Resource material › Corporate Publications › Annual Report 2010-11Pūrongo ā Tau
Part C: Financial Statements – Non-Departmental
On this page
- Revenue and Expenditure
- Expenditure and Capital Expenditure Appropriations
- Unappropriated Expenditure
- Schedule of Assets and Liabilities and Revaluation Reserves
- Commitments
- Contingent Assets and Liabilities
- Notes to the Financial Schedules
- Trust Money Administered on Behalf of the Crown
Revenue and Expenditure
| ACTUAL 2009/10 $000 |
VOTE | NOTE | ACTUAL 2010/11 $000 |
MAIN EST 2010/11 $000 |
SUPP EST 2010/11 $000 |
|---|---|---|---|---|---|
| Revenue | |||||
| 357 | Community and Voluntary Sector | 249 | – | – | |
| 1,139 | Emergency Management | 43 | – | – | |
| 107 | Internal Affairs | – | – | – | |
| 125 | Local Government | 380 | 125 | 125 | |
| – | Ministerial Services | 83 | – | – | |
| – | Archives | 10,162 | – | – | |
| – | National Library | 484 | – | 530 | |
| 1,728 | Total Revenue | 11,401 | 125 | 655 | |
Explanation of significant variances against budget are detailed in note 7.
| ACTUAL 2009/10 $000 |
VOTE | NOTE | ACTUAL 2010/11 $000 |
MAIN EST 2010/11 $000 |
SUPP EST 2010/11 $000 |
|---|---|---|---|---|---|
| Expenses | |||||
| 22,597 | Community and Voluntary Sector | 25,329 | 25,491 | 25,491 | |
| 2,694 | Emergency Management | 161,604 | 2,889 | 31,653 | |
| 2,422 | Internal Affairs | 3,027 | 2,125 | 3,873 | |
| 47,289 | Local Government | 55,742 | 60,844 | 61,998 | |
| 20,158 | Ministerial Services | 20,838 | 20,912 | 21,860 | |
| – | Archives | 82,884 | – | – | |
| – | National Library | 6 | – | 7 | |
| 3,923 | Racing | 3,967 | 4,000 | 4,000 | |
| 99,083 | Total Appropriation Expenses | 353,397 | 116,261 | 148,882 | |
Explanation of significant variances against budget are detailed in note 7.
The accompanying notes form part of these financial schedules. For a full understanding of the Crown’s financial position and the operations for the period, reference should be made to the consolidated Financial Statements of the Government.
Non-Departmental Expenditure and Capital Expenditure Appropriations
| ACTUAL 2009/10 $000 |
VOTE | NOTE | ACTUAL 2010/11 $000 |
MAIN EST 2010/11 $000 |
SUPP EST 2010/11 $000 |
|---|---|---|---|---|---|
| Non-Departmental Expenses | |||||
| Vote Community and Voluntary Sector | |||||
| Non-Departmental Output Expenses | |||||
| 4,886 | Charities Administration | 4,992 | 5,066 | 5,066 | |
| Other Expenses to be Incurred by the Crown | |||||
| 2,560 | Community Development Scheme | 2,560 | 2,560 | 2,560 | |
| 406 | Community Internship Programme | 258 | 331 | 331 | |
| 13,861 | Community Organisation Grants Scheme | 13,988 | 14,000 | 14,000 | |
| – | Digital Literacy and Connection | 2,782 | 2,782 | 2,782 | |
| 151 | Debt Write-Downs | – | – | – | |
| 150 | Disarmament Education Grants | 150 | 150 | 150 | |
| 402 | Support for Volunteering | 402 | 402 | 402 | |
| 181 | Youth Workers Training Scheme | 197 | 200 | 200 | |
| 22,597 | Total Appropriations | 25,329 | 25,491 | 25,491 | |
| Vote Emergency Management | |||||
| Other Expenses to be Incurred by the Crown | |||||
| 1,805 | Emergency Expenses | 8 | 16,355 | 2,000 | 21,664 |
| – | February 2011 Christchurch Earthquake National Controller Costs | 8 | 3,324 | – | 4,100 |
| – | Canterbury Earthquake Payments in respect of Indemnity for Response and Recovery Costs – Section 65ZG Public Finance Act 1989 | 8 | 108,457 | – | – |
| – | Emergency Expenditure – Section 25 Public Finance Act 1989 | 8 | 27,976 | – | – |
| – | Ex Gratia Payment for Canterbury Earthquake Appeal | 5,000 | – | 5,000 | |
| 889 | Subsidies to Local Government | 492 | 889 | 889 | |
| 2,694 | Total Appropriations | 161,604 | 2,889 | 31,653 | |
| Vote Internal Affairs | |||||
| Non-Departmental Output Expenses | |||||
| 1,960 | Classification of Films, Videos and Publications | 1,960 | 1,960 | 1,960 | |
| 116 | Development of Online Authentication Services | 116 | 116 | 116 | |
| Other Expenses to be Incurred by the crown | |||||
| 103 | Miscellaneous Grants (Internal Affairs) | 71 | 49 | 109 | |
| – | Pike River Royal Commission of Inquiry – Legal Representation and Assistance | 551 | – | 1,077 | |
| 25 | Public Inquiries | 329 | – | 611 | |
| 218 | Reimbursing of Holding Costs | – | – | – | |
| 2,422 | Total Appropriations | 3,027 | 2,125 | 3,873 | |
| Vote Local Government | |||||
| Benefits and Other Unrequited Expenses | |||||
| 44,039 | Rates Rebate Scheme | 51,907 | 57,000 | 57,800 | |
| Other Expenses to be Incurred by the Crown | |||||
| 1,613 | Chatham Islands Council | 2,197 | 2,197 | 2,551 | |
| 137 | Depreciation (Local Government) | 138 | 147 | 147 | |
| 1,500 | Tuwharetoa Māori Trust Board | 1,500 | 1,500 | 1,500 | |
| 47,289 | Total Appropriations | 55,742 | 60,844 | 61,998 | |
| Vote Ministerial Services | |||||
| Benefits and Other Unrequited Expenses | |||||
| 520 | Annuities to Former Governors-General, Prime Ministers and their Surviving Spouses | 464 | 475 | 1,100 | |
| Other Expenses to be Incurred by the Crown | |||||
| 132 | Depreciation on Official Residences | 144 | 137 | 147 | |
| 7,868 | Executive Council and Ministers’ Salaries and Allowances | 8,326 | 8,320 | 8,400 | |
| 15 | Governors-General Pension Arrangements | 19 | 20 | 23 | |
