New Zealand Gazette – 2002 – No. 108

Page 2913

✨ Financial Statements

19 AUGUST
NEW ZEALAND GAZETTE
2913

f) Accounts Receivable
Receivables are shown at net realisable value. All known bad debts have been written off during the year.

g) Inventories
Inventories are valued at the lower of cost, determined on a weighted average cost basis, and net realisable value.

h) Goods and Services Tax (GST)
These financial statements have been prepared exclusive of GST with the exception of accounts receivable and accounts payable, which are shown inclusive of GST.

i) Allocation Methodologies
Allocations of costs, revenues, assets and liabilities have been allocated in accordance with the Electricity (Information Disclosure) Regulations 1999.

Changes in Accounting Policies
There have been no material changes in accounting policies. All accounting policies have been applied on bases consistent with those used in the previous year.

2 REVENUE

	2002 $	2001 $
a) Revenue from line / access charges;	0	0
i) Revenue invoiced to customers by electricity retailer	14,608,728	14,114,770
ii) Revenue invoiced to customers by line owner	0	0
b) Revenue for services carried out by the line business	0	0
c) Income from interest on cash, bank balance and short term investments	34,093	0
d) AC loss – rental rebates	1,005,169	775,743
e) Other Revenue not listed in (a to d)	436,057	371,587
f) Total Operating Revenue	16,084,047	15,262,100

3 OPERATING EXPENDITURE

a) Transmission Charges | 4,416,966 | 4,432,674 |
b) Transfer Payments to “Other” Business |
i) Asset Maintenance | 681,950 | 670,489 |
ii) Consumer Disconnection and Reconnection Services | 0 | 0 |
iii) Meter Data | 0 | 0 |
iv) Consumer – based load control Services | 15,497 | 27,250 |
v) Royalty and Patent expense | 0 | 0 |
vi) Other Goods and Services not listed in (i to vi) | 0 | 0 |
Total transfer payment to the “Other” Business | 697,447 | 697,739 |
c) Expense to entities that are not related parties for - |
i) Asset Maintenance | 56,713 | 116,783 |
ii) Consumer Disconnection and Reconnections Services | 0 | 0 |
iii) Meter Data | 0 | 0 |
iv) Consumer – based load control Services | 7,163 | 7,648 |
v) Royalty and Patent expense | 0 | 0 |
vi) Total of specified expenses to non-related parties | 63,876 | 124,431 |
Total expenses to entities that are not related parties | 1,337,857 | 1,294,078 |
d) Employee Salaries and Redundancies | | |