14 AUGUST 2008 NEW ZEALAND GAZETTE, No. 127 3319

● NZ IFRIC 12 Service Concession Arrangements. NZ IFRIC 12 will become mandatory for the trust’s 2009 financial statements, and is not expected to have any impact on the financial statements.

● NZ IFRIC 13 Customer Loyalty programmes. NZ IFRIC 13 will become mandatory for the trust’s 2009 financial statements, and is not expected to have any impact on the financial statements.

● NZ IFRIC 14 The Limit on a defined benefit Asset. Minimum funding requirements and their interaction. NZ IFRIC 14 will become mandatory for the trust’s 2009 financial statements, and is not expected to have any impact on the financial statements.

4. Determination of Fair Values
   A number of the trust’s accounting policies and disclosures require the determination of fair value, for both financial and non-financial assets and liabilities. Fair values have been determined for measurement and/or disclosure purposes based on the following methods. Where applicable, further information about the assumptions made in determining fair values is disclosed in the notes specific to that asset or liability.

(a) Investments in Equity and Debt Securities
The fair value of financial assets at fair value through profit or loss, is determined by reference to their quoted bid price at the reporting date wherever this information is available. Certain investments in emerging markets are only traded on certain days. In this instance, the trades that occurred on the date nearest to the balance date have been used.

(b) Loans
The fair value of loans is estimated as the present value of future cash flows, discounted at the market rate of interest at the reporting date.

(c) Derivatives
The fair value of forward exchange contracts is based on their listed market price, if available. If a listed market price is not available, then fair value is estimated by discounting the difference between the contractual forward price and the current forward price for the residual maturity of the contract using a risk-free interest rate (based on government bonds).

5. Revenue
   Dividends received | 2,198 | 3,238 |
   Interest received | 553 | 1,693 |
   Investment gains and losses | (8,605)| 8,128 |
   Other | 94 | 61 |
   Total revenue | (5,761)| 13,120 |

6. Other expenses
   Advertising public relations, distribution and other costs | 56 | 61 |
   Accountancy fees | 6 | 9 |
   Depreciation | 19 | 16 |
   Loss on disposal of property, plant and equipment | 0 | 2 |
   Office administration fees | 76 | 71 |
   Office lease expenses | 64 | 62 |
   Other administration fees | 88 | 74 |
   Wages and salaries | 194 | 188 |
   Trustee fees | 157 | 155 |
   Trustee expenses | 53 | 46 |
   | 713 | 684 |

Auditor’s remuneration to Ingham Mora
– audit of financial statements | 8 | 7 |
Total auditor’s remuneration | 8 | 7 |
Total other expenses | 721 | 691 |

7. Grants
   (a) The following future grants have been approved but have not been paid. Payments are conditional on the continual viability of the projects and are expected to be paid as follows: