New Zealand Gazette – 2003 – No. 95

Page 2515

✨ Financial Statements Notes

Notes to the financial statements (continued)

For the year ended 31 March 2003

17) Contingent Asset

Last year the Company reported a contingent asset is respect of an insurance claim resulting from storm damage incurred in September 2000. A final claim of $1.7 million was submitted to the Insurance Company in September 2002. Of this amount $750,000 was received during the 2002 year. Negotiations are continuing with the Insurance Company to resolve settlement of this claim and an offer has been made in June 2003 by the Insurance Company. This offer is currently under consideration.

18) Commitments

There were no capital commitments not provided for at year end. The figure for 2002 was also nil.

19) 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

At 31 March 2003 the Company had a US Dollar liability of USD156,000 payable in June. This liability was not hedged and is recorded at the spot market rate on 31 March 2003.

Interest risk

The interest rate risk is limited to bank borrowings. The Company has a policy of hedging interest rates and has hedges covering $23 million of borrowings for periods between two and five years at less than 6.76%.

Fair Values

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

VUW Te Waharoa — NZ Gazette 2003, No 95

Gazette.govt.nz — NZ Gazette 2003, No 95

Parliament House (depicted) was completed in 1918 and remains the primary seat of Parliament.

✨ LLM interpretation of page content

🏭 Notes to the financial statements (continued from previous page)

Domain🏭 Trade, Customs & Industry
KeywordsFinancial statements, Contingent asset, Commitments, Financial instruments, Credit risk, Currency risk, Interest risk, Fair values

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