New Zealand Gazette – 1998 – No. 192

Page 4518

✨ Financial Statements Notes

4518 NEW ZEALAND GAZETTE No. 192

9. 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 $129,891 (1997: $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 $0 (1997: $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 Company has long term borrowings 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 8.30% to 9.85% (1997: 6.75% to 6.97%).

	Distribution		Retail
	1998	1997	1998	1997
	$	$	$	$
Short term deposits	351,418	425,000	168,269	-

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 at 30 June 1998. (1997: None ).

Currency Risk

No currency risk.

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VUW Te Waharoa — NZ Gazette 1998, No 192

NZLII — NZ Gazette 1998, No 192

Parliament House (depicted) was completed in 1918 and remains the primary seat of Parliament.

✨ LLM interpretation of page content

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

Domain🏭 Trade, Customs & Industry
KeywordsFinancial statements, Financial Instruments, Credit Risk, Interest Rate Risk, Currency Risk, Bank Balances, Accounts Receivable, Bank Overdraft, Investments, Borrowings

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