Statement of Trust Monies for the Year Ended 30 June 2001
The Ministry of Economic Development operates Trust Accounts as the agent under section 66 of the Public Finance Act 1989. The transactions through these accounts and their balances at 30 June 2001 are not included in the Ministry's own financial statements. Movements in these accounts during the year ended 30 June 2001 were as follows:
| Trust Account | Opening
Balance
1 July 2000 | Contri-
butions
Received | Distri-
butions
Made | Cash
Receipts | Cash
Expenses | Closing
Balance
30 June 2001 |
|---|
| | $000 | $000 | $000 | $000 | $000 | $000 |
| Patent Co-operation Treaty Fees Trust | 94 | 978 | (973) | 14 | (19) | 94 |
| Petroleum Deposits Trust | 148 | - | (9) | 10 | - | 149 |
| Radio Frequencies Tender Trust | 331 | 34,013 | (34,522) | 250 | - | 72 |
| Coal and Minerals Deposits Trust | 365 | - | (55) | 13 | - | 323 |
| Official Assignees Office Trust | 11,144 | 11,197 | (8,432) | 716 | (3,952) | 10,673 |
| Proceeds of Crime Trust | 1,451 | 1,364 | (1,060) | - | - | 1,755 |
This statement is to be read in conjunction with the Statement of Accounting Policies and Notes to the Financial Statements.
Patent Co-Operation Treaty Fees Trust Account
This trust account was established in December 1992 to collect and distribute fees under the Patent Co-operation Treaty Rules. The fees are collected from International Patent Authorities and remitted to the World Intellectual Property Organisation (WIPO) who administers the Treaty.
Petroleum Deposits Trust Account
This trust has been administered by the Ministry of Energy (and subsequently by the Ministry of Commerce and the Ministry of Economic Development) since the 1970s to hold deposits pursuant to sections 8, 16, and 47 (h) of the Petroleum Act 1937. Applicants are required to lodge a deposit or bond for all petroleum prospecting and mining licences issued under the Act. These deposits or bonds are returned with interest once the licence has expired or ceased, provided that all conditions of the licence have been complied with.
Radio Frequencies Tender Trust Account
This trust was established in February 1990 to hold deposits paid by persons bidding for allocation of radio frequencies and monies pending assessment of a resource rental for a radio frequency licence. Once a successful tender or licence holder is established for a particular frequency the deposit made by the tenderer is then deemed to be Crown money and is therefore transferred to the Crown account. All unsuccessful tenderers have their monies refunded with interest.
Coal and Minerals Deposits Trust Account
This trust was established in its present form following the introduction of the Crown Minerals Act 1991. Pursuant to the Mining Act, the Coal Mines Act or the Crown Minerals Act all existing mining and exploration licenses are required to lodge a deposit or bond with the Ministry. These deposits or bonds are returned with interest once the licence has expired, cancelled or declined provided that all conditions of the licence have been complied with.
Official Assignee's Office Trust Account
This trust was established to hold monies in respect of individuals or companies that are subject to bankruptcy or liquidation proceedings. All financial matters of declared bankrupts and companies in liquidation are required to be handled by the Official Assignee's Office. All distributions and settlements are processed through this account.
Proceeds of Crime Trust Account
This trust was established following the introduction of the Proceeds of Crime Act 1991 to manage the financial arrangements of restraining and forfeiture orders made by the courts. Under the Act the court has the power to seize certain assets of individuals and companies that are accumulated through the proceeds of criminal activities and place them in the authority of the Official Assignee. These assets are then sold or disposed of by the Official Assignee. At the completion of this task all of the resulting monies are transferred to the Crown.
Back to Top