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New Zealand Gazette – 2000 – No. 146

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✨ Financial Statements Notes

NEW ZEALAND GAZETTE

No. 146

-- 13 --

Eastland Network Limited

Notes to the financial statements (continued)

For the year ended 31 March 2000

21 Financial instruments

Credit risk
Financial assets which potentially subject the Company to a credit risk principally consist of bank balances and accounts receivable. The maximum credit risk is the book value of these financial instruments however, the Company considers the risk of non recovery of these amounts to be minimal.

Bank balances and investments in short term deposits are made with registered banks with satisfactory credit ratings. Exposure with any one financial institution is restricted in accordance with company policy.

Currency risk
The Company has no material exposure to currency risk.

Interest risk
The interest rate risk is limited to bank borrowings. As indicated at note 14 the interest rates are hedged until 28 July 2001.

Fair Values
The carrying value of cash and bank deposits, accounts receivable and accounts payable is equivalent to their fair value.

22 Transactions with related parties.

(a) The Company engaged Utility Services Associates Limited, a consulting company of which P S Barnett is a director, in connection with the purchase of assets from Wairoa Power Limited, meeting the Company’s Y2K compliance requirements and preparation and presentation of the Company’s submission to the Electricity Enquiry. Total fees paid were $14,454 plus GST.

(b) The Company is 100% owned by Eastland Energy Community Trust.

Other than the distributions shown in the statement of movements in equity there have been no significant transactions with related parties.

VUW Te Waharoa — NZ Gazette 2000, No 146

Gazette.govt.nz — NZ Gazette 2000, No 146

The General Assembly Library (on the right) was completed in 1899 and survived the 1907 fire. Now the oldest remaining original Parliament building, still used as the Parliamentary Library.

✨ LLM interpretation of page content

🏭 Notes to the financial statements by Eastland Network Limited (continued from previous page)

Domain🏭 Trade, Customs & Industry
KeywordsFinancial statements, Credit risk, Currency risk, Interest risk, Related party transactions, Eastland Network Limited
👱🏽 Names

P S Barnett, Director of Utility Services Associates Limited

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