Non-Departmental Accounting Policies

for the year ended 30 June 2009

Reporting Entity

The financial schedules for Crown activities administered by the Department have been prepared in accordance with the Government’s accounting policies as set out in the Financial Statements of the Government, and in accordance with relevant Treasury instructions and Treasury circulars.

These financial schedules are consolidated into the Financial Statements of the Government and therefore readers of these schedules should also refer to the Crown Financial statements for 2008/09.

Reporting Period

The reporting period for these financial schedules is the year ended 30 June 2009.

Budget Figures

The budget figures are those presented in the Budget 2008 Estimates of Appropriation (Main Estimates) and those amended by the Supplementary Estimates (Supp. Estimates).

Statement of Compliance

These financial schedules have been prepared in accordance with New Zealand generally accepted accounting practice. They comply with New Zealand equivalents to International Financial Reporting Standards (NZ IFRS) and other applicable Financial Reporting Standards, as appropriate for public benefit entities.

Accounting Policies

The measurement base applied is that of historical cost modified by revaluation of land and buildings.

The accrual basis of accounting has been used unless otherwise stated. These financial schedules are presented in New Zealand dollars rounded to the thousand.

Goods and Services Tax (GST)

Amounts in the financial schedules are reported exclusive of GST except for accounts receivable and accounts payable. GST input tax on non-departmental expenditure is expensed.

Revenue

Revenues from the supply of services are recognised when earned in the schedule of Revenue and Expenditure on a straight line basis over the specified period for the services.

Expenses

Where grants are discretionary the expense is recognised when the grant has been approved and approval has been communicated to the recipient, thereby creating a constructive obligation. Otherwise the expense is recognised when the specified criteria have been fulfilled and notice has been given to the Department.

Financial Instruments

Designation of financial assets and financial liabilities is determined by the business purpose of the financial instruments, policies and practices for their management, their relationship with other instruments and the reporting costs and benefits associated with each designation.

Financial Assets

Cash includes cash in transit and bank accounts.

Accounts receivable have been designated as loans and receivables. Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. Loans and receivables are recognised initially at fair value plus transaction costs and subsequently measured at amortised cost using the effective interest rate method. Loans and receivables entered into with a duration of less than 12 months are recognised at their nominal value. At each balance date, the Department assesses whether there is any objective evidence that loans and receivables are impaired. Any Impairment losses are recognised in the Schedule of Revenue and Expenses as bad debts.

Financial Liabilities

Financial liabilities are recognised initially at fair value less transaction costs and subsequently measured at amortised cost using the effective interest rate method.

Financial liabilities entered into with duration less than 12 months are recognised at their nominal value.

Property, Plant and Equipment

Revaluations are carried out for land and buildings to reflect the service potential or economic benefit obtained through control of these assets. Land and buildings are recorded at fair value less impairment losses and, for buildings, less depreciation accumulated since the assets were last revalued. Valuations undertaken in accordance with the standards issued by the New Zealand Property Institute are used.

Land and Buildings are revalued at least every five years or whenever the carrying amount differs materially to fair value. Unrealised gains and losses arising from changes in the value of land and buildings are recognised as at balance date. To the extent that a gain reverses a loss previously charged to the Schedule of Revenue and Expenditure for the asset class, the gain is credited to the Schedule of Revenue and Expenditure. Otherwise, gains are credited to an asset revaluation reserve for that class of asset. To the extent that there is a balance in the asset revaluation reserve for the asset class any loss is debited to the reserve. Otherwise, losses are reported in the Schedule of Revenue and Expenditure.

Accumulated depreciation at revaluation date is eliminated against the gross carrying amount so that the carrying amount after revaluation equals the revalued amount.

Realised gains and losses arising from disposal of land and property are recognised in the Schedule of Revenue and Expenditure in the period in which the transaction occurs.

