New Zealand Gazette – 1997 – No. 71

Page 1732

✨ Financial Statements Notes

1732
NEW ZEALAND GAZETTE
No. 71

NOTE 2. COMMITMENTS

GIS Mapping System

1997	1996
$15,660	$435,000

Operating Lease Commitments at 31 March

Less than one year
16,000

Greater than one year but not more than two years
12,000

Greater than two years but not more than three years
4,000

$32,000

NOTE 3. CONTINGENT LIABILITIES

At 31 March 1997 Electricity Invercargill Limited’s share of a PowerNet Limited contingent liability in respect of Use of System Agreements is
17,000

Electricity Invercargill Limited’s share of guarantees given to Contractors by PowerNet Limited for amounts ranging from $20,000 to $164,000
452,244

$469,244

NOTE 4. 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 5. DIVIDEND

A notional Dividend of $1,250,000 is included to reflect the anticipated position at 31 March, 1997. As the Company’s financial year ends on 30 June no decision will be made on the payment of a dividend until after the final position is known.

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NZLII — NZ Gazette 1997, No 71

The Executive Wing of Parliament (depicted) is universally known as The Beehive. It was completed in 1977 and remains the primary office for the elected Government of the day.

✨ LLM interpretation of page content

🏭 Statement of Accounting Policies (continued from previous page)

Domain🏭 Trade, Customs & Industry
KeywordsAccounting Policies, Financial Reporting, Electricity, Renewal Accounting, GST

🏭 GIS Mapping System Commitments

Domain🏭 Trade, Customs & Industry
KeywordsGIS Mapping System, Commitments, Financial Reporting

🏭 Operating Lease Commitments

Domain🏭 Trade, Customs & Industry
KeywordsOperating Lease Commitments, Financial Reporting

🏭 Contingent Liabilities

Domain🏭 Trade, Customs & Industry
KeywordsContingent Liabilities, Financial Reporting, Electricity Invercargill Limited

🏭 Financial Instruments

Domain🏭 Trade, Customs & Industry
KeywordsFinancial Instruments, Credit Risk, Interest Rate Risk, Foreign Exchange Risk, Financial Reporting

🏭 Dividend Information

Domain🏭 Trade, Customs & Industry
KeywordsDividend, Financial Reporting, Electricity Invercargill Limited

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