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Statement of Trust Monies

as at 30 June 2016

(a) Unclaimed money

Unclaimed money
5,822 Unclaimed money 9,362
25 Meridian Initial Public Offer Trust Account 9
30 Genesis Initial Public Offer Trust Account 20
3 Might River Power Initial Public Offer Trust Account 1
5,880 Total Trust Account monies closing balance 9,392

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.

During the year, there has been $4.6 million of contributions (2015: $1.2 million) and $1 million (2015: $0.245 million) of distributions made from the Trust Account. Interest earned on the Trust Account for the year was $0.150 million (2015: $0.088 million).

(b) Government Share Offer Trust Accounts

Over the past two years the Crown opened Initial Public Offer Trust Accounts to facilitate the partial sale of Meridian, Genesis and Mighty River Power. The source of funds relates to proceeds from the sale of shares and distributions relate to refunds paid to investors.

There has been insignificant movement in the Trust Accounts for both the 2015/16 and 2014/15 financial years.

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 2016.

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