✨ Financial Statements
14 AUGUST 2008 NEW ZEALAND GAZETTE, No. 127 3369
Reconciliation of Equity
| Transition Balance Sheet | Comparative Balance Sheet | ||
|---|---|---|---|
| 1 April 2006 | 31 March 2007 | ||
| Note | Previous Effect of | NZ IFRS | Previous Effect of |
| NZ GAAP transition to | NZ GAAP transition to | ||
| NZ IFRS | NZ IFRS | ||
| NZ$'000 NZ$'000 | NZ$'000 | NZ$'000 NZ$'000 | |
| --------------------------- | ----------------------- | --------------- | ----------------------- |
| Equity: | |||
| Trust funds | (a) 214,015 23,470 | 237,485 | 219,365 28,937 |
| Investment fluctuation reserve | (a) 23,470 (23,470) | - | 28,937 (28,937) |
| Donation reserve | - | - | - |
| Total equity | 237,485 - | 237,485 | 248,302 - |
| --------------------------- | ----------------------- | --------------- | ----------------------- |
| Current liabilities: | |||
| Trade and other payables | (b) 143 (13) | 130 | 175 (12) |
| Donations payable | 1,474 - | 1,474 | 1,892 - |
| Employee entitlements | (b) - 13 | 13 | - 12 |
| Total current liabilities | 1,617 - | 1,617 | 2,067 - |
| --------------------------- | ----------------------- | --------------- | ----------------------- |
| Current assets | |||
| Cash and cash equivalents | 632 - | 632 | 71 - |
| Trade and other receivables | 63 - | 63 | 39 - |
| Derivative financial instruments | (c) - (4,277) | (4,277) | - 2,067 |
| Total current assets | 695 (4,277) | (3,582) | 110 2,067 |
| --------------------------- | ----------------------- | --------------- | ----------------------- |
| Non-current assets: | |||
| Other financial assets at fair value | |||
| through profit and loss | (c) 236,108 4,277 | 240,385 | 247,894 (2,067) |
| Property, plant and equipment | 2,299 - | 2,299 | 2,365 - |
| Total non-current assets | 238,407 4,277 | 242,684 | 250,259 (2,067) |
| Net assets | 237,485 - | 237,485 | 248,302 - |
(a) Investment Fluctuation Reserve
Under previous NZ GAAP, the trust maintained three reserves (capital, investment fluctuation and donation reserve). The purpose of these reserves was to prudently manage its financial affairs. Transfers were made between the reserves based on the trust’s reserve policy. Under NZ IFRS, the trust does not disclose these reserves separately.
(b) Employee Entitlements
Under previous NZ GAAP, employee entitlements were classified as trade and other payables. Under NZ IFRS, employee entitlements have been classified separately.
(c) Derivative Financial Instruments
Under previous NZ GAAP, foreign exchange forward contracts were not accounted for on the balance sheet. Investments in foreign currencies were however translated using the exchange rate of the foreign exchange forward contracts, held at balance date, as the trust was hedge accounting under previous GAAP. Under NZ IFRS, the trust has decided not to hedge account. As a result, the investments in foreign currencies have been translated using the market rate at balance date and the fair value of the derivatives at balance date has been recognised separately in the balance sheet. As the foreign currency denominated investments were 100% hedged, there is no impact on the Income statement.
Effect of NZ IFRS on the Cash Flow Statement for the Year Ended 31 March 2007
Donations paid from capital were included in investing activities under previous NZ GAAP. This balance has been reclassified to operating activities under NZ IFRS. The impact was a decrease in cash flows from operating activities of $294,000 and an increase in cash flows from financing activities of $294,000.
Effect of NZ IFRS on the Income Statement for the Financial Year Ended 31 March 2007
There are no material differences between the income statement presented under NZ IFRS and the income statement presented under superseded policies.
21. Subsequent Events
There are no matters or events that have arisen, or been discovered, subsequent to balance date that would require adjustment to, or disclosure in, these financial statements.
22. Related Party Transactions
Key Management Personnel
The compensation of the trustees and executives, being the key management personnel of the trust, is set out below:
| 2008 | 2007 | |
|---|---|---|
| NZ$'000 | NZ$'000 | |
| Short term trustee and employee benefits | 357 | 340 |
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NZ Gazette 2008, No 127
✨ LLM interpretation of page content
💰 Reconciliation of Equity
💰 Finance & RevenueEquity, Financial Statements, Transition, NZ IFRS, NZ GAAP
💰 Effect of NZ IFRS on the Cash Flow Statement
💰 Finance & RevenueCash Flow Statement, NZ IFRS, NZ GAAP, Operating Activities, Financing Activities
💰 Effect of NZ IFRS on the Income Statement
💰 Finance & RevenueIncome Statement, NZ IFRS, NZ GAAP
💰 Subsequent Events
💰 Finance & RevenueFinancial Statements, Subsequent Events
💰 Related Party Transactions
💰 Finance & RevenueRelated Party Transactions, Key Management Personnel, Trustees, Executives, Compensation