Statement of Trust Monies
as at 30 June 2012
| 2011 $000 |
2012 $000 |
|
|---|---|---|
| 1,768 | Balance at the beginning of the year | 2,037 |
| 354 | Contribution | 660 |
| (156) | Distribution | (95) |
| 71 | Interest earned on trust money | 69 |
| 2,037 | Balance at the End of the Year | 2,671 |
The Trust Account is established pursuant to section 67 of the Public Finance Act 1989, for the purposes of depositing money paid to the Crown under section 77 of the Trustee Act 1956.
The source of funds is principally estates of deceased persons where the beneficiaries cannot be traced. Funds are retained in the Trust Account for six years, and are then transferred to the Crown as unclaimed money.
Details of funds held in the Trust Account are gazetted annually.
The Statement of Accounting Policies is an integral part of these supplementary financial schedules.
For a full understanding of the Crown's financial position and the result of its operations for the year, refer to the consolidated Financial Statements of the Government for the year ended 30 June 2012.
