New Zealand Gazette – 2001 – No. 118

Page 3046

✨ Financial Statements



NEW ZEALAND GAZETTE

No. 118

2001 $ 2000 $
r) Consultancy and legal expenses 89,314 39,932
o) Donations 0 0
p) Directors fees 156,652 198,690
q) Auditors fees-
    i) Audit fees paid to principal auditors 35,037 27,410
    ii) Audit fees paid to other auditors: 3,300 0
    iii) Fees paid for other services provided by principal and other auditors 0 0
iv) Total auditors fees 38,337 27,410
r) Cost of offering credit-
    i) Bad debts written off 0 0
    ii) Increase in estimated doubtful debts 0 0
    iii) Total cost of offering credit 0 0
s) Local Authority rate expense 9,670 9,712
t) AC loss - rental rebates (distribution to retailers) expense 0 0
u) Rebates to customers due to ownership interest 3,094,971 1,600,000
v) Subvention payments 0 0
w) Unusual expenses 0 0
x) Other expenditure not listed in (a to w) 214,606 191,521
Total Operating Expenditure 13,176,691 11,368,387

Operating surplus before interest and income tax | 2,085,409 | 2,388,321 |

Interest Expense

| a) Interest expense on borrowings | 0 | 11,920 |
| b) Financing charges related to finance lease | 0 | 0 |
| c) Other interest expense not listed in (a to b) | 0 | 0 |
| d) Total interest expense | 0 | 11,920 |

Income Tax | 1,413,908 | 1,198,978 |

Net Surplus after tax | 671,501 | 1,177,423 |

4 DISTRIBUTION SYSTEM MAINTENANCE AND OPERATION

A credit of $325,000 for capitalised salaries has been credited against Distribution System Maintenance and Operation, whereas in 2000 the credit was to Other.

5 AUDITORS FEES

This includes $30,200 of final fees from Audit NZ. The company appointed Gabites Sinclair & Partners as auditors during the financial year being reported.



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Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2001, No 118


Gazette.govt.nz — PDF NZ Gazette 2001, No 118




✨ LLM interpretation of page content

💰 Accounting Policies for Financial Statements (continued from previous page)

💰 Finance & Revenue
Income Taxation, Deferred Taxation, Valuation of Assets, Accounts Receivable, Inventories, GST, Allocation Methodologies