3 APRIL 2008 NEW ZEALAND GAZETTE, No. 69 1923

Total operating surplus before distributions 6,141,539 36,275,924 5,817,810 35,792,466
Less: Distributions
Donations to tax approved entities:
– relating to current year 7,766,094 6,838,605 7,766,094 6,838,605
– relating to future years 4,004,000 – 4,004,000 –
11,770,094 6,838,605 11,770,094 6,838,605
Net surplus/(deficit) (5,628,555) 29,437,319 (5,952,284) 28,953,861

The surplus/(deficit) has been allocated to:
Capital maintenance reserve 4,827,366 6,168,561 4,827,366 6,168,561
Grants maintenance reserve (10,455,921) 23,268,758 (10,779,650) 22,785,300
(5,628,555) 29,437,319 (5,952,284) 28,953,861

Consolidated Statement of Movements in Equity for the Year Ended 31 March 2007

                2007        2006                2007        2006
                Group       Group               Parent      Parent

Net retained surplus/(deficit) (5,628,555) 29,437,319 (5,952,284) 28,953,861
Less: Grants paid from capital – (631,317) – (631,317)
(5,628,555) 28,806,002 (5,952,284) 28,322,544

Equity at beginning of year 196,609,998 167,803,996 198,125,629 169,803,085
Equity at the end of the year 190,981,443 196,609,998 192,173,345 198,125,629

Consolidated Statement of Financial Position as at 31 March 2007

                Note        2007        2006            2007        2006
                        Group       Group           Parent      Parent

Funds employed:
Trust capital 9 158,460,000 158,460,000 158,460,000 158,460,000
Reserves 8 32,521,443 38,149,998 33,713,345 39,665,629
Total capital and reserves 190,981,443 196,609,998 192,173,345 198,125,629

Liabilities—
Current liabilities:
Accounts payable and accrued expenses 301,114 250,855 215,148 201,504
Grants committed but not paid 9,689,194 9,799,098 9,689,194 9,799,098
Total current liabilities 9,990,308 10,049,953 9,904,342 10,000,602

Non current liabilities:
Grants committed but not paid 16 4,004,000 – 4,004,000 –
Total liabilities 13,994,308 10,049,953 13,908,342 10,000,602
Total capital and liabilities 204,975,751 206,659,951 206,081,687 208,126,231

Assets—
Current assets:
Bank and deposits 206,164 1,193,311 2,796 12,458
Accounts receivable and interest accrual 10 218,047 110,749 157,781 25,479
Other deposits 132,753 2,766 132,753 2,766
Back Country Foods Limited 11 2,995 2,995 – –
Taxation 84,515 – – –
Trading stock – – – –
Goods and services taxation 19,434 11,114 – –
Current portion of other investments 350,000 – – –
Current portion of loan funding 12 1,212,656 751,038 – –
Total current assets 2,226,564 2,071,973 293,330 40,703

Non current assets:
Property, plant and equipment 17 936,165 811,115 933,967 807,635
Managed funds:
ING (NZ) Limited 18 36,996,072 35,461,385 36,996,072 35,461,385
Tower Asset Management 18 50,233,161 46,918,637 50,233,161 46,918,637
AMP Asset Management 18 35,150,374 29,366,863 35,150,374 29,366,863
Capital International 18 35,338,274 36,478,490 35,338,274 36,478,490
Alliance Bernstein 18 37,273,175 49,917,310 37,273,175 49,917,310
Loans 13 2,095,141 1,367,015 2,095,141 1,367,015
Loan funding 12 4,084,108 3,767,992 – –