New Zealand Gazette – 2004 – No. 154

Page 3810

✨ Financial Statements

3810 NEW ZEALAND GAZETTE, No. 154 26 NOVEMBER 2004

10. Financial Instruments

Financial Instruments which potentially subject the Company to credit risk principally consist of bank balances and accounts receivable. Generally the Company does not require collateral. Maximum exposure to credit risk is the amount stated in the financial statements and is net of any recognised provision for losses on those financial instruments. An amount of $142,543 (2003: $138,555) is included in Retail’s current liabilities which is the value of consumer deposits held. No other collateral is held on these amounts.

The Company is not exposed to any concentrations of risk or currency risk.

The methods and assumptions used are that the carrying amount in the financial statements reflects the estimated fair value of the financial instruments including receivables, bank and investments and accounts payable.

The Company has long term borrowings which are used to fund ongoing activities.

Interest Rate Risk

Interest rate risk is the risk that the value of a financial instrument will fluctuate due to changes in market interest rates. This could particularly impact on the cost of borrowing or the return on investments.

The interest rates on the Company’s investments are 4.90% to 5.71% (2003: 5.02% to 5.89%).

Distribution		Retail
	2004	2003	2004
	$	$	$
Short term deposits	-	-	250,000

The Directors do not consider there is any significant exposure to interest rate risk on the Company’s investments.

The interest rates on the Company’s borrowings are disclosed in note 7. Interest rates are reviewed regularly.

There are no interest rate options or interest rate swap agreements in place as at 30 June 2004 (2003: NIL).

Currency Risk

No currency risk.

VUW Te Waharoa — NZ Gazette 2004, No 154

Gazette.govt.nz — NZ Gazette 2004, No 154

The Executive Wing of Parliament (depicted) is universally known as The Beehive. It was completed in 1977 and remains the primary office for the elected Government of the day.

✨ LLM interpretation of page content

💰 Notes to the Financial Statements (continued from previous page)

Domain💰 Finance & Revenue
KeywordsFinancial Instruments, Credit Risk, Interest Rate Risk, Currency Risk, Bank Balances, Accounts Receivable, Long Term Borrowings

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