The carrying amounts of land and property are reviewed at least annually to determine if there is any indication of impairment. Where an asset’s recoverable amount is less than its carrying amount, it will be reported at its recoverable amount and an impairment loss will be recognised. Losses resulting from impairment are reported in the Schedule of Revenue and Expenditure, unless the asset is carried at a revalued amount in which case any impairment loss is treated as a revaluation decrease.

Depreciation

Depreciation is charged on a straight-line basis at rates calculated to allocate the cost or valuation of an item of property, less any estimated residual value, over its estimated useful life. The estimated useful lives for buildings ranges from 10 to 66 years.

Other Liabilities and Provisions

Other liabilities and provisions are recorded at the best estimate of the expenditure required to settle the obligation. Liabilities and provisions to be settled beyond 12 months are recorded at their present value.

Commitments

Operating and capital commitments arising from non-cancellable contractual or statutory obligations are disclosed within the Schedule of Commitments to the extent that both parties have not performed their obligations.

Contingent Assets and Liabilities

Contingent assets and contingent liabilities are recorded in the Schedule of Contingent Assets and Contingent Liabilities at the point at which the contingency is evident. Contingent assets are disclosed if it is probable that the benefits will be realised. Contingent liabilities are disclosed if the possibility that they will crystallise is not remote.

Changes in Accounting Policies

Accounting policies are changed only if the change is required by a standard or interpretation or otherwise provides more reliable and more relevant information.

There have been no changes in accounting policies. All policies have been applied on a basis consistent with the previous year.

Comparatives

When presentation or classification of items in the financial schedules are amended or accounting policies are changed voluntarily, comparative figures are restated to ensure consistency with the current period unless it is impracticable to do so.

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Non-Departmental Schedule of Revenue and Expenditure

for the year ended 30 June 2009

	Note	ACTUAL 2008/09 $000	MAIN ESTIMATES 2008/09 $000	SUPP. ESTIMATES 2008/09 $000	ACTUAL 2007/08 $000
Revenue and Receipts	1
Vote Community and Voluntary Sector		166	10	10	107
Vote Internal Affairs		174	0	0	85
Vote Local Government		1	0	0	0
Vote Ministerial Services		5	10	10	10
Total Revenue and Receipts		346	20	20	202
Appropriated Expenditure
Vote Community and Voluntary Sector		35,394	33,552	35,815	27,897
Vote Emergency Management		2,252	989	3,679	2,738
Vote Internal Affairs		2,514	2,313	2,661	3,184
Vote Local Government		56,053	80,423	64,593	60,473
Vote Ministerial Services		20,492	18,711	20,287	19,039
Vote Racing		4,597	4,000	4,635	365
Total Appropriated Expenditure		121,302	139,988	131,670	113,696
Other Expenditure
GST	2	11,846	15,432	14,598	12,163
Total Expenditure		133,148	155,420	146,268	125,859

Refer to the Schedule of Non-Departmental Expenditure and Appropriations for details of Appropriated Expenditure.

The Non-Departmental accounting policies and notes form an integral part of, and should be read in conjunction with, these financial schedules.

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Schedule of Non-Departmental Expenditure and Capital Expenditure Appropriations

