New Zealand Gazette – 1999 – No. 150

Page 3607

✨ Financial Report Summary

14 OCTOBER NEW ZEALAND GAZETTE 3607

5. Grants Approved

Grants approved this year ... ... ... ... ... ... ... ... ... ... ... ... $ 1999
9,885,045 1998 $
Less prior year’s grants cancelled ... ... ... ... ... ... ... ... ... (314,217) 10,030,234

Net grants approved ... ... ... ... ... ... ... ... ... ... ... ... ... $9,570,828 $10,030,234

6. Fixed Assets

| | Cost | Accum | 1999 | 1998 |
|------------------------------|-------| Depn | Value $ | Value $ |
| | $ | $ | | |
| Land ... ... ... ... ... ... | 457,419 | Nil | 457,419 | 457,419 |
| Buildings ... ... ... ... ...| 509,893 | 21,060 | 488,833 | 459,235 |
| Office equipment ... ... ... | 103,645 | 44,739 | 58,906 | 45,372 |
| Furniture and fittings ... ...| 140,127 | 20,086 | 120,041 | 118,300 |
| Motor vehicles ... ... ... ...| 86,644 | 31,712 | 54,932 | 31,751 |

Totals ... ... ... ... ... ... $1,297,728 | $117,597 | $1,180,131 | $1,112,077 |

7. Investments Managed by Fund Managers

The group has funds with 4 institutional investment managers (fund managers), being ANZ Funds Management, Armstrong Jones (NZ) Limited, BT Funds Management (NZ) Limited, and Morgan Stanley Dean Witter. Market values, and asset allocations, of these investments as at balance date were as follows:

	ANZ	Armstrong	B.T.	Morgan	Total	Total
	(NZ$m)	Jones	(NZ$m)	Stanley	1999	1998
		(NZ$m)		(NZ$m)	Value	Value
New Zealand equities ... ... ...	5.97	9.96	7.27	–	23.20	20.54
Overseas equities ... ... ... ...	9.35	8.59	–	43.40	61.34	23.86
New Zealand fixed interest ...	17.35	11.65	11.47	–	40.47	38.07
Overseas fixed interest ... ...	–	13.99	5.86	–	13.99	29.00
Cash ... ... ... ... ... ... ...	11.57	0.61	–	–	18.04	15.83

Totals ... ... ... ... ... ... ... $44.24m $44.80m $24.60m $43.40m $157.04m $127.30m

Exposure to currency, interest rate and credit risk arises in the normal course of the fund managers’ management of the group’s investments. A range of hedging policies are in place whereby the fund managers use derivative financial instruments as a means of managing exposure to fluctuations in foreign exchange rates and interest rates. While these financial instruments are subject to the risk of market rates changing subsequent to acquisition, such changes would generally be offset by opposite effects on the items being hedged.

8. Loans

During the year short-term loans were made to 3 organisations—the balances outstanding as at 31 March were as follows:

	1999 $	1998 $
Southland Life Education Trust ...	20,000	–
Topoclimate South Trust ... ... ...	320,037	–
Southland Museum and Art Gallery .	75,503	–

Total ... ... ... ... ... ... ... ... $415,540 $Nil

Each loan is interest free and repayable upon demand.

9. Reconciliation With Operating Surplus

	1999 $	1998 $
Net surplus ... ... ... ... ... ... ...	9,722,129	14,300,201
Less grants ... ... ... ... ... ... ...	(9,570,828)	(10,030,234)

Add/(less) movement in working capital—
| Increase (decrease) in liabilities ... | 560,901 | 3,677,931 |
| (Increase) decrease in accounts receivable | 197,647 | 1,851,310 |

Add/(less) movement in items classified as investing/financing—
| Asset purchases ... ... ... ... ... ... | 47,137 | (56,321) |

Add/(less) movement in non-cash items—
| Revaluation of investments ... ... ... | (2,571,061) | (4,153,595) |

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VUW Te Waharoa — NZ Gazette 1999, No 150

NZLII — NZ Gazette 1999, No 150

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✨ LLM interpretation of page content

💰 Grants Approved Summary

Domain💰 Finance & Revenue
KeywordsGrants, Financial Summary, Net Grants

💰 Fixed Assets Summary

Domain💰 Finance & Revenue
KeywordsAssets, Cost, Depreciation, Land, Buildings, Equipment, Furniture, Vehicles

💰 Investments Managed by Fund Managers

Domain💰 Finance & Revenue
KeywordsInvestments, Fund Managers, ANZ, Armstrong Jones, BT Funds, Morgan Stanley, Equities, Fixed Interest, Cash

💰 Loans Summary

Domain💰 Finance & Revenue
KeywordsLoans, Short-term, Southland Life Education Trust, Topoclimate South Trust, Southland Museum and Art Gallery

💰 Reconciliation With Operating Surplus

Domain💰 Finance & Revenue
KeywordsOperating Surplus, Grants, Working Capital, Asset Purchases, Investment Revaluation

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