New Zealand Gazette – 1997 – No. 170

Page 4083

✨ Financial Statements

5 DECEMBER
NEW ZEALAND GAZETTE
4083

Financial Instruments

Financial Instruments which potentially subject the Company to credit risk principally consist of bank balances and accounts receivable. Generally the Company does not require collateral. Maximum exposure to credit risk is the amount stated in the financial statements and is net of any recognised provision for losses on these financial instruments. An amount of $128,032 is included in Retail's current liabilities which is the value of consumer deposits held. No other collateral is held on these amounts.

The Company is not exposed to any concentrations of risk or currency risk.

The Company has a bank overdraft facility of $500,000.

The methods and assumptions used are that the carrying amount in the financial statements reflects the estimated fair value of the financial instruments including receivables, bank and investments and accounts payable. The carrying amount of investments in the financial statements reflect their cost. Fair values for these at balance date were $18,240 (all distribution).

The Company has long term borrowing's which are used to fund ongoing activities.

Interest Rate Risk

Interest rate risk is the risk that the value of a financial instrument will fluctuate due to changes in market interest rates. This could particularly impact on the cost of borrowing or the return on investments.

The interest rates on the Company's investments are 6.75% to 6.97%:

Short term deposits	Distribution $	Retail $
	425,000	0

The Directors do not consider there is any significant exposure to interest rate risk on the Company's investments.

The interest rates on the Company's borrowings are disclosed in Note 7. Interest rates are reviewed regularly.

There are no interest rate options or interest rate swap agreements in place as at 30 June 1997.

Currency Risk

No currency risk.

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VUW Te Waharoa — NZ Gazette 1997, No 170

NZLII — NZ Gazette 1997, No 170

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✨ LLM interpretation of page content

🏭 Notes to the Financial Statements for Wanganui Gas Limited (continued from previous page)

Domain🏭 Trade, Customs & Industry
Dated5 December 1997
KeywordsFinancial instruments, Credit risk, Bank overdraft, Interest rate risk, Currency risk, Financial statements, Wanganui Gas Limited

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