2
20. Statement of performance
The Statement of Intent agreed between the directors of City Care Limited and Christchurch City Holdings Limited
provided the following performance targets:
Actual
$000's
Target
$000's
(a) Financial performance
Operating revenues
99,303
8,400
Net surplus for the year
3,353
2,0
Shareholders' funds to total assets
50%
40%
(b) Non-financial performance
ISO 000 Quality Management
Maintained
ISO 14001 Environmental Management
Maintained
NZS 4801 Health and Safety Management
Maintained
ACC Tertiary Health and Safety Management Standard
Maintained
21. Significant events after balance date
No significant events have occurred subsequent to balance date.
22. International financial reporting standards
City Care Limited is required to adopt the New Zealand equivalent to International Financial Reporting Standards
(NZ IFRS) no later than for the year ending 30 June 2008. The company will adopt NZ IFRS from 1 July 200, in line
with Christchurch City Holdings Limited and the Christchurch City Council group.
In presenting the first year of NZ IFRS compliant financial statements City Care Limited will be required to restate
the comparative financial statements to amounts which reflect the application of NZ IFRS. Where applicable,
adjustments required on translation will be made retrospectively against the opening retained earnings recognised
in the statement of financial position.
During the 200 financial year, City Care Limited will review the changes to standards against NZ IFRS and prepare
appropriate accounting policies for review by the directors prior to the adoption of these policies by City Care
Limited under NZ IFRS. The key differences in accounting policies that are expected to arise from adoption of NZ
IFRS are not yet quantified and may materially vary from the information currently presented.