for the year ended 30 June 2009

Appropriations for Expense Items	NOTE	ACTUAL 2008/09 $000	MAIN ESTIMATES 2008/09 $000	SUPP. ESTIMATES 2008/09 $000	ACTUAL 2007/08 $000
Vote Community and Voluntary Sector
Non-Departmental Output Expenses
Charities-Administration	3,4	5,932	3,370	6,154	5,747
Community Based Youth Development Fund		0	0	0	420
Other Expenses to be Incurred by the Crown
Community Development Scheme		2,560	2,560	2,560	2,273
Community Internship Programme	3	421	581	581	231
Community Organisation Grants Scheme		13,967	14,000	14,000	11,462
Community Partnership Fund		11,768	12,289	11,768	7,016
Disarmament Education Grants		150	150	150	150
Support for Volunteering		402	402	402	402
Youth Workers Training Scheme		194	200	200	196
Total Appropriations		35,394	33,552	35,815	27,897
Vote Emergency Management
Other Expenses to be Incurred by the Crown
Emergency Expenses	3,4	1,363	100	2,790	1,849
Subsidies to Local Government		889	889	889	889
Total Appropriations		2,252	989	3,679	2,738
Vote Internal Affairs
Non-Departmental Output Expenses
Classification of Films, Videos and Publications		1,960	1,960	1,960	1,960
Significant Community Based Project Fund		0	0	0	846
Other Expenses to be Incurred by the Crown
Miscellaneous Grants (Internal Affairs)	3	31	49	49	26
Public Inquiries	3,4	523	304	652	352
Total Appropriations		2,514	2,313	2,661	3,184
Vote Local Government
Benefits and Other Unrequited Expenses
Rates Rebate Scheme	3,4	52,597	76,565	60,715	44,786
Other Expenses to be Incurred by the Crown
Chatham Islands Council	3	1,828	2,231	2,231	1,721
Depreciation	4	128	127	147	128
Grants to Assist in Land Purchases		0	0	0	1,000
Tuwharetoa Maori Trust Board		1,500	1,500	1,500	12,838
Total Appropriations		56,053	80,423	64,593	60,473
Vote Ministerial Services
Benefits and Other Unrequited Expenses
Annuities to Former Governors-General, Prime Ministers and Widows	3,4	657	400	450	407
Other Expenses to be Incurred by the Crown
Depreciation	3,4	131	121	137	119
Executive Council and Ministers’ Salaries and Allowances	3,4	7,921	7,210	7,720	7,194
Governors-General Pension Arrangements	3,4	19	20	20	218
Ministers’ Internal and External Travel	3,4	11,278	10,440	11,440	10,596
Travel for Former Governors-General and Prime Ministers	3	486	520	520	505
Total Appropriations		20,492	18,711	20,287	19,039
Vote Racing
Other Expenses to be Incurred by the Crown
Racing Promotion and Sponsorship Scheme		2,976	3,000	3,000	0
Racing Safety Development Fund	3,4	1,621	1,000	1,635	365
Total Appropriations		4,597	4,000	4,635	365
Total Non-Departmental Expenses		121,302	139,988	131,670	113,696
Appropriations for Capital Items
Vote Local Government
Purchase or Development of Capital Assets by the Crown
Capital Investments – Lake Taupo	3	169	34	196	17
Total Appropriations for Capital Items		169	34	196	17
Total Appropriations		121,471	140,022	131,866	113,713

Details of Multi-year Appropriations

The Department has multi-year appropriation for other expenses to be incurred by the Crown for Vote Community and Voluntary Sector and non-departmental output expenditure for Vote Internal Affairs.

The Community Partnership Fund under Vote Community and Voluntary Sector is a contestable fund for the development of initiatives by partnerships that will improve capability and skills to use information and communication technology, and develop community driven requirements for digital content. This appropriation commenced on 1 July 2005 and will finish on 30 June 2009.

The Significant Community-based Project Fund under Vote Internal Affairs is an appropriation to support major community-based projects that have a range of benefits contributing to regional and/or national outcomes with particular reference to arts, culture and heritage; sport and recreation; tourism; conservation and the environment; and economic development. This appropriation commenced on 1 July 2005 and will finish on 30 June 2009.

	Vote Community and Voluntary Sector Community Partnership Fund ($000)	Vote Internal Affairs Significant Community Based Project Fund ($000)
MYA* commences	1 July 2005	1 July 2005
MYA expires	30 June 2009	30 June 2009
Original Appropriation	17,403	32,000
Adjustments	5,607	846
Total Appropriation	23,010	32,846
Actuals to 2005/06 Year End	0	19,254
Actuals to 2006/07 Year End	4,226	32,000
Actuals to 2007/08 Year End	11,242	32,846
Actuals to 2008/09 Year End	23,010	32,846

* MYA = Multi-year appropriation

The Non-Departmental accounting policies and notes form an integral part of, and should be read in conjunction with, these financial schedules.

