NEW ZEALAND GAZETTE, No. 127

14 AUGUST 2008

Balance Sheet as at 31 March 2008 in New Zealand Dollars

| | Note | 2008
$000 | 2007
$000 |
|--------------------------|------|---------------|
| Assets: | | |
| Property, plant and equipment | 8 | 50 | 55 |
| Loans | | 157 | 218 |
| Investments, including derivatives | 9, 13 | 131,471 | 142,717 |
| Total non-current assets | | 131,678 | 142,990 |
| Loans | | 77 | 306 |
| Cash and cash equivalents | 11 | 1,128 | 766 |
| Total current assets | | 1,205 | 1,072 |
| Total assets | | 132,882 | 144,062 |

| Trust funds: | | |
| Trust capital | 12 | 89,308 | 89,308 |
| Income fluctuation reserve| 12 | 12,087 | 26,774 |
| Inflation and population reserve | 12 | (31,167) | 27,698 |
| Total funds | 16 | 132,562 | 143,780 |

| Liabilities: | | |
| Trade and other payables, including derivatives | | 320 | 281 |
| Total current liabilities | | 320 | 281 |
| Total liabilities | | 320 | 281 |
| Total equity and liabilities | | 132,882 | 144,062 |

Signed on behalf of the Board of Trustees:
PAULA THOMPSON, Chairperson.
BRUCE W. CRONIN, Trust Manager.

Date: 9 July 2008.

The accompanying notes form part of these financial statements.

Income Statement for the Year Ended 31 March 2008 in New Zealand Dollars

| | Note | 2008
$000 | 2007
$000 |
|--------------------------|------|---------------|
| Revenue | 5 | (5,761) | 13,120 |
| Portfolio management and advisory fees | | 600 | 643 |
| Profit before tax | | | |
| Other expenses | 6 | 721 | 691 |
| Income Tax | 10 | | |
| Profit/(loss) for the year | | (7,082) | 11,786 |

Statement of Recognised Income and Expense for the Year Ended 31 March 2008 in New Zealand Dollars

| | Note | 2008
$000 | 2007
$000 |
|--------------------------|------|---------------|
| Profit/(loss) for the year | | (7,082) | 11,786 |
| Total recognised income and expenses for the year | 12 | (7,082) | 11,786 |

The Notes are an integral part of these financial statements.

Statement of Cashflows for the Year Ended 31 March 2008 in New Zealand Dollars

| | Note | 2008
$000 | 2007
$000 |
|--------------------------|------|---------------|
| Cashflows from operating activities: | | |
| Investment income | | 2,750 | 6,602 |
| Other income | | 94 | 61 |
| Cash paid to suppliers, employees and trustees | | (1,263) | (1,254) |
| Grants paid to the community | | (4,136) | (4,804) |
| Net cash from operating activities | 15 | (2,555) | 605 |