New Zealand Gazette – 1999 – No. 169

Page 4023

✨ Financial Statements

12 NOVEMBER
NEW ZEALAND GAZETTE
4023

BORROWINGS
Loans 0 9
Lease Liability 46 35
Total Liability 46 44

less: Current Portion
- Loans 0 9
- Lease Liability 17 8
  17 17
Non-Current Liability 29 27
PROVISIONS
Employee provisions 149 480
RESERVES
a) Share Premium Reserve
Balance - 1 April and 31 March 222 222

b) Asset Revaluation Reserve
i) Freehold land
Balance - 1 April 1,338 1,349
Revaluation of land 13 (11)
Balance - 31 March 1,351 1,338

ii) Freehold buildings
Balance - 1 April 186 311
Revaluation of land 73 (125)
Deficit on Disposal (5) 0
Balance - 31 March 254 186

TOTAL RESERVES 1,827 1,746
RETAINED EARNINGS
Retained earnings - 1 April 7,642 5,637
Reallocation of Equity (3,580) -
Net surplus after taxation 2,693 2,443
less distribution to shareholders (765) (437)
transfers from/(to) reserves 5 (1)
5,995 7,642
RELATED PARTIES

14.1 Eastland Energy Community Trust

The business is owned by Eastland Network Limited, which is 100% owned by Eastland Energy Community Trust.

As per the terms of the Deed of Loan and Subordination with the Trust, the Resulting Benefit of $1,000,000 was utilised by the business in attaining the specified objectives. Distributions to the trust are as set out in the Statement of Movements in Equity.

14.2 Prescribed business relationships

During the year under review, Eastland Network Limited (formerly Eastland Energy Limited) carried on the activity of electricity retailing in addition to owning works for the conveyance of electricity. Under the provisions of Regulation 3, these two activities are in a prescribed business relationship. Eastland Network Limited ceased electricity retailing in November 1998. The transactions between the related parties were as follows :

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VUW Te Waharoa — NZ Gazette 1999, No 169

NZLII — NZ Gazette 1999, No 169

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

✨ LLM interpretation of page content

💰 Notes to Financial Statements of Eastland Network Limited (continued from previous page)

Domain💰 Finance & Revenue
KeywordsFinancial Statements, Liabilities, Provisions, Reserves, Retained Earnings, Related Parties, Eastland Network Limited, Eastland Energy Community Trust

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