of the Public Finance Act 1989 as:

  • Money that is deposited with the Crown pending the completion of a transaction or dispute and which may become repayable to the depositor or payable to the Crown or any other person.
  • All money that is paid into Court for possible repayment to the payee or a third party, by virtue of any Act, rule or authority whatsoever.
  • All money that is paid to the Crown in trust for any purpose.
  • Money that belongs to or is due to any person and is collected by the Crown pursuant to any agreement between the Crown and that person.
  • Unclaimed money that is due to or belongs to any person and is deposited with the Crown.

Trust money exists only where there is a trustee/beneficiary relationship. Money set aside by the Crown or department for a particular purpose will normally not be trust money as there is no directly identifiable beneficiary who has deposited the money with the Crown.

Trust money held by the Crown is managed separately from public money.

Under the Act, the Treasury has the responsibility to manage and invest trust money. The Treasury may appoint agents (including departments) to act on its behalf. Written Notices of Appointment to Manage and Invest Trust Money are issued in these cases. Section 68 of the Act establishes the constraints on the investment of trust money.

Statement of Trust Money (continued) for the year ended 30 June 2010
Department
   Trust Account
As at
30 June 2009
$000
Contributions
$000
 Distributions
$000
 Revenue
$000
Expenses
$000
As at
30 June 2010
$000

Agriculture and Forestry

 
Meat Board Levies Trust     57,346 (57,349) 3
Seized Timber Trust 1 1

Audit

 
South Pacific Association of  Supreme Audit Institutions Trust 22 176 (188) 10

Building and Housing

 
Certifiers Bond Trust 192 (5) 5 192
Licensed Building Practitioners Trust[2]
Residential Tenancies Bond Trust 291,835 160,042 (137,402) 18,283 (18,283) 314,475
Residential Tenancies Bond Trust No.2 Account[2]

Conservation

 
Bonds/Deposits Trust 6,690 4,421 (4,239) 101 6,973
Conservation Project Trust 785 691 (591) 16 901
National Parks Trust 45 61 (57) 1 50
Walkways Trust 15 10 (14) (1) 10
Wildlife and Reserves Trusts[2]

Corrections

 
Prisons Trust 1,433 15,481 (15,639) 1,275
Crown Law Office  
Legal Claims Trust 499 989 (1,424) 3 67

Culture and Heritage

 
Australian Trust for Oral History Archives Trust 1,471 (88) 121 (1) 1,503
Dictionary of New Zealand Biography Trust 203 18 (78) 143
New Zealand Encyclopaedia Trust[3]
New Zealand Historical Atlas Trust 113 9 122
New Zealand History Research Trust 1,727 (70) 32 1,689
War History Trust 880 109 43 (7) 1,025

Customs

 
Alcohol Liquor Advisory Council Trust 878 14,695 (14,306) 1,267
Customs Regional Deposit/Bonds Trust No.1, No.2 & No.3 3,692 5,215 (5,072) 3,835
Heavy Engineering Research Association Trust 22 572 (539) 55
Maritime Safety Authority Trust  [2]
New Zealand Customs Service Multiple Deposit Scheme Release Trust 134 4,897 (4,956) 75
New Zealand Customs Service Multiple Deposit Scheme Suspense Trust 37 5,472 (5,433) 76
Balance carried forward     310,674       270,001      (247,184)       18,811     (18,558)     333,744

Notes

  • [1]New trust account.
  • [2]Inoperative trust account.
  • [3]Trust account closed.
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