✨ Financial Statements Notes
Notes to and Forming Part of the Financial Statements
For the Year Ended 31 March 1997
20 TRANSACTIONS WITH RELATED PARTIES
Powerco paid legal fees to Horsley Christie, a firm in which Mr D H Brown, a director, has an interest, and to Rudd Watts & Stone, a firm in which Mr J S Auld, a director, has an interest. The fees were charged on normal terms and conditions and account for 31.7% and 24.9% respectively of total group legal fees.
All directors are energy customers of Powerco under normal terms and conditions of supply.
Powerco is also deemed to have a related party relationship with New Plymouth District Council, being a 45% shareholder in Powerco through its subsidiary Pukeariki Holdings Limited. Powerco paid $424,255 rent to the New Plymouth District Council at market rate. Powerco also supplies energy to the New Plymouth District Council under normal terms and conditions, the value of sales being 0.43 % of total sales. Rates have been paid to New Plymouth District Council to the value of $16,500.
Powerco also has related party transactions with its associate company, Energy Brokers New Zealand Limited. The Chief Executive of Powerco Limited is a director of Energy Brokers New Zealand Limited. All electricity energy purchases by Powerco were purchased from Energy Brokers New Zealand Limited. At balance date the amount owing to Energy Brokers New Zealand Limited by Powerco was $2,984,394. This amount is included within the accounts payable balance in the Statement of Financial Position. Powerco supplies metering assemblies, information systems, accounting and data capture services to Energy Brokers for which it charges a cost recovery rate.
21 LEASE OBLIGATIONS
Operating lease obligations payable after balance date on non-cancellable leases are as follows:
| 1997 | 1996 | |
|---|---|---|
| $000 | $000 | |
| Within one year | 1,300 | 492 |
| Between 1-2 years | 866 | 492 |
| Between 2-5 years | 140 | 380 |
| $2,306 | $1,364 |
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VUW Te Waharoa —
NZ Gazette 1997, No 180
NZLII —
NZ Gazette 1997, No 180
✨ LLM interpretation of page content
💰 Transactions with Related Parties
💰 Finance & RevenueRelated Party Transactions, Legal Fees, Energy Customers, Council Relationships
- D H Brown (Mr), Director with interest in legal firm
- J S Auld (Mr), Director with interest in legal firm
💰 Lease Obligations
💰 Finance & RevenueOperating Lease Obligations, Financial Commitments