| 11,509 | Members of the Executive’s Internal and External Travel | 11,299 | 11,440 | 11,790 | |
| 114 | Travel for Former Governors-General and Prime Ministers | 252 | 520 | 400 | |
| 20,158 | Total Appropriations | 20,504 | 20,912 | 21,860 | |
| Vote: National Library | |||||
| Non-Departmental Output Expenses | |||||
| – | Public Lending Rights | 6 | – | 7 | |
| – | Total Appropriations | 6 | – | 7 | |
| Vote Racing | |||||
| Other Expenses to be Incurred by the Crown | |||||
| 3,000 | Racing Promotion and Sponsorship Scheme | 2,968 | 3,000 | 3,000 | |
| 923 | Racing Safety Development Fund | 999 | 1,000 | 1,000 | |
| 3,923 | Total Appropriations | 3,967 | 4,000 | 4,000 | |
| 99,083 | Total Non-Departmental Expenditure | 270,179 | 116,261 | 148,882 | |
| Non-Departmental Capital Expenditure | |||||
| Vote National Library | |||||
| Non-Departmental Capital Expenditure | |||||
| – | Alexander Turnbull Library Heritage Collection | 602 | – | 762 | |
| – | Total Appropriations | 602 | – | 762 | |
| Vote Local Government | |||||
| Non-Departmental Capital Expenditure | |||||
| 24,239 | Loan to the Auckland Transition Authority | 58,260 | 40,793 | 69,827 | |
| 34 | Capital Investments Lake Taupo | – | 34 | 34 | |
| – | Local Government Debt Vehicle | 450 | 5,000 | 5,000 | |
| 24,273 | Total Appropriations | 58,710 | 45,827 | 74,861 | |
| 24,273 | Total Non-Departmental Capital Expenditure | 59,312 | 45,827 | 75,623 | |
| 123,356 | Total Non-Departmental Appropriations | 329,491 | 162,088 | 224,505 | |
Explanation of significant variances against budget are detailed in note 7.
| ACTUAL 2009/10 $000 |
VOTE | ACTUAL 2010/11 $000 |
|---|---|---|
| 99,083 | Total Expenses in Schedule of Expenditure | 353,397 |
| – | Travel for Former Governors-General and Prime Ministers Annuity Re-measurement | 300 |
| – | Annuities to Former Governors-General, Prime Ministers and their Surviving Spouses Annuity Re-measurement | (631) |
| – | Governors-General Pension Arrangements Annuity Re-measurement | (3) |
| – | Archives Collection Acquisitions Revaluation | (82,884) |
| 99,083 | Total Expenses in Schedule of Non-Departmental Expenditure and Capital Expenditure against Appropriation | 270,179 |
The accompanying notes form part of these financial schedules. For a full understanding of the Crown’s financial position and the operations for the period, reference should be made to the consolidated Financial Statements of the Government.
Unappropriated Expenditure
Schedule of Non-Departmental Unappropriated Expenditure and Capital Expenditure for the year ended 30 June
The Statement of Unappropriated Expenditure details the amount of expenditure incurred above appropriation.
2010/11 Unappropriated Expenditure against Main Estimates
There was no unappropriated expenditure against Main Estimates for the year ended 30 June 2011. (2009/10: $Nil)
2010/11 Unappropriated Expenditure against Supplementary Estimates
There was unappropriated expenditure of $0.105 m between the period of March Baseline Update and Supplementary Estimates for Travel for Former Governors-General and Prime Ministers. The appropriation was incorrectly reduced for a forecast change relating to a downward adjustment in actuarial changes in the provision for future payments. This was corrected at Supplementary Estimates and has been included in the 2010/11 Appropriations (Financial Review) Bill.
There was no unappropriated expenditure for the year ended 30 June 2010.
Section 25 Public Finance Act Expenditure
The Minister of Finance approved expenses to meet emergency costs under Section 25 of the Public Finance Act 1989. This approval was given as direct result of declaring a state of national emergency for the Canterbury earthquakes under the Civil Defence Act 1983 and the Civil Defence Emergency Management Act 2002. $27.976 m of Expenses were incurred under this approval.
Details of the costs incurred under Section 25 of the Public Finance Act are in note 8.
The accompanying notes form part of these financial schedules. For a full understanding of the Crown’s financial position and the operations for the period, reference should be made to the consolidated Financial Statements of the Government.
Non-Departmental Schedule of Assets and Liabilities and Revaluation Reserves
This schedule summarises the assets the Department administers on behalf of the Crown.
| RESTATED ACTUAL 2009/10 $000 |
NOTE | ACTUAL 2010/11 $000 |
MAIN EST 2010/11 $000 |
SUPP EST 2010/11 $000 |
|
|---|---|---|---|---|---|
| Assets | |||||
| Current Assets | |||||
| 30,563 | Cash | 35,056 | 22,908 | 14,442 | |
| 735 | Accounts Receivable | 174 | 147 | 420 | |
| 8,125 | Loan to Auckland Transition Authority | 8,504 | 76,266 | 13,125 | |
| 39,423 | Total Current Assets | 43,734 | 99,321 | 27,987 | |
| Non-Current Assets | |||||
| 1,793 | Loan to Charities Commission | 1,796 | 1,793 | 1,793 | |
| – | Loans for Local Authority Debt Vehicle | 450 | – | – | |
| 19,935 | Non-Current Plant, Property and Equipment | 2 | 21,845 | 17,677 | 19,675 |
| – | Non-Current Collections | 2 | 1,283,982 | – | 1,492,220 |
| 21,728 | Total Non-Current Assets | 1,308,073 | 19,470 | 1,513,688 | |
| 61,151 | Total Assets | 1,351,807 | 118,791 | 1,541,675 | |
Explanation of significant variances against budget are detailed in note 7.
