Note 27: Net Worth Attributable to the Crown
| Forecast | Actual | |||
|---|---|---|---|---|
| Original Budget $m |
Estimated Actuals $m |
30 June 2008 $m |
30 June 2007 $m |
|
| 48,239 | 46,767 | Taxpayer funds | 46,700 | 44,222 |
| 47,402 | 52,498 | Property, plant and equipment revaluation reserve | 58,566 | 52,442 |
| 13 | 29 | Investment revaluation reserve | 34 | 23 |
| 97 | (175) | Cash flow hedge reserve | (151) | (122) |
| 17 | (32) | Foreign currency translation reserve | (17) | (34) |
| 95,768 | 99,087 | Total net worth attributable to the Crown | 105,132 | 96,531 |
| Taxpayer Funds | ||||
| 42,219 | 44,222 | Opening taxpayers funds | 44,222 | 36,214 |
| 6,431 | 2,559 | Operating balance excluding minority interest | 2,384 | 8,022 |
| (470) | (1) | Other movements | 4 | 13 |
| 59 | (13) | Transfers from/(to) property, plant and equipment revaluation reserve | 90 | (27) |
| 48,239 | 46,767 | Closing taxpayers funds | 46,700 | 44,222 |
| Property, Plant and Equipment Revaluation Reserve | ||||
| 47,459 | 52,442 | Opening revaluation reserve | 52,442 | 47,153 |
| 2 | 43 | Net Revaluations | 6,214 | 5,262 |
| (59) | 13 | Transfers from/(to) taxpayer funds | (90) | 27 |
| 47,402 | 52,498 | Closing revaluation reserve | 58,566 | 52,442 |
The property, plant and equipment revaluation reserve arises on the revaluation of physical assets. Where revalued property, plant or equipment is sold, the portion of the property, plant and equipment revaluation reserve that relates to that asset, and is effectively realised, is transferred to taxpayer funds.
| Forecast | Actual | |||
|---|---|---|---|---|
|
Original Budget $m |
Estimated Actuals $m |
30 June 2008 $m |
30 June 2007 $m |
|
| Investment Revaluation Reserve | ||||
| 13 | 23 | Opening investment revaluation reserve | 23 | 13 |
| - | 6 | Increase arising on revaluation of available-for-sale financial assets | 14 | 10 |
| - | - | Cumulative (gain)/loss transferred to the statement of financial performance on sale of available-for-sale financial assets |
(3) | - |
| 13 | 29 | Closing investment revaluation reserve | 34 | 23 |
The investments revaluation reserve arises on the revaluation of available-for-sale financial assets. Where a revalued financial asset is sold, the portion of the reserve that relates to that financial asset, and is effectively realised, is recognised in the statement of financial performance. Where a revalued financial asset is impaired, the portion of the reserve that relates to that financial asset is recognised in the statement of financial performance.
| Forecast | Actual | |||
|---|---|---|---|---|
|
Original Budget $m |
Estimated Actuals $m |
30 June 2008 $m |
30 June 2007 $m |
|
| Cash Flow Hedge Reserve | ||||
| 62 | (122) | Opening cash flow hedge reserve | (122) | 281 |
| (39) | (2) | Transfer into reserve | 9 | (331) |
| 74 | (15) | Transfer to the statement of financial performance | 22 | (59) |
| - | (36) | Transfer to initial carrying value of hedged item | (60) | (13) |
| 97 | (175) | Closing cash flow hedge reserve | (151) | (122) |
The cash flow hedge reserve represents hedging gains and losses recognised on the effective portion of cash flow hedges. The cumulative deferred gain or loss on the hedge is recognised in the statement of financial performance when the hedged transaction impacts the statement of financial performance, or is included as a basis adjustment to the non-financial hedged item, consistent with the applicable accounting policy.
| Forecast | Actual | |||
|---|---|---|---|---|
|
Original Budget $m |
Estimated Actuals $m |
30 June 2008 $m |
30 June 2007 $m |
|
| Foreign currency translation reserve | ||||
| 17 | (34) | Opening foreign currency translation reserve | (34) | 31 |
| - | 2 | Arising from translation of foreign operations | 17 | (65) |
| 17 | (32) | Closing foreign currency translation reserve | (17) | (34) |
The foreign currency translation reserve holds foreign exchange gains and losses arising from translating monetary items that form part of the net investment in a foreign operation into New Zealand dollars, and foreign exchange gains and losses associated with translating non-monetary assets into New Zealand dollars if revaluations of those assets are reflected in another reserve rather than in the statement of financial performance.
