New Zealand Gazette – 1998 – No. 192

Page 4519

✨ Financial Statements



NEW ZEALAND GAZETTE

27 NOVEMBER

4519

10. Related Party Transactions

The following transactions occurred during the period with Related Parties:

| | Distribution | | Retail |
| --- | --- | --- | --- | --- |
| | 1998 | 1997 | 1998 | 1997 |
| | $ | $ | $ | $ |

Wanganui District Council (74.9% Shareholder):
(C E Poynton, Mayor & J L Medicott, Wanganui Rural Community Board)

  • Rent | 69,108 | 65,514 | 21,664 | 24,788

  • Information Services Support | $ - | 4,231 | 4,067 | 4,170 | 1,539

  • Plant hire | 223 | 691 | 166 | 262

  • Rates | 4,518 | 6,179 | 1,289 | 2,338

  • Other | 2,824 | 2,752 | 2,106 | 1,041

    Total | 80,904 | 79,203 | 29,395 | 29,968

Natural Gas Corporation (25.1% Shareholder):
(R J Bentley, Chief Executive Officer & B M Turfrey, Chief Financial Officer)

  • Gas Purchases & Transmission Services | $ - | $ - | 3,513,397 | 4,156,439

  • Consultancy Fees | 2,122 | 13,377 | 2,122 | 5,061

  • Franchise Fees | $ - | 9,935 | $ - | 4,967

  • Other | 5,966 | 8,274 | 4,451 | 3,131

    Total | 8,088 | 31,586 | 3,519,970 | 4,169,598

Treadwell Gordon & Co (G S Swan, Consultant)

  • Legal Advice | 6,533 | 17,712 | 2,458 | 6,702

Amounts Owed to Related Parties at Balance date were:

Distribution Retail
1998 1997
$ $
  • Wanganui District Council | 5,849 | 9,266 | 2,125 | 3,506
  • Natural Gas Corporation | 805 | 4,377 | 350,282 | 577,857
  • Treadwell Gordon & Co | $ - | 3,776 | $ - | 1,429

All Transactions were conducted on normal commercial terms.

11. Prescribed Business Relationships

Under Regulation 22 of the Gas (Information Disclosure) Regulations 1997 total costs and revenue must be disclosed for goods and services provided between entities in prescribed business relationships. 'Distribution' and 'Retail' fall within the Gas (Information Disclosure) Regulations 1997 definition of a prescribed business relationship (Regulation 3).

1998 1997
$ $

Distribution Revenue from Retail

  • Gas Distribution Tariffs * | 3,162,340 | 3,194,854

Distribution Debtors from Retail

  • Wanganui Gas Ltd - Distribution * | 269,406 | 268,743
  • Tariff represents revenue to Distribution for the transportation of gas through its distribution network. The value of transactions is calculated by applying current published Distribution tariffs to actual Retail throughput gas volumes and connection numbers. Transactions represent a book entry only. Debtor represents June revenue - assumed to be paid in the subsequent month.


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✨ LLM interpretation of page content

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

🏭 Trade, Customs & Industry
Financial statements, Related Party Transactions, Distribution, Retail, Wanganui District Council, Natural Gas Corporation, Treadwell Gordon & Co
  • C. E. Poynton (Mayor), Wanganui District Council
  • J. L. Medicott, Wanganui Rural Community Board
  • R. J. Bentley (Chief Executive Officer), Natural Gas Corporation
  • B. M. Turfrey (Chief Financial Officer), Natural Gas Corporation
  • G. S. Swan (Consultant), Treadwell Gordon & Co

🏭 Prescribed Business Relationships Disclosure

🏭 Trade, Customs & Industry
Financial statements, Prescribed Business Relationships, Gas Distribution Tariffs, Distribution Debtors