New Zealand Gazette – 1992 – No. 205

Page 4589

✨ Financial Statements and Notes



18 DECEMBER NEW ZEALAND GAZETTE 4589

TELECOM WELLINGTON LIMITED

NOTES TO THE FINANCIAL STATEMENTS

(CONTINUED)

9 FIXED ASSETS (Continued)

REGISTRATION OF TITLE TO LAND

Certificates of title for freehold interests in land included in the assets purchased from the Crown are being progressively raised by the Crown and transferred to Group companies. Titles for substantially all of the freehold interests have now been issued and, for the remainder, equitable ownership rests with the Group.

LAND CLAIMS

Under the Treaty of Waitangi Act 1975 all interests in land included in the assets purchased from the Crown may be subject to claims to the Waitangi Tribunal which has the power to recommend in appropriate circumstances, with binding effect, that the land be resumed by the Crown in order that it be returned to Maori claimants. In the event that land is resumed by the Crown, compensation will be paid to Telecom under the provisions of the Public Works Act 1981. If this is insufficient to cover the loss, certain additional compensation is payable under the provisions of the Sale and Purchase Agreement between Telecom and the Crown.

Under the State Owned Enterprises Act 1986 the Governor General of New Zealand may if satisfied that any land or interest in land held by Telecom is Wahi Tapu (being land of special spiritual, cultural or historical tribal significance) declare by Order in Council that the land be resumed by the Crown, with compensation payable to Telecom under the provisions of the Public Works Act 1981.

Telecom would expect to negotiate with the new Maori owners for continued occupancy rights of any sites resumed by the Crown.

10 ACCOUNTS PAYABLE AND ACCRUALS

30 September 31 March
1992 1991 1992
$000's $000's $000's
Trade accounts payable and accruals 12,714 10,768 11,362
Accrued personnel costs 7,048 8,020 9,652
Rentals billed in advance 3,285 4,852 3,417
Payable to fellow subsidiary companies 13,320 20,381 30,601
Payable to parent company 454 51,248 -
36,821 95,269 55,032

Interest rates on the parent company current account ranged from 12.29% to 12.77% for the six months ended 30 September 1992. The parent company current account is repayable on demand.



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✨ LLM interpretation of page content

💰 Telecom Wellington Limited Financial Statements (continued from previous page)

💰 Finance & Revenue
Financial Statements, Fixed Assets, Land, Claims, Waitangi Tribunal, Wahi Tapu, Accounts Payable, Accruals