This schedule summarises the Liabilities and Revaluation Reserves the Department administers on behalf of the Crown.
| RESTARTED ACTUAL 2009/10 $000 |
NOTE | ACTUAL 2010/11 $000 |
MAIN EST 2010/11 $000 |
SUPP EST 2010/11 $000 |
|
|---|---|---|---|---|---|
| Liabilities | |||||
| Current Liabilities | |||||
| 11,072 | Payables | 3 | 142,081 | 7,977 | 10,737 |
| 11,072 | Total Current Liabilities | 142,081 | 7,977 | 10,737 | |
| Non-Current Liabilities | |||||
| 10,343 | Provisions | 10,675 | 10,251 | 10,343 | |
| 10,343 | Total Non-Current Liabilities | 10,675 | 10,251 | 10,343 | |
| 21,415 | Total Liabilities | 152,756 | 18,228 | 21,080 | |
| Revaluation Reserves | |||||
| Revaluation Reserves | |||||
| 8,543 | Revaluation Reserve | 4 | 296,123 | 8,543 | 435,110 |
| 8,543 | Total Revaluation Reserves | 296,123 | 8,543 | 435,110 | |
Explanation of significant variances against budget are detailed in note 7.
The accompanying notes form part of these financial schedules. For a full understanding of the Crown’s financial position and the operations for the period, reference should be made to the consolidated Financial Statements of the Government.
Non-Departmental Commitments
| ACTUAL 2009/10 $000 |
ACTUAL 2010/11 $000 |
|
|---|---|---|
| Other Operating Commitments | ||
| 796 | Less than one year | 1,741 |
| 908 | One to two years | 908 |
| 1,534 | Two to five years | 627 |
| 3,238 | Total Other Operating Commitments | 3,276 |
| 3,238 | Total Commitments | 3,276 |
The accompanying notes form part of these financial schedules. For a full understanding of the Crown’s financial position and the operations for the period, reference should be made to the consolidated Financial Statements of the Government.
Non-Departmental Contingent Assets and Liabilities
Schedule of Non-Departmental Contingent Assets and Liabilities as at 30 June
Quantified Contingent Liabilities
There were no quantified contingent liabilities for the year ended 30 June 2011.
There was one quantified contingent liability of $0.191 m in 2009/10 for Annuities.
Unquantified Contingent Liabilities
Civil Defence Emergency Management – Canterbury Earthquakes Unquantified Contingent Liability 2010/11
There is one unquantified contingent liability as at 30 June 2011. This relates to the Canterbury earthquakes of 4 September 2010, 22 February and 13 June 2011 where the Crown, at present, has assumed liability for 60 percent of damages with regard to essential infrastructure (fresh water, storm water, waste water, and river management systems) as advised to it by Christchurch City Council, Selwyn Council, Waimakariri District Council and Environment Canterbury or the Department directly. The assumptions and variances are at present too wide and varied to give a reliable quantification of the Crown’s liability.
Any costs that can be reliably estimated have been recognised as payables. See notes 3 and 8.
Unquantified Contingent Liabilities 2009/10
There were no unquantified contingent liabilities for the year ended 30 June 2010.
Civil Defence Emergency Management – General Liability to New Zealand Local Authorities
The Guide to the National Civil Defence Emergency Management Plan (‘the Guide’) states that the Government will reimburse local authorities, in whole or in part, for certain types of response and recovery costs incurred as a result of a local or national emergency. The Guide is issued by the Director of Civil Defence Emergency Management (CDEM) under Section 9 of the Civil Defence Emergency Management Act 2002. Examples of emergencies covered by the Guide include:
natural disasters, such as flood, storm, cyclone, snowstorm, earthquake, volcanic, geothermal incident, tsunami, landslide, and lahar, and
non-natural events, such as certain lifeline utility failure.
Under current policy as set out in the Guide, local authorities may be eligible for reimbursement of cost categories as follows:
100 percent of “direct response” costs (these are costs associated with caring for displaced people)
60 percent of “other response” costs (temporary repairs to essential infrastructure and precautionary measures to reduce immediate damage), and
60 percent of “recovery” costs (these relate to restoration of local authority essential infrastructure (fresh water, storm water and waste water) and river management systems, where there is major community disruption or continuing risk to life).
For the second and third categories above, reimbursement is above an individualised threshold based on the capital value of the affected district or region (i.e. an excess applies).
Contingent Assets
There were no contingent assets for the year ended 30 June 2011. (2009/10: $Nil)
The accompanying notes form part of these financial schedules. For a full understanding of the Crown’s financial position and the operations for the period, reference should be made to the consolidated Financial Statements of the Government.
Notes to the Non-Departmental Financial SchedulesNotes to the Non-Departmental Financial Schedules for the year ended 30 June
1. Statement of Accounting Policies
Reporting Entity
These Non-Departmental schedules and statements present financial information on public funds managed by the Department of Internal Affairs (Department) on behalf of the Crown.
These Non-Departmental balances are consolidated into the Financial Statements of the Government. For a full understanding of the Crown’s financial position, results of operations and cash flows for the year, reference should also be made to the consolidated Financial Statements of the Government.
Reporting Period
The reporting period for these financial schedules is for the year ended 30 June 2011.
Basis of Preparation
Statement of Compliance
These financial statements have been prepared in accordance with New Zealand generally accepted accounting practice (NZ GAAP). They comply with New Zealand equivalents to IFRS (NZ IFRS) and other applicable Financial Reporting Standards, as appropriate for public benefit entities.
Budget Figures
The budget figures are those presented in the Budget Estimates of Appropriation (Main Est) for the Department. These budgets do not contain financials for Votes National Library and National Archives.
