The Treasury

Global Navigation

Personal tools

Statement of Trust Monies

as at 30 June 2014

(a) Unclaimed Money

Unclaimed Money
2013
$000
  2014
$000
2,671 Balance at the beginning of the year 2,962
312 Contribution 1,834
(89) Distribution (106)
68 Interest earned on trust money 90
2,962 Balance at the end of the year 4,780

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.

(b) Mighty River Power Initial Public Offer Trust Account

In 2012/13 the Crown opened a Mighty River Power Initial Public Offer Trust Account to facilitate the partial sale of Mighty River Power. The source of funds relates to proceeds from the sale of shares and distributions relate to refunds paid to investors. The funds are transferred to the Crown upon completion of the IPO.

Mighty River Power Initial Public Offer Trust Account
2013
$000
  2014
$000
- Balance at the beginning of the year 1,025
997,318 Contribution 44
(997,245) Distribution (1,065)
952 Interest earned on trust money -
1,025 Balance at the end of the year 4

(c) Meridian Initial Public Offer Trust Account

During the year, the Crown opened a Meridian Initial Public Offer Trust Account to facilitate the partial sale of Meridian. The source of funds relates to proceeds from the sale of shares and distributions relate to refunds paid to investors. The funds are transferred to the Crown upon completion of the IPO.

Meridian Initial Public Offer Trust Account
2013
$000
  2014
$000
- Balance at the beginning of the year -
- Contribution 850,435
- Distribution (850,369)
- Interest earned on trust money -
- Balance at the end of the year 66

(d) Genesis Initial Public Offer Trust Account

During the year, the Crown opened a Genesis Initial Public Offer Trust Account to facilitate the partial sale of Genesis Energy. The source of funds relates to proceeds from the sale of shares and distributions relate to refunds paid to investors. The funds are transferred to the Crown upon completion of the IPO.

Genesis Initial Public Offer Trust Account
2013
$000
  2014
$000
- Balance at the beginning of the year -
- Contribution 1,039,603
- Distribution (1,039,436)
- Interest earned on trust money -
- Balance at the end of the year 167

(e) Treasury Trust Account

During the year, the Crown opened a Trust Account to facilitate transactions where there are monies due to persons and collected under any agreement with the Crown.

Treasury Trust Account
2013
$000
  2014
$000
- Balance at the beginning of the year -
- Contribution 420
- Distribution -
- Interest earned on trust money -
- Balance at the end of the year 420

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 2014.

Page top