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Schedule of Non-Departmental Unappropriated Expenditure and Capital Expenditure

for the year ended 30 June 2009

The Statement of Unappropriated Expenditure details the amount of expenditure incurred above appropriation.

2008/09 Unappropriated Expenditure against Main Estimates

There was no unappropriated expenditure against Main Estimates for the year ended 30 June 2009, or the previous financial year.

2008/09 Unappropriated Expenditure against Supplementary Estimates

There was no unappropriated expenditure against Supplementary Estimates for the year ended 30 June 2009.

2007/08 Unappropriated Expenditure against Supplementary Estimates

Appropriations for Expense Items	ACTUAL 2007/08 $000	SUPP. ESTIMATES 2007/08 $000	UNAPPROPRIATED EXPENDITURE 2007/08 $000
Vote Ministerial Services
Other Expenses to be Incurred by the Crown
Ministers’ Internal and External Travel	10,596	10,440	156

Ministers’ Internal and External Travel incurred unappropriated expenditure of $0.156m due to higher travel costs for Members of the Executive. The Minister of Finance approved the incurring of this over expenditure under section 26(b) of the Public Finance Act 1989.

The Non-Departmental accounting policies and notes form an integral part of, and should be read in conjunction with, these financial schedules.

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Schedule of Non-Departmental Assets and Liabilities

as at 30 June 2009

The Schedule of Assets summarises the assets the Department administers on behalf of the Crown.

	ACTUAL 2008/09 $000	MAIN ESTIMATES 2008/09 $000	SUPP. ESTIMATES 2008/09 $000	ACTUAL 2007/08 $000
Assets
Current Assets
Cash	55,193	50,802	30,382	62,171
Accounts Receivable	238	12	147	222
Total Current Assets	55,431	50,814	30,529	62,393
Non Current Assets
Land – Ministerial Properties	8,250	8,250	8,250	8,250
Buildings – Ministerial Properties	4,954	4,449	4,226	5,085
Buildings – Lake Taupo Harbourmaster	4,865	4,239	5,134	4,363
Total Non Current Assets	18,069	16,938	17,610	17,698
Total Assets	73,500	67,752	48,139	80,091
Liabilities
Current Liabilities
Payables	30,405	19,224	14,936	21,334
Total Current Liabilities	30,405	19,224	14,936	21,334
Term Liabilities
Provisions	10,498	10,005	10,251	10,251
Total Term Liabilities	10,498	10,005	10,251	10,251
Total Liabilites	40,903	29,229	25,187	31,585

Land and Buildings

DTZ New Zealand Ltd (MREINZ), registered independent valuer, conducted a valuation of non-departmental Ministerial Properties land and buildings during April 2008 with valuations effective 30 June 2008. The Lake Taupo Boating Facilities have been revalued by DTZ New Zealand Ltd (MREINZ), registered independent valuer in May 2009 with valuations effective 30 June 2009.

The Ministerial Properties comprising of Premier House, Vogel House and Bolton Street are restricted for Government use. The carrying value of the land and buildings is $13,204,000. (2008 $13,335,000)

Investments in Crown Entities

The Department monitors a number of Crown entities. The investment in these entities is recorded within the Crown financial statements on a line-by-line basis. No disclosure is made in this schedule.

The Non-Departmental accounting policies and notes form an integral part of, and should be read in conjunction with, these financial schedules.

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Year Ended 30 June 2009

There were no Commitments for the year ended 30 June 2009 (Nil 2008)

The Non-Departmental accounting policies and notes form an integral part of, and should be read in conjunction with, these financial schedules.

