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Forest NSW Annual Report 2012

Forestry Commission Division Annual Financial Statements Year ended 30 June 2012 ABN 83 326 008 792 Notes to the financial statements For the year ended 30 June 2012 Fund assets The percentage invested in each asset class at the balance sheet date: 30-June-11 Australian equities 33.4% Overseas equities 29.5% Australian fixed interest securities 5.7% Overseas fixed interest securities 3.1% Property 9.9% Cash 5.1% Other 13.3% Fair value of Fund assets All Fund assets are invested by STC at arm’s length through independent fund managers. Expected rate of return on assets The expected return on assets assumption is determined by weighting the expected long-term return for each asset class by the target allocation of assets to each class. The returns used for each class are net of investment tax and investment fees. Actual Return on Fund Assets SASS SANCS SSS Financial Year Financial Year Financial Year Financial Year to 30 June 2011 to 30 June 2011 to 30 June 2011 to 30 June 2011 A$ A$ A$ Actual return on Fund assets   2 812 131 303 139 - a) Valuation Method The Projected Unit Credit (PUC) valuation method was used to determine the present value of the defined benefit obligations and the related current service costs. This method sees each period of service as giving rise to an additional unit of benefit entitlement and measures each unit separately to build up the final obligation. b) Economic Assumptions 30-June-11 Salary increase rate (excluding promotional increases) 3.5% pa Rate of CPI Increase 2.5% pa Expected rate of return on assets 8.60 % Discount rate 5.28% pa c) Demographic Assumptions The demographic assumptions at 30 June 2011 are those that were used in the 2009 triennial actuarial valuation. The triennial review report is available from the NSW Treasury website. Historical information SASS SANCS SSS Total Financial Year Financial Year Financial Year A$ to 30 June 2011 to 30 June 2011 to 30 June 2011 A$ A$ A$ Present value of defined benefit obligation 39 583 911 4 347 937 - 43 931 848 Fair value of Fund assets (35 652 892) (4 054 473) - (39 707 365) (Surplus)/Deficit in Fund 3 931 019 293 463 - 4 224 482 Experience adjustments – Fund liabilities 1 153 799 (81 676) - 1 072 123 Experience adjustments – Fund assets (241 285) (685) - (241 970) 110 Forests NSW Annual Report 2011–12 Social, Environmental and Economic Performance


Forest NSW Annual Report 2012
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