New Zealand Gazette – 1999 – No. 85

Page 2021

✨ Financial Statements and Notes



22 JULY

NEW ZEALAND GAZETTE

2021

1.4 Changes in Accounting Policies

There have been no changes in accounting policies. All policies have been consistently applied.

2. Income from Investments

1999 $ 1998 $
Realised investment income 6,691,014 7,582,972
Changes in investment values—gain (loss) 4,548,486 10,116,167
Foreign exchange movements—gain (loss) 2,559,579 9,665,295
Total income 13,799,079 27,364,434
Less fund managers’ expenses 313,777 272,956
Net investment income $13,485,302 $27,091,478

3. Investments

Type Manager Appointed 1999 $ 1998 $
New Zealand shares—Active Coronet Asset Management Jan 97 11,080,915 10,258,471
Passive TeNZ Dec 97 12,640,280 14,662,725
International shares—Passive State Street Global Advisors May 97 58,338,294 56,646,384
New Zealand bonds—Active Citibank Global Asset Mgt Mar 97 46,562,307 38,071,633
Passive Self 3,579,443 4,194,181
Total investments $132,201,239 $123,833,394

4. Fixed Assets

1999 $ 1998 $
Fixtures, fittings and equipment at cost 98,964 91,005
Less accumulated depreciation 61,445 41,576
$37,519 $49,429

5. Cash and Bank Deposits

1999 $ 1998 $
Current accounts 4,663 30,460
Call accounts 1,005,925 1,018,743
Petty cash 22 200
Short term deposits 6,830,890 7,500,000
$7,841,500 $8,549,403

6. Donations Payable

Included in donations payable are $1,339,125 of donations which are subject to the applicants fulfilling certain conditions.

7. Reconciliation of Net Surplus With Operating Cash Flows

1999 $ 1998 $
Net surplus for the period 7,688,984 21,458,592
Adjust for non cash items—
Unrealised income on investments (7,108,065) (19,815,024)
Depreciation 19,870 17,408
Movements in net current assets—
Accrued income (52,296) 67,315
Donations and sundry payables 911,341 1,398,258
Net operating cash flows $559,836 $3,126,549

8. Contingent Liabilities and Commitments

There are no contingent liabilities at 31 March 1999.

Lease commitments (including G.S.T.)

1999 $ 1998 $
Within 1 year 33,750 33,750
1–2 years 33,750 33,750
2–5 years 82,970 101,250


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✨ LLM interpretation of page content

💰 Notes to the Consolidated Financial Statements for the Year Ended 31 March 1999 (continued from previous page)

💰 Finance & Revenue
Accounting Policies, Income from Investments, Fixed Assets, Cash and Bank Deposits, Donations Payable, Reconciliation of Net Surplus, Contingent Liabilities, Lease Commitments