✨ Financial Statements and Accounting Policies
WAIPA NETWORKS LIMITED - LINES BUSINESS
h) Financial Instruments
The Line Business includes all financial instrument arrangements in the statement of financial position using the concepts of accrual accounting. These instruments arise as a result of everyday operations and include: cash, receivables, creditors and investments. Revenues and expenses in relation to all financial instruments are recognised in the statement of financial performance. Financial instruments are shown at their fair values.
i) Employee entitlements
Provision is made in respect of the Line Businesses liability for annual leave, long service leave and retirement gratuities. Where the qualifying criteria has been met these have been calculated on an actual entitlement basis at current rates of pay. Further provision has been made for long service and retirement gratuities where the qualifying criteria has not yet been met, bringing to account what is likely to be payable in the future in respect of service that employees have accumulated up until the 31 March 2003
CHANGES IN ACCOUNTING POLICIES
There have been no changes in accounting policies. All policies have been consistently applied during the year.
2 NET SURPLUS BEFORE TAXATION
| 2003 | $ | 2002 | $ | |
|---|---|---|---|---|
| After Charging: | ||||
| Direct Expenditure | 1,927,280 | 1,448,878 | ||
| Audit fees for these financial statements | 4,875 | 5,302 | ||
| Audit fees for Company financial statements | 25,008 | 26,090 | ||
| Directors' fees | 106,665 | 97,696 | ||
| Electricity Reform Costs | 21,826 | 42,155 | ||
| Other Indirect expenditure | 949,483 | 922,402 | ||
| Depreciation | 1,293,294 | 1,271,755 | ||
| Buildings | 11,834 | 8,993 | ||
| Reticulation Assets | 1,189,865 | 1,149,942 | ||
| Motor Vehicles | 22,182 | 26,928 | ||
| Plant, Furniture and Fittings | 69,413 | 85,892 | ||
| Net Gain on Disposal of Assets | (30,363) | (12,128) | ||
| Interest Paid | 796,000 | 796,000 |
| After Crediting: | | | |
| Interest Received | 23,131 | | 31,508 |
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2003, No 79
Gazette.govt.nz —
NZ Gazette 2003, No 79
✨ LLM interpretation of page content
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Notes to Financial Statements for Waipa Networks Limited
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🏗️ Infrastructure & Public WorksFinancial Instruments, Employee Entitlements, Accounting Policies, Net Surplus, Financial Statements, Waipa Networks Limited