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Schedule of Non-Departmental Contingent Assets and Liabilities

as at 30 June 2009

Quantified Contingent Liabilities

	Actual 2008/09 $000	Actual 2007/08 $000
Annuities	91	0
Emergency Responses	502	0
Total Contingent Liabilities	593	0

Unquantified Contingent Liabilities

Year Ended 30 June 2009

There are unquantified contingent liabilities for the year ended 30 June 2009 relating to the various emergency responses associated with recent incidents.

Year Ended 30 June 2008

There were no Contingent Liabilities for the year ended 30 June 2008.

Unquantified Contingent Assets

Year Ended 30 June 2009

There are unquantified contingent assets representing potential refunds of emergency expenses paid to the Whangarei District Council and Far North District Council in relation to the Kaeo flooding.

Year Ended 30 June 2008

There were no Contingent Assets for the year ended 30 June 2008.

The Non-Departmental accounting policies and notes form an integral part of, and should be read in conjunction with, these financial schedules.

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Notes to the Non-Departmental Financial Schedules

for the year ended 30 June 2009

NOTE 1

Revenue and Receipts

Revenue and receipts consists mainly of prior year’s grant refunds ($0.166m) and fines & penalties ($0.174m)

NOTE 2

GST Expense

Section 6 of the Public Finance Act 1989 provides authority for GST expenditure in relation to appropriated expenditure.

NOTE 3

Explanation of Significant Variances between Actual and Main Estimates

Explanations for significant variances above 5% between Actual and Main Estimates for 2008/09 are as follows:

	ACTUAL 2008/09 $000	MAIN ESTIMATES 2008/09 $000	UNDERSPEND/ (OVERSPEND) 2008/09 $000	UNDERSPEND/ (OVERSPEND) 2008/09 %
Vote Community and Voluntary Sector
Non-Departmental Output Expenses
Charities-Administration	5,932	3,370	(2,562)	(76)
Other Expenses to be Incurred by the Crown
Community Internship Programme	421	581	160	28
Vote Emergency Management
Other Expenses to be Incurred by the Crown
Emergency Expenses	1,363	100	(1,263)	(1,263)
Vote Internal Affairs
Other Expenses to be Incurred by the Crown
Miscellaneous Grants (Internal Affairs)	31	49	18	37
Public Inquiries	523	304	(219)	(72)
Vote Local Government
Benefits and Other Unrequited Expenses
Rates Rebate Scheme	52,597	76,565	23,968	31
Other Expenses to be Incurred by the Crown
Chatham Islands Council	1,828	2,231	403	18
Vote Ministerial Services
Benefits and Other Unrequited Expenses
Annuities to Former Governors-General, Prime Ministers and Widows	657	400	(257)	(64)
Other Expenses to be Incurred by the Crown
Depreciation	131	121	(10)	(8)
Executive Council and Ministers’ Salaries and Allowances	7,921	7,210	(711)	(10)
Governors-General Pension Arrangements	19	20	1	5
Ministers’ Internal and External Travel	11,278	10,440	(838)	(8)
Travel for Former Governors-General and Prime Ministers	486	520	34	7
Vote Racing
Other Expenses to be Incurred by the Crown
Racing Safety Development Fund	1,621	1,000	(621)	(62)
Vote Local Government
Purchase or Development of Capital Assets by the Crown
Capital Investments – Lake Taupo	169	34	(135)	(397)

Vote Community and Voluntary Sector

Non-Departmental Output Expenses

Charities – Administration

The baseline for this appropriation increased during the 2008/09 financial year due to additional funding for the Charities Commission to enable the completion of the inaugural registration of charities under the Charities Act 2005 and to address a shortfall in annual return funding and advance the Charities Commission’s broader functions under the Charities Act 2005, and actual expenditure increased accordingly.

Other Expenses to be Incurred by the Crown

Community Internship Programme

The take-up of this fund was lower than forecast due to fewer applicants meeting eligibility criteria than first anticipated.

