Notes to the financial statements |

For the year ended 31 December 2022

23. Explanation of major variances against budget (continued)

Payments to suppliers were $4.2m below budget as cost savings were achieved across most cost categories as a result of COVID-19 restrictions.

GST payments were $3.5m below budget due to deferment of year-end IRD payments.

Purchases of PPE were $13.7m below budget due to planned capital expenditure not proceeding or being delayed.

Purchases of software were $0.8m below budget due to planned capital expenditure not proceeding or being deferred as planned due to changes in scope or resourcing availability.

Purchases of programme development were $1.4m below budget due to planned capital expenditure not proceeding or being deferred as planned due to changes in scope or resourcing availability.

Purchases of managed funds investments were $21.7m higher than budget mainly due to the unplanned increase to the principal of $20m.

Purchases of cash investments (net) were $7.3m below budget because cash was required to fund operations over the Christmas closedown.