The Supplementary Estimates (Supp Est) figures incorporate the Department’s full year estimates from the former Department of Internal Affairs and five months of the former National Library and Archives New Zealand. The budgets also include other amendments made through the course of the Supplementary Estimates process.
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.
Functional and Presentation Currency
The functional currency of the Department is New Zealand dollars. The financial statements are presented in New Zealand dollars and all values are rounded to the nearest thousand dollars ($000). All notes are presented in millions (m).
Accounting Policies
The Non-Departmental schedules have been prepared in accordance with the Government’s accounting policies as set out in the Consolidated Financial Statements of the Government, and in accordance with relevant Treasury instructions and Treasury circulars.
The accrual basis of accounting has been used unless otherwise stated.
The accounting policies set out below have been applied consistently to all periods presented in these financial statements.
Significant Accounting Policies
The following particular accounting policies have been applied:
Revenue
Revenues from the supply of services are recognised when earned in the Non-Departmental Schedule of Revenue on a straight line basis over the specified period for the services.
Donation Revenue
When a heritage collection asset is acquired, by donation or legal deposit, for nil or nominal consideration the fair value of the asset received is recognised as revenue in the Non-Departmental Schedule of Revenue.
Expenses
Grants
Discretionary grants are only recognised when a constructive obligation exists. This is deemed to occur both when the grant has been approved and the approval has been communicated to the recipient. Non-discretionary grants are recognised when specified criteria have been fulfilled and notice has been given to the Department.
Cash
Cash includes cash in transit and bank accounts.
Accounts Receivable and Loans
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 Non-Departmental Schedule of Expenses.
Property, Plant and Equipment
Disposal
Realised gains and losses arising from disposal of land and property are recognised in the Non-Departmental Schedule of Revenue and Expenditure in the period in which the transaction occurs.
Impairment
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.
Revaluations
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.
Specific Asset Class Policies
The following asset class specific policies have been applied:
Land and Buildings
Land and buildings are revalued at least every five years or whenever the carrying amount differs materially to fair value.
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.
Depreciation on buildings 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 range from 10 to 50 years. Depreciation is not charged on land.
Alexander Turnbull Library Heritage Collections
Section 11 of the National Library of New Zealand (Te Puna Mātauranga o Aotearoa) Act 2003 requires the Crown to own the collections held in the Alexander Turnbull Library in perpetuity.
The Alexander Turnbull Library (ATL) Heritage Collections are measured at fair value. Due to the unique nature of the Heritage Collections it is not always practical or possible to obtain a market valuation. In these circumstances collections have been adjusted by the movement in the CPI to better reflect their current value. There are also difficulties associated with obtaining an objective valuation for the specified cultural and heritage assets.
The carrying value includes the value of purchases for the collections since the last revaluation and the value of material received through donations and legal deposits.
A valuation is performed every three years. The collections are not depreciated.
National Archives Collection
Non-exceptional National Archives Collection items are revalued every three years using a methodology that divided the collection into categories by format and age, to associate records that together could be said to have a broad commonality of value. Benchmark valuations were obtained from an independent valuer through market assessments and from other collections of a similar nature to Government archives. Accessions since the date of valuation are valued on the basis of these benchmarks.
Independent valuations of other exceptional items, including the Treaty of Waitangi, are conducted every three years and are based on market assessments from similar nature collections.
The valuation of the National Archives Collection includes only public archives in the possession of Archives New Zealand. Public archives held in other approved repositories do not form part of the valuation.
The collection is not depreciated.
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 of less than 12 months are recognised at their nominal value.
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.
The balance of provisions represents the estimated value of future benefits payable to Former Governors-General and Former Prime Ministers over their expected lives payable under the Governor-General Act 2010 and the Civil List Act (1979).
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 when there is a possibility that they will crystallise.
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.
Section 6 of the Public Finance Act 1989 provides authority for GST expenditure in relation to appropriated expenditure.
2. Fixed Assets
| Asset Class | Balance 1 July $000 |
Additions/ Depreciation $000 |
Revaluations/ Impairments $000 |
Disposals $000 |
Transfers* $000 |
Balance 30 June $000 |
|---|---|---|---|---|---|---|
| Cost or Valuation | ||||||
| Property, Plant and Equipment | ||||||
| Land | 9,950 | – | 850 | – | – | 10,800 |
| Buildings – Residential | 5,574 | – | 1,267 | – | – | 6,841 |
| Buildings – Commercial | 4,886 | – | (371) | – | – | 4,515 |
| Total Cost of Property, Plant and Equipment | 20,410 | – | 1,746 | – | – | 22,156 |
| Collections | ||||||
| Archives Heritage Collection | ||||||
| Archives Heritage Collection | – | 10,162 | (98,491) | – | 528,433 | 440,104 |
| Alexander Turnbull Library Heritage Collections | ||||||
| Cartographic | – | 6 | (3,701) | – | 28,406 | 24,711 |
| Children’s Historical | – | 69 | (144) | – | 1,512 | 1,437 |
| Drawing and Prints | – | 49 | (9,332) | – | 72,605 | 63,322 |
| Ephemera | – | 29 | (656) | – | 5,240 | 4,613 |
| Formed | – | – | (67) | – | 513 | 446 |
| General | – | 5 | (14,898) | – | 114,064 | 99,171 |
| Manuscript/Archives | – | 154 | (10,772) | – | 83,126 | 72,508 |
| Music | – | 20 | (215) | – | 1,771 | 1,576 |
| Newspapers | – | 90 | (6,664) | – | 51,326 | 44,752 |
| New Zealand and Pacific | – | 170 | (4,181) | – | 33,264 | 29,253 |
| Oral History | – | 86 | (1,792) | – | 14,302 | 12,596 |
| Others | – | – | (64) | – | 493 | 429 |
| Photographic | – | 182 | (9,746) | – | 75,313 | 65,749 |
| Serials | – | 138 | (5,820) | – | 44,996 | 39,314 |
| Short Title | – | 24 | (617) | – | 5,176 | 4,583 |
| Rare Books and Fine Prints | – | 65 | (56,903) | – | 436,256 | 379,418 |
| Total Alexander Turnbull Library Heritage Collections | – | 1,087 | (125,572) | – | 968,363 | 843,878 |
| Total Cost of Collections | – | 11,249 | (224,063) | – | 1,496,796 | 1,283,982 |
| Total Cost | 20,410 | 11,249 | (222,317) | – | 1,496,796 | 1,306,138 |
| Accumulated Depreciation | ||||||
| Non-Current Property, Plant and Equipment | ||||||
| Buildings – Residential | 289 | 145 | (434) | – | – | – |
| Buildings – Commercial | 186 | 137 | (12) | – | – | 311 |
| Total Accumulated Depreciation | 475 | 282 | (446) | – | – | 311 |
| Net Book Value | ||||||
| Property, Plant and Equipment | 19,935 | (282) | 2,192 | – | – | 21,845 |
| Collections | – | 11,249 | (224,063) | – | 1,496,796 | 1,283,982 |
| Total Net Book Value | 19,935 | 10,967 | (221,871) | – | 1,496,796 | 1,305,827 |
* Transfers include transfers made to Non-Departmental accounts and transfers between Government Departments.