Vote Emergency Management

Other Expenses to be Incurred by the Crown

Emergency Expenses

The baseline for this appropriation increased during the 2008/09 financial year due to additional funding for the Tauranga City Council impacted by the May 2005 Bay of Plenty Storm ($2.000 million), assistance for homeowners affected by flooding in Kaeo ($500,000), reimbursement of council response costs as a result of the July 2007 Upper North Island Severe Weather Event (including risk remedial work in Kaeo) ,the December 2007 Gisborne Earthquake ($181,000) and reimbursement to councils due to the July 2007 Hawkes Bay floods and the February 2008 Patea freezing works fire ($9,000), and actual expenditure increased accordingly.

Vote Internal Affairs

Other Expenses to be Incurred by the Crown

Miscellaneous Grants (Internal Affairs)

The expenditure on miscellaneous grants is demand driven with only three grants paid out during the financial year.

Public Inquiries

The baseline for this appropriation increased during the 2008/09 financial year due to a transfer from Information and Advisory Services to fund Commissioners’ fees for the Royal Commission on Auckland Governance ($235,000) and an expense transfer from 2007/08 for commissioners fees for the Royal Commission on Auckland Governance ($113,000), and actual expenditure increased accordingly.

Vote Local Government

Benefits and Other Unrequited Expenses

Rates Rebate Scheme

The Rates Rebate Scheme is demand driven, and depends on territorial authorities submitting claims. Claims during the year were lower than expected.

Other Expenses to be Incurred by the Crown

Chatham Islands Council

The under expenditure was due to delays in identifying suitable waste management sites. An in-principle expense transfer from 2008/09 to 2009/10 was approved for this under spend.

Vote Ministerial Services

Benefits and Other Unrequited Expenses

Annuities to Former Governors-General, Prime Ministers and Widows

The over expenditure is due to recognition of the actuarial valuation of this item. This appropriation is authorised by Permanent Legislative Authority, therefore does not constitute a breach of appropriation.

Other Expenses to be Incurred by the Crown

Depreciation

The baseline for this appropriation increased during the 2008/09 financial year and relates to an increase in costs as a result of the 2007/08 revaluation of ministerial properties ($0.016 million), and actual expenditure increased accordingly.

Executive Council and Ministers’ Salaries and Allowances

The baseline for this appropriation increased during the 2008/09 financial year due to an increase in costs pursuant to the Parliamentary Salaries and Allowances Determination ($0.510 million), and actual expenditure increased accordingly.

Governors-General Pension Arrangements

Expenditure for this item was lower than forecast.

Ministers’ Internal and External Travel

The baseline for this appropriation increased during the 2008/09 financial year due to an increase in the cost of Ministerial travel ($1.000 million), and actual expenditure increased accordingly.

Travel for Former Governors-General and Prime Ministers

Expenditure for this item is demand driven, and depends on the volume of travel taken.

Vote Racing

Other Expenses to be Incurred by the Crown

Racing Safety Development Fund

The baseline for this appropriation increased during the 2008/09 financial year relates to an expense transfer from 2007/08 for unallocated grant funding ($0.635 million), and actual expenditure increased accordingly.

Vote Local Government

Purchase or Development of Capital Assets by the Crown

Capital Investments – Lake Taupo

The baseline for this appropriation increased during the 2008/09 financial year due to a capital transfer from 2007/08 for the undertaking of reparation work at Lake Taupo, and actual expenditure increased accordingly.

NOTE 4

Explanation of Significant Budget Changes

The Supplementary Estimates of Appropriations for the year ended 30 June 2009 contain an explanation of significant budget changes between the 2008/09 Main Estimates and 2008/09 Supplementary Estimates as set out below:

