19 AUGUST 2004 NEW ZEALAND GAZETTE, No. 101 2507

2. Income

| | 2004
$000 | 2003
$000 |
|--------------------------------|-----------|-----------|
| Investments: | | |
| Pooled funds | 24,743 | (84,289) |
| Dividends | 1,678 | 1,121 |
| Interest | 7,386 | 8,863 |
| Realised gains | 1,754 | 3,938 |
| Unrealised gains/(losses) | 9,379 | (1,431) |
| Realised foreign exchange gains| 33,766 | 36,544 |
| Unrealised foreign exchange losses| (6,054) | (1,200) |
| Other income received | 625 | 636 |
| Total | 73,277| (35,818)|

3. Investments

Managed by external managers:

| | 2004
$000 | 2003
$000 |
|--------------------------------|-----------|-----------|
| Balance as at 1 April | 421,269 | 485,813 |
| Transfers from managers | (21,801) | (28,090) |
| Movement in market value | 72,652 | (36,454) |
| Total | 472,120| 421,269|

Investments managed by external managers comprise:

| | 2004
$000 | 2003
$000 |
|--------------------------------|-----------|-----------|
| Cash, deposits and miscellaneous| 24,256 | 55,587 |
| Bonds | 211,414 | 201,016 |
| Equities | 236,450 | 164,666 |
| Portfolio total | 472,120| 421,269|

Other investments:

These consist of securities and deposits managed in-house

Investments comprise:

| | 2004
$000 | 2003
$000 |
|--------------------------------|-----------|-----------|
| Call deposits | 521 | 180 |
| Bonds | – | 512 |
| Total | 521 | 692 |

4. Taxation

| | 2004
$000 | 2003
$000 |
|------------------------------------|-----------|-----------|
| Surplus/(loss) before taxation | 71,774 | (37,340) |
| Net dividend and imputation credit adjustment | (1,394) | (953) |
| Investment revaluations for tax purposes | (10,059) | (123) |
| Non-deductible expenditure | 600 | 587 |
| Distribution to tax exempt beneficiaries | (10,288) | (14,205) |
| Prior year tax adjustment | (7,312) | (8,674) |
| Taxable loss brought forward | (76,237) | (15,529) |
| Taxable loss carried forward | (32,916) | (76,237) |
| Taxation charge @ 33% | – | – |

5. Donations

For this year:

| | 2004
$000 | 2003
$000 |
|--------------------------------|-----------|-----------|
| Committed and disbursed | 5,476 | 11,615 |
| Committed but not yet disbursed| 15,899 | 21,469 |
| Total donations approved | 21,375 | 33,084 |
| Donations written back | (529) | (240) |
| Total | 20,846| 32,844|

Committed but not yet disbursed:

| | 2004
$000 | 2003
$000 |
|--------------------------------|-----------|-----------|
| Committed in previous years | 9,129 | 3,735 |
| Committed this year | 15,861 | 21,469 |
| Total | 24,990| 25,204|

6. Reserves

Capital maintenance reserve:

| | 2004
$000 | 2003
$000 |
|--------------------------------|-----------|-----------|
| Balance as at 1 April | 16,719 | 8,254 |
| Transfer from surplus | 5,533 | 8,465 |
| Balance as at 31 March | 22,252 | 16,719 |