✨ Financial Statements and Investment Details
24 JUNE NEW ZEALAND GAZETTE 1713
| 1999 $'000 | 1998 $'000 | |
|---|---|---|
| New Zealand fixed interest | 20.0 | percent |
| New Zealand cash | 30.0 | percent |
| Global fixed interest (fully hedged) | 20.0 | percent |
| Passive global equities (fully hedged) | 12.5 | percent |
| Active global equities | 12.5 | percent |
| 100.0 | percent |
The following financial assets have been recognised in the financial statements of the trust.
| 1999 $'000 | 1998 $'000 | |
|---|---|---|
| Term deposits | 819 | 165 |
| Investments | 218,774 | 205,282 |
| $219,593 | $205,447 |
These are denominated in the following currencies:
| 1999 $'000 | 1998 $'000 | |
|---|---|---|
| Australian dollar equivalents | 787 | 661 |
| Austrian schilling equivalents | 56 | 58 |
| Belgium franc equivalents | 196 | 213 |
| Canadian dollar equivalents | 589 | 1,074 |
| Danish krona equivalents | 416 | 639 |
| Deutsch mark equivalents | 2,868 | 6,709 |
| Euro equivalents | 10,700 | — |
| Finland markka equivalents | 224 | 127 |
| French franc equivalents | 3,297 | 5,661 |
| Great Britain pound equivalents | 10,359 | 12,688 |
| Hong Kong dollar equivalents | 611 | 526 |
| Irish pound equivalents | 56 | 71 |
| Italian lira equivalents | 1,413 | 1,616 |
| Japanese yen equivalents | 7,550 | 7,499 |
| Malaysia ringgit equivalents | 59 | 109 |
| Netherlands guilder equivalents | 1,668 | 1,869 |
| New Zealand dollars | 122,919 | 104,914 |
| Norway krone equivalents | 56 | 86 |
| Portugal escudo equivalents | 84 | 99 |
| Singapore dollar equivalents | 174 | 115 |
| Spanish peseta equivalents | 1,383 | 1,296 |
| Swedish krona equivalents | 1,533 | 2,066 |
| Swiss franc equivalents | 1,777 | 2,683 |
| United States dollar equivalents | 50,818 | 54,668 |
| $219,593 | $205,447 |
All financial instruments are disclosed at fair value. No undisclosed credit risk exists. At 31 March 1999 the trust's investment managers had forward exchange contracts to cover the global fixed interest and passive global equities position. The value of the New Zealand cover is $69,000,000.
12. Currency Translation
Monetary assets denominated in foreign currency are converted to New Zealand dollars at the exchange rates reported at balance date and any unrealised profit or loss resulting from the conversion is effected in the statement of financial performance.
Trust policy is to hedge the currency movements on global fixed interest and passive global equity investments to reduce exposure to fluctuation in foreign exchange. Any unrealised losses and gains are recorded at year end through the statement of financial performance.
| 1999 $'000 | 1998 $'000 | |
|---|---|---|
| Net surplus | 14,423 | 23,346 |
Adjust for non-cash items:
| Depreciation and loss on sale | 25 | 9 |
| Investment income | (14,350) | (16,438) |
Movement in working capital:
| Increase (decrease) in accounts payable | 76 | 87 |
| Increase (decrease) in donations payable | 1,844 | 179 |
| (Increase) decrease in accounts receivable | — | 8 |
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VUW Te Waharoa —
NZ Gazette 1999, No 75
NZLII —
NZ Gazette 1999, No 75
✨ LLM interpretation of page content
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Notes to and forming part of the Consolidated Financial Statements for the Year Ended 31 March 1999
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💰 Finance & RevenueFinancial statements, Trust funds, Investment fluctuation reserve, Donation reserve, Fixed assets, Depreciation, Donations, Goods and services tax, Assessable loss, Capital, Reserves, Payables, Investments, Financial instruments