a)	Vote Community and Voluntary Sector Supplementary Estimates of Appropriations, B7 – Page 748. Non-Departmental Output Expenses Charities – Administration The change in budget between Main Estimates and Supp. Estimates relates to additional funding for the Charities Commission to enable the completion of the inaugural registration of charities under the Charities Act 2005, address a shortfall in annual return funding and advance the Charities Commission’s broader functions under the Charities Act 2005.
b)	Vote Emergency Management Supplementary Estimates of Appropriations, B7 – Page 755. Non-Departmental Other Expenses Emergency Expenses The change in budget between Main Estimates and Supp. Estimates relates to additional funding for the Tauranga City Council impacted by the May 2005 Bay of Plenty Storm ($2.000 million), assistance for homeowners affected by flooding in Kaeo ($500,000), reimbursement of council response costs as a result of the July 2007 Upper North Island Severe Weather Event (including risk remedial work in Kaeo) and the December 2007 Gisborne Earthquake ($181,000) and reimbursement to councils due to the July 2007 Hawkes Bay floods and the February 2008 Patea freezing works fire ($9,000).
c)	Vote Internal Affairs Supplementary Estimates of Appropriations, B7 – Page 762. Non-Departmental Other Expenses Public Inquiries The change in budget between Main Estimates and Supp. Estimates relates to a transfer from Information and Advisory Services to fund Commissioners’ fees for the Royal Commission on Auckland Governance ($235,000) and an expense transfer from 2007/08 for commissioners fees for the Royal Commission on Auckland Governance ($113,000).
d)	Vote Local Government Supplementary Estimates of Appropriations, B7 – Pages 487 to 490. Benefits and Other Unrequited Expenses Rates Rebate Scheme The change in budget between Main Estimates and Supp. Estimates relates to due to a forecast change in demand (-$15.850 million). Depreciation The change in budget between Main Estimates and Supp. Estimates relates to capitalisation of crown owned assets at Lake Taupo ($0.020 million).
e)	Vote Ministerial Services Supplementary Estimates of Appropriations, B7 – Pages 593 and 594. Non-Departmental Benefits and other Unrequited Expenses Annuities to Former Governors-General, Prime Ministers and Widows The change in budget between Main Estimates and Supp. Estimates relates to an increase in costs as a result of the Parliamentary Annuities Determination 2008 and the Civil List Determination 2008 ($0.050 million). Non-Departmental Other Expenses Depreciation The change in budget between Main Estimates and Supp. Estimates relates to an increase in costs as a result of the 2007/08 revaluation of ministerial properties ($0.016 million). Executive Council and Ministers’ Salaries and Allowances The change in budget between Main Estimates and Supp. Estimates relates to an increase in costs pursuant to the Parliamentary Salaries and Allowances Determination ($0.510 million). Ministers’ Internal and External Travel The change in budget between Main Estimates and Supp. Estimates relates to an increase in the cost of Ministerial travel ($1.000 million).
f)	Vote Racing Supplementary Estimates of Appropriations, B7 – Page 794. Non-Departmental Other Expenses Racing Safety Development Fund The change in budget between Main Estimates and Supp. Estimates relates an expense transfer from 2007/08 for unallocated grant funding ($0.635 million).

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Schedule of Trust Money Administered on Behalf of the Crown

for the year ended 30 June 2009

The following trust money was administered on behalf of the Crown under Part VII of the Public Finance Act 1989.

The schedule shows the opening and closing trust balances including bank and investments at cost, and the movements during the year.

Under the Public Finance Act 1989, and by delegation from the Secretary to The Treasury, trust money can only be invested on deposit with New Zealand registered banks or in New Zealand government stock. Trust money is also managed so there is no significant concentration of credit risk. Interest rate risk is managed by investing across a wide range of maturity dates, but subject to liquidity requirements.

Schedule Of Trust Money

	Opening Balance 2008/09 $000	Contributions $000	Distributions $000	Revenue $000	Expenses $000	Closing Balance 2008/09 $000
Vogel House	0	1	0	0	0	1
New Zealand 1990 Scholarships	637	0	0	33	0	670
Total	637	1	0	33	0	671

The Vogel House Trust was established to hold bonds for the hireage of Vogel House and Premier House.

The New Zealand 1990 Scholarship Trust was established to provide scholarships for top overall students in University Bursaries examinations.

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