| Asset Class | Balance 1 July $000 |
Additions/ Depreciation $000 |
Revaluations/ Impairments $000 |
Disposals $000 |
Transfers* $000 |
Balance 30 June $000 |
|---|---|---|---|---|---|---|
| Cost | ||||||
| Property, Plant and Equipment | ||||||
| Land | 8,250 | – | – | – | 1,700 | 9,950 |
| Buildings – Residential | 5,149 | – | – | – | 425 | 5,574 |
| Buildings – Commercial | 4,852 | 34 | – | – | – | 4,886 |
| Total Cost of Property, Plant and Equipment | 18,251 | 34 | – | – | 2,125 | 20,410 |
| Accumulated Depreciation | ||||||
| Property, Plant and Equipment | ||||||
| Buildings – Residential | 131 | 133 | – | – | 25 | 289 |
| Buildings – Commercial | 50 | 136 | – | – | – | 186 |
| Total Accumulated Depreciation of Property, Plant and Equipment | 181 | 269 | – | – | 25 | 475 |
| Net Book Value of Property, Plant and Equipment | 18,070 | (235) | – | – | 2,100 | 19,935 |
* Transfers include transfers made to Non-Departmental accounts and transfers between Government Departments.
3. Payables
| ACTUAL 2009/10 $000 |
ACTUAL 2010/11 $000 |
|
|---|---|---|
| 11,072 | Other Payables | 33,332 |
| – | Accrued Canterbury Earthquake Expenses | 108,457 |
| – | Accrued Heritage Collection Purchases | 292 |
| 11,072 | Total Payables | 142,081 |
The carrying value of creditors and other payables approximates their fair value. Other payables and Accrued Heritage Collection purchases are non-interest bearing and are normally settled on 30 day terms and Accrued Canterbury Earthquake expenses are expected to be settled through the course of 2011/12.
4. Revaluation of Property, Plant and Equipment
| ACTUAL 2009/11 | ACTUAL 2010/11 | |||||||
|---|---|---|---|---|---|---|---|---|
| ATL COLLEC- TIONS $000 |
ARCHIVES COLLEC- TION $000 |
LAND AND BUILDINGS $000 |
TOTAL $000 |
ATL COLLEC- TIONS $000 |
ARCHIVES COLLEC- TION $000 |
LAND AND BUILDINGS $000 |
TOTAL $000 |
|
| – | – | 8,543 | 8,543 | Opening Balance | – | – | 8,543 | 8,543 |
| – | – | – | – | Transfers from Other Government Departments | 410,960 | 15,607 | – | 426,567 |
| – | – | – | – | Revaluation Movement | (125,572) | (15,607) | 2,192 | (138,987) |
| – | – | 8,543 | 8,543 | Closing Revaluation Reserves | 285,388 | – | 10,735 | 296,123 |
Land and Buildings
Ministerial Properties
Darroch Ltd, a Licensed Real Estate Agent (REAA 2008), registered independent valuer, conducted a valuation of non-departmental Ministerial Properties land and buildings during May 2011 with valuations effective 30 June 2011.
The Ministerial Properties comprising Premier House, Vogel House and Bolton Street are restricted for Government use. The carrying value of the restricted use land and buildings is $15.200 m (2009/10 $13.072 m.)
Lake Taupo Boating and Building Facilities
Building Facilities
Building facilities were valued by Darroch Ltd, a Licensed Real Estate Agent (REAA 2008), registered independent valuer, conducted a valuation during May 2011 with valuations effective 30 June 2011.
Boating Facilities
Boating facilities were valued by DTZ New Zealand Ltd (MREINZ), registered independent valuer, in May 2009 with valuations effective 30 June 2009.
National Archives Collection
The National Archives Collection was revalued as at 30 June 2011 by an independent valuer, Dunbar Sloane, through market assessments and from other collections of a similar nature to government archives. This resulted in a valuation decrease of $98.491 m which resulted in the full balance of the revaluation reserves being reversed.
The Treaty of Waitangi was revalued as at 30 June 2011 by an independent valuer, Sotheby’s (London).
Other exceptional items are based on a valuation as at 30 June 2011 from Dunbar Sloane. These valuations were based on market assessments and from other collections of a similar nature.
Alexander Turnbull Library Heritage Collections
The Alexander Turnbull Library Heritage Collections were revalued as at 30 June 2011 by National Library staff. The revaluations were made based on an assessment of the change in the market price of similar collections between the date of the last valuation conducted on 30 June 2008 and 30 June 2011.
5. Financial Instrument Risks
The Department is party to financial instrument arrangements as part of its daily operations. These include cash and cash equivalents, accounts receivable, accounts payable and provisions, accrued expenses, term accrued expenses and foreign currency forward contracts.
