✨ Financial Statements and Transactions
16 AUGUST NEW ZEALAND GAZETTE 2219
(vii) Contributions received toward Capital Works are charged to the Statement of Financial Performance and shown as income earned in the year in which they are received.
(viii) Employee entitlements. Provision is made in respect of the Company’s liability for annual, long-service and retirement leave. Annual and long-service leave has been calculated on an actual entitlement basis at current rates of pay, whilst the other provisions have been calculated on an actuarial basis at current rates of pay.
d) Changes in Accounting Policy
(i) Distribution assets have been revalued and depreciated on a Straight Line basis. Previously these assets were depreciated using a combination of Diminishing Value and Straight Line bases. The effect of the revaluation has been to increase the value of the network assets by $29,917,383 and increase the depreciation expense by $764,635.
e) Methodology of Separation of Business
(i) The costs, revenues, assets and liabilities for the 1999 disclosure have been allocated in accordance with the Electricity (Information Disclosure) Regulations 1999. The basis of allocation adopted this year is the avoidable cost methodology.
- Contingent Liabilities
The Lines Business has no contingent liabilities at the end of the period (1999 Nil).
- Related Party Transactions
Network Waitaki Limited has a contracting division that provides services to the Lines Business. The services provided are for the maintenance of the network and capital construction of System Fixed Assets. The services are provided in an ongoing capacity. The standard charge for these services are:
Labour $30.00 per hour
External Purchases Charged at cost
Transport (light truck) $0.75 per km
Transport (heavy truck) $1.05 per km
During the period capital construction transactions totalled the following:
Subtransmission assets $0
Zone substations $116,954
Distribution lines $420,723
Medium voltage switchgear $42,980
Distribution substations $0
Low voltage lines $7,701
Other System Fixed Assets (as per the ODV Handbook) $28,484
Maintenance of System Fixed Assets $526,510
Cost of customer connections and disconnections $0
No amounts have been forgiven or written off, and no amounts remain outstanding at the end of the period.
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2000, No 91
Gazette.govt.nz —
NZ Gazette 2000, No 91
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Statement of Cash Flows for Network Waitaki Limited
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🏭 Trade, Customs & IndustryCash Flows, Operating Activities, Investing Activities, Financing Activities, Network Waitaki Limited