New Zealand Gazette – 1998 – No. 91

Page 2098

✨ Financial Statements and Investments



2098 NEW ZEALAND GAZETTE No. 91

1998 $'000 1997 $'000
Transfer from investment revaluation reserve ... – 101,972
Transfer to capital ... – 149,394
Donations paid ... – (911)
Balance at the end of the year ... $– $–

8. Investments

1998 $'000 1997 $'000
Passive global equities ... 29,256 –
New Zealand fixed interest and cash ... 69,282 91
Active global equities ... 31,643 –
New Zealand equities and cash ... 35,198 551
Global fixed interest ... 39,903 –
Total ... $205,282 $642

9. Fixed Assets

Office equipment:

1998 $'000 1997 $'000
At cost ... 16 13
Accumulated depreciation ... (11) (7)
Net book value ... 5 6

Motor vehicles:

1998 $'000 1997 $'000
At cost ... 31 31
Accumulated depreciation ... (14) (9)
Net book value ... 17 22

| Total fixed assets ... | $22 | $28 |

10. Financial Instruments

The trust uses the services of an investment advisor to pursue an investment policy considered appropriate for the trust. The current policy is to achieve a long term asset allocation of:

  • New Zealand equities ... 5.0%
  • New Zealand fixed interest ... 20.0%
  • New Zealand cash ... 30.0%
  • Global fixed interest (fully hedged) ... 20.0%
  • Passive global equities (fully hedged) ... 12.5%
  • Active global equities ... 12.5%
  • Total ... 100.0%

The following financial assets have been recognised in the financial statements of the trust.

1998 $'000 1997 $'000
Term deposits ... 165 181,473
Investments ... 205,282 643
Total ... $205,447 $182,116

These are denominated in the following currencies:

Currency 1998 $'000 1997 $'000
Australian dollar equivalents 661 2,298
Austrian schilling equivalents 58 –
Belgium franc equivalents 213 –
Canadian dollar equivalents 1,074 –
Danish krona equivalents 639 –
Deutsch mark equivalents 6,709 –
Finland markka equivalents 127 –
French franc equivalents 5,661 –
Great Britain pound equivalents 12,688 4,559
Hong Kong dollar equivalents 526 –
Irish pound equivalents 71 –
Italian lira equivalents 1,616 –
Japanese yen equivalents 7,499 –
Malaysia ringgit equivalents 109 –
Netherlands guilder equivalents 1,869 –
New Zealand dollars 104,914 164,779
Norway krone equivalents 86 –


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✨ LLM interpretation of page content

💰 Notes to Consolidated Financial Statements for the Year Ended 31 March 1998 (continued from previous page)

💰 Finance & Revenue
Financial Statements, Investments, Fixed Assets, Financial Instruments, Currency Denominations