The Department’s activities expose it to a variety of financial instrument risks, including market risk, credit risk and liquidity risk. The Department has a series of policies to manage the risks associated with financial instruments and seeks to minimise exposure from financial instruments. These policies do not allow any transactions that are speculative in nature to be entered into.
Market Risk
Currency Risk
Currency risk is the risk that accounts receivable and accounts payable due in foreign currency will fluctuate because of changes in foreign exchange rates. Foreign exchange forward contracts are used to manage foreign exchange exposures.
Interest Rate Risk
Interest rate risk is the risk that the value of a financial instrument will fluctuate due to changes in market interest rates. This could impact on the return on investment or the cost of borrowing.
Under Section 46 of the Public Finance Act 1989, the Department cannot raise a loan without approval of the Minister of Finance.
Credit Risk
Credit risk is the risk that a third party will default on its obligations to the Department, causing the Department to incur a loss.
Financial instruments, which potentially subject the Department to credit risk, consist of cash and bank balances and trade receivables.
The Department banks with Treasury approved financial institutions.
The Department holds cash with Westpac Banking Corporation (Westpac). Westpac is part of the Crown Retail Deposit Guarantee Scheme and so all deposits up to $1.000 m held with Westpac are guaranteed by the Crown.
Credit evaluations are undertaken on customers requiring credit. Collateral or other security is not generally required to support financial instruments with credit risk. Other than cash and bank balances and trade receivables, the Department does not have any significant credit risk.
Maximum Exposures to Credit Risk
| ACTUAL 2009/10 $000 |
ACTUAL 2010/11 $000 |
|
|---|---|---|
| 30,563 | Cash and Cash Equivalents | 35,056 |
| 735 | Accounts Receivable | 174 |
| 8,125 | Loan to Auckland Transition Authority | 8,504 |
| – | Loans for Local Authority Debt Vehicle | 450 |
| 39,423 | Total Exposure to Credit Risk | 44,184 |
Cash and cash equivalents excludes any cash physically held including as petty cash as cash is not exposed to credit risk.
Liquidity risk
Liquidity risk is the risk that the Department will encounter difficulty raising liquid funds to meet commitments as they fall due.
In meeting its liquidity requirements, the Department closely monitors its forecast cash requirements with expected draw downs from the New Zealand Debt Management Office. The Department maintains a target level of available cash to meet liquidity requirements.
The table below analyses the Department’s financial liabilities that will be settled based on the remaining period at balance date to the contractual maturity date. The amounts disclosed are the contractual undiscounted cash flows.
| TOTAL $000 |
LESS THAN 6 MONTHS $000 |
BETWEEN 6 MONTHS AND 1 YEAR $000 |
BETWEEN 1 YEAR AND 5 YEARS $000 |
OVER 5 YEARS $000 |
|
|---|---|---|---|---|---|
| 2010/11 | |||||
| Payables | 139,658 | 33,423 | 106,235 | – | – |
| 2009/10 | |||||
| Payables | 11,072 | 11,072 | – | – | – |
6. Categories of Financial Instruments
The carrying amounts of financial assets and financial liabilities in each of the NZ IAS 39 categories are as follows:
| ACTUAL 2009/10 $000 |
ACTUAL 2010/11 $000 |
|
|---|---|---|
| Loans and Receivables | ||
| 30,563 | Cash and Cash Equivalents | 35,056 |
| 735 | Accounts Receivable | 174 |
| 8,125 | Current Loan to Auckland Transition Authority | 8,504 |
| 1,793 | Non-Current Loan to Charities Commission | 1,796 |
| – | Non-Current Loans for Local Authority Debt Vehicle | 450 |
| 41,216 | Total Loans and Receivables | 45,980 |
| Financial Liabilities Measured at Amortised Cost | ||
| 11,072 | Payables | 142,081 |
7. Explanation of Significant Variances against Budget
Non-Departmental Appropriations
The significant variances for Appropriated Expenditure are explained below:
Vote Emergency Management
February 2011 Christchurch Earthquake National Controller Costs
This appropriation was created in 2010/11 to provide for expenditure incurred at the direction of the National Controller Civil Defence for response activities incurred after 21 March 2011 as part of the response to the 22 February 2011 Canterbury Earthquake.
Actual expenditure was $0.545 m lower than the Supplementary Estimates, primarily due to some expenses relating to the response activities being paid for by the Councils in the Canterbury region.
Emergency Expenses
The increase in the budget between the Main Estimates and the Supplementary Estimates of $19.664 m was due to an increase in funding to reimburse local authorities for response costs incurred as a result of the earthquake in Canterbury on 4 September 2010 ($10.926 m), an increase in funding for the reimbursement of response and recovery costs incurred by local authorities as a result of the Canterbury earthquake in September 2010 ($5.000 m) and expense transfers from 2009/10 to 2010/11 for assistance to Environment Bay of Plenty and Whakatane District Council for hazard mitigation work following civil defence emergency events in 2004 and 2005 (increase of $3.238 m) and to provide assistance to homeowners affected by flooding in Kaeo (increase of $0.500 m).
Actual expenditure was $6.251 m lower than the Supplementary Estimates and is mainly due to:
slower progress than anticipated on the hazard mitigation works in the Whakatane District, for which an in principle expense transfer from 2010/11 to 2011/12 was approved
delays in the completion of the long-term mitigation plan to relocate or raise vulnerable houses in the Kaeo catchment and township, for which an in principle expense transfer from 2010/11 to 2011/12 was approved, and
the majority of the contingency funding for emergency expenses was not required.
Ex Gratia Payment for Canterbury Earthquake Appeal
This appropriation was created in 2010/11 to provide assistance to individuals and families affected by the Canterbury Earthquake of 4 September 2010.
Vote Internal Affairs
Pike River Royal Commission of Inquiry – Legal representation and assistance
This new appropriation was created in 2010/11 to provide funding for legal representation and assistance in respect of the Royal Commission of Inquiry on the Pike River Coal Mine Tragedy.
