Notes to the Financial Statements (continued)

NOTE 9: Gains and losses on financial instruments
	2010 Actual $m	2011 Previous Budget $m	2011 Forecast $m	2012 Forecast $m	2013 Forecast $m	2014 Forecast $m	2015 Forecast $m
By source
Core Crown	2,094	1,231	4,455	1,546	1,650	1,760	1,874
Crown entities	787	209	1,082	688	842	1,024	1,187
State-owned enterprises	(105)	(11)	(163)	(68)	(68)	(76)	(63)
Inter-segment eliminations	(254)	(179)	(230)	(193)	(194)	(212)	(221)
Net gains/(losses) on financial instruments	2,522	1,250	5,144	1,973	2,230	2,496	2,777

NOTE 10: Gains and losses on non-financial instruments
	2010 Actual $m	2011 Previous Budget $m	2011 Forecast $m	2012 Forecast $m	2013 Forecast $m	2014 Forecast $m	2015 Forecast $m
By type
Actuarial gains/(losses) on GSF liability	(1,231)	-	287	-	-	-	-
Actuarial gains/(losses) on ACC outstanding claims	410	-	1,251	-	-	-	-
Other	(139)	181	356	172	190	190	197
Net gains/(losses) on non-financial instruments	(960)	181	1,894	172	190	190	197
By source
Core Crown	(1,351)	21	445	(8)	-	(6)	(3)
Crown entities	398	(17)	1,241	(1)	(1)	(1)	(1)
State-owned enterprises	(7)	177	208	180	191	197	200
Inter-segment eliminations	-	-	-	1	-	-	1
Net gains/(losses) on non-financial instruments	(960)	181	1,894	172	190	190	197

NOTE 11: Source of operating balance
	2010 Actual $m	2011 Previous Budget $m	2011 Forecast $m	2012 Forecast $m	2013 Forecast $m	2014 Forecast $m	2015 Forecast $m
Core Crown	(7,000)	(9,082)	(10,891)	(10,350)	(4,455)	(821)	1,221
Crown entities	2,373	1,423	1,415	2,533	2,615	2,617	2,763
State-owned enterprises	635	1,014	964	981	1,173	1,245	1,387
Inter-segment eliminations	(517)	(422)	(925)	(457)	(683)	(749)	(784)
Total operating balance	(4,509)	(7,067)	(9,437)	(7,293)	(1,350)	2,292	4,587

NOTE 12: Financial assets
	2010 Actual $m	2011 Previous Budget $m	2011 Forecast $m	2012 Forecast $m	2013 Forecast $m	2014 Forecast $m	2015 Forecast $m
Cash and cash equivalents	7,774	6,126	9,103	8,886	8,929	9,032	9,332
Tax receivables	6,864	6,288	6,449	6,788	6,811	6,794	6,816
Trade and other receivables	7,020	7,750	11,065	9,921	8,458	8,314	8,889
Student loans (refer note 13)	6,790	7,300	7,325	7,822	8,279	8,722	9,125
Kiwibank mortgages	10,419	12,411	11,255	13,493	15,363	15,450	15,536
Long-term deposits	2,784	2,240	2,161	2,047	1,929	2,156	2,386
IMF financial assets	2,199	2,546	2,307	2,528	2,716	2,717	2,582
Other advances	1,238	700	1,271	1,118	993	968	973
Share investments	12,179	17,771	14,206	16,095	18,540	21,506	24,042
Derivatives in gain	2,972	1,771	3,053	2,394	2,010	1,573	1,374
Other marketable securities	35,732	39,663	41,485	36,065	29,749	35,543	31,265
Total financial assets	95,971	104,566	109,680	107,157	103,777	112,775	112,320
Financial assets by entity
NZDMO	23,097	24,360	28,326	20,413	12,450	16,681	10,102
Reserve Bank of New Zealand	19,125	18,928	17,781	17,628	17,512	17,584	17,153
NZS Fund	15,552	16,452	18,629	19,543	20,940	22,463	23,961
Other core Crown	16,643	16,777	17,501	17,694	18,111	18,405	18,876
Intra-segment eliminations	(8,437)	(6,845)	(8,196)	(6,769)	(5,775)	(5,384)	(4,410)
Total core Crown segment	65,980	69,672	74,041	68,509	63,238	69,749	65,682
ACC portfolio	16,985	18,897	20,842	23,742	27,080	30,749	34,733
EQC portfolio	6,003	6,424	8,190	6,168	4,203	3,786	3,984
Other Crown entities	6,631	6,352	6,388	6,343	6,393	6,576	6,798
Intra-segment eliminations	(1,483)	(1,482)	(1,523)	(1,532)	(1,542)	(1,551)	(1,562)
Total Crown entities segment	28,136	30,191	33,897	34,721	36,134	39,560	43,953
Total state-owned enterprises segment	16,064	18,987	17,613	19,624	21,384	21,854	22,248
Inter-segment eliminations	(14,209)	(14,284)	(15,871)	(15,697)	(16,979)	(18,388)	(19,563)
Total financial assets	95,971	104,566	109,680	107,157	103,777	112,775	112,320

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Notes to the Financial Statements (continued)

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Financial assets by entity