New Zealand Gazette – 1995 – No. 82

Page 2281

✨ Financial Statements Notes

18 AUGUST NEW ZEALAND GAZETTE 2281

NOTE 7. ACCOUNTS PAYABLE AND ACCRUALS

Sundry Creditors and Accruals 1,262,667
Goods and Services Tax 40,228
Provision for Taxation 523,527
Provision for Accrued Leave 121,003
$ 1,947,425

NOTE 8. COMMITMENTS

At 31 March 1995, Electricity Invercargill Limited's share of commitments contracted by PowerNet Limited is estimated at $150,000, being:

Completion of Buildings $50,000
GIS Mapping System $100,000

NOTE 9. CONTINGENT LIABILITIES

There were no contingent liabilities at 31 March 1995.

NOTE 10. FINANCIAL INSTRUMENTS

Credit Risk: Financial instruments which potentially subject the Company to a credit risk consist principally of bank deposits and receivables. Bank deposits are placed with high credit quality financial institutions. Concentrations of credit risk with respect to Receivables relate to PowerNet Limited but are subject to normal terms of trade. Regular monitoring of receivables is undertaken.

Interest Rate Risk: The Company's term liabilities are held by debenture with the Invercargill City Council under a pre-arranged instrument, interest rate risk is managed by funding over a range of maturities. Through agreement and renewable loans, interest expense is being minimised.

Foreign Exchange and Currency Risk: The company is not exposed to foreign exchange or currency risk.

Off-Balance Sheet Financial Instruments: The company does not have any off-balance sheet financial instruments.

Fair Values: The fair value of the on-balance sheet financial instruments are represented by the carrying values.

NOTE 11. DIVIDEND

The Dividend of $900,000 is a nominal figure to reflect the anticipated position at 31 March, 1995. As the Company's financial year ends on 30 June, no final decision on dividend is made until the annual position is known with certainty.

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VUW Te Waharoa — NZ Gazette 1995, No 82

NZLII — NZ Gazette 1995, No 82

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💰 Notes to and Forming Part of the Line Business Financial Statements (continued from previous page)

Domain💰 Finance & Revenue
Dated4 August 1995
KeywordsFinancial Statements, Accounts Payable, Commitments, Contingent Liabilities, Financial Instruments, Dividend

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