Actual expenditure was $0.526 m lower than the Supplementary Estimates, and this is mainly due to delays in the commencement of hearings programme of the Royal Commission of Inquiry on the Pike River Mine Tragedy, for which an in principle expense transfer from 2010/11 to 2011/12 was approved.
Public Inquiries
The increase in the budget between the Main Estimates and the Supplementary Estimates of $0.611 m was due to an increase in funding for Commissioner’s fees for the Royal Commission of Inquiry on the Pike River Coal Mine Tragedy ($0.456 m) and an increase in funding for Commissioner’s fees for the Royal Commission of Inquiry on the Canterbury Earthquake ($0.155 m).
Actual expenditure was $0.282 m lower than the Supplementary Estimates, and primarily reflecting the deferral of expenditure for the Royal Commission of Inquiry on the Pike River Mine Tragedy and the Royal Commission of Inquiry on the Canterbury Earthquake as a result of change in the assumed timing of the Commissions’ work programmes. In principle expense transfers from 2010/11 to 2011/12 were approved for the under-expenditure for both Commissions.
Vote Local Government
Benefits and Other Unrequited Expenses
Rates Rebate Scheme
Actual expenditure was $5.893 m lower than the Supplementary Estimates, reflecting lower than anticipated take-up of the scheme in 2010/11.
Other Expense to be Incurred by the Crown
Chatham Islands Council
Actual expenditure was $0.354 m lower than the Supplementary Estimates, reflecting delays in identifying suitable waste management sites, for which an in principle expense transfer from 2010/11 to 2011/12 was approved.
Non-Departmental Capital Expenditure
Loan to the Auckland Transition Agency
The increase in the budget between the Main Estimates and the Supplementary Estimates of $29.034 m was due to an increase in funding to provide the Auckland Transition Agency with an increased loan facility ($22.800 m) and an increase in funding to recognise a capital transfer from 2009/10 to 2010/11 due to changes in the funding requirements for the Auckland Transition Agency ($6.234 m).
Actual expenditure was $11.567 m lower than the Supplementary Estimates due to the Auckland Transition Agency’s loan requirements being lower than anticipated.
Local Government Debt Vehicle
Actual expenditure was $4.550 m lower than the Supplementary Estimates, reflecting a change in the assumed timing of the passage of legislation to allow establishment of the Local Government Funding Agency, for which an in principle expense transfer from 2010/11 to 2011/12 was approved.
Vote Ministerial Services
Benefits and Other Unrequited Expenses
Annuities to Former Governors-General, Prime Ministers and their Surviving Spouses PLA
The increase in the budget between the Main Estimates and the Supplementary Estimates of $0.625 m was due to the recalculation of the actuarial valuation for annuities to Former Governors-General, Prime Ministers and their surviving spouses.
Vote National Library
Heritage Collections – Annual
The increase in the budget between the Main Estimates and the Supplementary Estimates of $0.762 m reflects the integration of the National Library of New Zealand into the Department of Internal Affairs with effect from 1 February 2011. The appropriation provides for the purchase of material for the Alexander Turnbull Library Collections held and managed by the National Library.
Non-Departmental Schedule of Revenue
The significant variances within the Non-Departmental Schedule of Revenue are explained below:
The increase in the budget between Main Estimates and Supplementary Estimates of $0.530 m for Vote National Library reflects the recognition of items received for the Heritage Collections below fair value.
Actual revenue and receipts were $10.746 m higher than the Supplementary Estimates, primarily reflecting donations to Archives Heritage Collection.
Schedule of Non-Departmental Assets
The significant variances within the Schedule of Non-Departmental Assets are explained below:
The decrease in Loans of $63.141 m between the Main Estimates and the Supplementary reflects the anticipated repayment of the loan to the Auckland Transition Agency. This did not eventuate. The increase in the budget between the Main Estimates and the Supplementary Estimates for heritage collections of $1.492 m reflects the expected value of the National Archives and National Library heritage collections as a result of the integration of the National Library of New Zealand and Archives New Zealand into the Department of Internal Affairs with effect from 1 February 2011.
The actual cash balance as at 30 June 2011 was $20.614 m higher than the Supplementary Estimates, primarily reflecting a lower level of expenditure than anticipated.
Schedule of Non-Departmental Liabilities
The significant variance within the Schedule of Non-Departmental Assets is explained below:
The increase in Payables of $77.474 m primarily reflects the anticipated claims from the four Councils in the Canterbury region for the response and recovery costs incurred as a result of the 22 February 2011 Canterbury Earthquake, and the anticipated payables for the Rates Rebate Scheme and community grants.
8. Emergency Expenditure for Canterbury earthquakes
The Canterbury region experienced two major earthquakes during the reporting period, on 4 September 2010 and 22 February 2011 (of magnitudes 7.1 and 6.3 respectively) in addition to a number of aftershocks (including a significant earthquake on 26 December 2010 and two significant earthquakes on 13 June 2011). These earthquakes caused significant damage to property and infrastructure.
These non-departmental financial statements report expenses in relation to these earthquakes under Vote Emergency Management Expenses.
| ACTUAL 2010/11 $000 |
|
|---|---|
| National Controller Direct Response Expenses | |
| February 2011 Christchurch Earthquake National Controller Costs | 3,324 |
| Section 25 Public Finance Act | 19,281 |
| Total National Controller Direct Response Expenses | 22,605 |
| Canterbury Local Authorities’ Response and Recovery Expenses | |
| Payments in respect of indemnity for Response and Recovery Costs – Section 65ZG Public Finance Act | 108,457 |
| Emergency Expenses | 15,850 |
| Section 25 Public Finance Act | 8,695 |
| Total Canterbury Local Authorities’ Response and Recovery Expenses | 133,002 |
| Total Canterbury Earthquake Expenses | 155,607 |
The Canterbury Local Authorities’ Response and Recovery expenses includes an advance of $8.695 m paid under the Public Finance Act, Section 25 on 23 February 2011.
There is a significant unquantified liability that has not yet been able to be recognised with relation to recovery costs for waste water, storm water and fresh water in the Canterbury region. This is because the costs are unable to be reliably measured.
