New Zealand Gazette – 2004 – No. 138

Page 3432

✨ Financial Statements

3432 NEW ZEALAND GAZETTE, No. 138 28 OCTOBER 2004

Transfer to capital maintenance reserve (2,866,327) (2,866,327) (4,369,401)
Donations to tax approved entities (48,766) (48,766) (1,183,800)
Net surplus/(deficit) transferred to grants maintenance reserve 17,053,862 19,300,157 (18,036,603)

Consolidated Statement of Movements in Equity for the Year Ended 31 March 2004

	2004 Group $	2004 Parent $	2003 Parent $
Net surplus/(deficit) for year transferred to grants maintenance reserve	17,053,862	19,300,157	(18,036,603)
Increase in capital maintenance reserve	2,866,327	2,866,327	4,369,401
Less: Grants paid from capital	(6,874,279)	(6,874,279)	(7,305,691)
Retained earnings of subsidiary not previously recognised	(3,857)	–	–
Movements in equity for the year	13,042,053	15,292,205	(20,972,893)
Equity at beginning of year	149,451,844	149,451,844	170,424,737
Equity at end of year	162,493,897	164,744,049	149,451,844

Consolidated Statement of Financial Position as at 31 March 2004

	Note	2004 Group $	2004 Parent $	2003 Parent $
Funds employed:
Trust capital	9	158,460,000	158,460,000	158,460,000
Reserves	8	4,033,897	6,284,049	(9,008,156)
Total capital and reserves		162,493,897	164,744,049	149,451,844

| Liabilities— | | | | |
| Current liabilities: | | | | |
| Accounts payable and accrued expenses | | 158,427 | 131,501 | 118,045 |
| Grants committed but not paid | | 8,034,804 | 8,034,804 | 5,819,620 |
| Total liabilities | | 8,193,231 | 8,166,305 | 5,937,665 |
| Total capital and liabilities | | 170,687,128 | 172,910,354 | 155,389,509 |

| Assets— | | | | |
| Current assets: | | | | |
| Bank and deposits | | 3,050,816 | 45,454 | 25,466 |
| Accounts receivable and interest accrual | 10 | 48,153 | 18,189 | 10,836 |
| Back Country Foods Limited | 11 | 2,995 | – | – |
| Taxation | | 46,636 | – | – |
| Current portion of debt funding| 12 | 628,403 | – | – |
| Total current assets | | 3,777,003 | 63,643 | 36,302 |

| Non current assets: | | | | |
| Property, plant and equipment | 17 | 1,092,825 | 776,933 | 1,061,791 |
| Trading bank deposits | | – | – | 211,000 |
| Managed funds— | | | | |
| ING (NZ) Limited | 18 | 27,946,841 | 27,946,841 | 20,749,630 |
| Tower Asset Management | 18 | 40,696,696 | 40,696,696 | 46,749,547 |
| AMP Asset Management | 18 | 38,097,333 | 38,097,333 | 37,941,250 |
| State Street Global Advisors | 18 | – | – | 45,058,741 |
| Capital International | 18 | 26,322,389 | 26,322,389 | – |
| Alliance Bernstein | 18 | 30,324,941 | 30,324,941 | – |
| Loans | 13 | 913,385 | 913,385 | 938,055 |
| Debt funding | 12 | 1,354,067 | – | – |
| Investment in associates | 14 | 90,000 | – | – |
| Investment in subsidiary | | – | 7,768,193 | 2,643,193 |
| Other investments | | 71,648 | – | – |
| Total non current assets | | 166,910,125 | 172,846,711 | 155,353,207 |
| Total assets | | 170,687,128 | 172,910,354 | 155,389,509 |