National Controller Direct Response Expenses
Following the 22 February earthquake, and declaration of a State of National Emergency, the National Controller incurred necessary expenses in response to the emergency. These included expenses for freighting in emergency supplies and teams, chemical toilets, emergency fences and specialist equipment. The bulk of this expenditure was approved when the Minister of Finance invoked Section 25 of the Public Finance Act 1989 (expenses may be incurred in emergencies) immediately following the February earthquake. The balance of the expenditure was approved under a separate $4.100 m appropriation for expenditure incurred from 21 March 2011.
Canterbury Local Authorities’ Response and Recovery Expenses
Under the current Government policy setting, outlined in the National Civil Defence Emergency Management Plan (‘the Plan’) and Guide to the National Civil Defence Emergency Management Plan (‘the Guide’), four Canterbury local authorities will be reimbursed, in whole or part, for certain types of response and recovery costs incurred as a result of the earthquakes. The Government has provided an indemnity under the Public Finance Act 1989 Section 65ZG which enables the Department to recognise this obligation with respect to Canterbury earthquakes without further appropriation. The indemnity, in favour of the four affected Canterbury authorities, formalises the implicit guarantee under the Guide.
Response Costs
Under the Guide the standard financial support policy is for the Government to:
fully reimburse response costs associated with caring for displaced people, and
reimburse 60 percent of response costs associated with precautionary measures to reduce immediate danger and temporary repairs to essential infrastructure.
The Government subsequently decided to fully reimburse Christchurch City Council for costs associated with temporary repairs to essential infrastructure because of the earthquakes.
Of the $133.002 m response and recovery expenses recorded, $108.457 m is based on our estimates from unpaid claims and $24.545 m was approved and paid to local authorities before 30 June 2011. The breakdown of response expenses grouped by the four local authorities is:
| 2010/11 | |||
|---|---|---|---|
| CLAIMS ACCRUED $000 |
CLAIMS PAID $000 |
TOTAL CLAIMS $000 |
|
| Estimated Response Costs | |||
| Christchurch City Council | 98,956 | 20,408 | 119,364 |
| Waimakariri District Council | 714 | 3,774 | 4,488 |
| Environment Canterbury | 1,584 | 182 | 1,766 |
| Selwyn District Council | 2,267 | 181 | 2,448 |
| Total Response Costs | 103,521 | 24,545 | 128,066 |
| Estimated Response Costs | |||
| Environment Canterbury | 4,936 | – | 4,936 |
| Total Response and Recovery Costs | 108,457 | 24,545 | 133,002 |
The Department is not aware of any other Canterbury local authority claims or expenses for response costs at this point.
Recovery Costs
The Government’s standard financial support under the Plan and Guide is to reimburse local authorities 60 percent of recovery repairs to essential infrastructure (waste water, storm water and fresh water), and river management systems. Recovery repairs are permanent repairs to restore the essential infrastructure to pre-emergency condition.
No expense has been recorded in the financial statements at 30 June 2011 for the Government’s obligation to fund its share of the Canterbury recovery costs under the Guide. The earthquakes have resulted in an extremely rare situation where the current recovery estimate is not sufficiently reliable to be recorded as a liability at this point. The unreliability of the estimate is mainly because there is fundamental uncertainty over:
how badly damaged the infrastructure under the ground is
the impact of repair costs resulting from red zone decisions
the basis for restoring the infrastructure, be it like-for-like, or some other method or configuration.
The current estimate from local authorities is that the Government’s 60 percent share of permanent recovery costs may be in the range of between $348.000 m and $610.000 m. This is based on a number of local authorities’ working assumptions to determine a repair bill to restore the essential infrastructure on a like-for-like basis. The majority of the recovery estimates provided relate to Christchurch City Council and the Waimakariri District Council essential infrastructure.
An expense for the Government’s share of the Canterbury recovery cost under the Guide will be recorded when a clearer picture on the extent of damage emerges, along with a better understanding on how the essential infrastructure will be permanently restored.
Trust Money Administered on Behalf of the Crown
Schedule of Trust Money Administered on Behalf of the Crown for the year ended 30 June 2011
The following trust money is administered on behalf of the Crown under Part VII of the Public Finance Act 1989.
Description of Trusts
Vogel House Trust
This trust was established to hold bonds for the hireage of Vogel House and Premier House.
Christchurch Earthquake Appeal Fund
This trust was established by Government as a result of the Canterbury Earthquake of 22 February 2011. It is a registered charity and administers donations and grants made to affected people in Canterbury.
New Zealand 1990 Scholarships
The New Zealand 1990 Scholarship Trust was established to provide scholarships for up overall students in University Bursaries examinations.
Macklin Bequest Fund
The Macklin Bequest Fund is used to fund special projects relating to the National Library and may include collaborative projects between the National Library and other institutions in the galleries, libraries, archive and museum sector or between the National Library and other libraries, that supplement and further the work of other libraries in New Zealand.
Interloans Billing System Fund
The Interloans Billing System Fund is administered by the National Library. The trust manages the on-charging of fees for national inter-lending of books between participating New Zealand libraries and fees for Trans-Tasman inter-lending between participating New Zealand and Australian libraries.
Schedule of Trust Money
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.
| Trust | Open Balance* |
Contributions | Distributions | Revenue | Expenses | Closing Balance 2010/11 |
|---|---|---|---|---|---|---|
| Vogel House | – | – | – | – | – | – |
| Christchurch Earthquake Appeal Fund | – | 45,374 | – | 303 | – | 45,677 |
| New Zealand 1990 Scholarships | 687 | – | – | 19 | – | 706 |
| Macklin Bequest Fund | 241 | – | – | 11 | – | 252 |
| Interloans Billing System | – | 414 | 411 | – | – | 3 |
| Total Trust | 928 | 45,788 | 411 | 333 | – | 46,638 |
* The opening balance date for Macklin Bequest Fund and Interloans Billing System was 1 February 2011. For other Trusts the opening balance date was 1 July 2010.
