New Zealand Gazette – 2005 – No. 132

Page 3215

✨ Financial Liabilities Summary

19 AUGUST 2005 NEW ZEALAND GAZETTE, No. 132 3215

Details of the provision follows:

Long service leave

| | 2005
$000’s | 2004
$000’s |
|----------------|----------------|
| Opening balance | 186 | 138 |
| Additional provision made | 13 | 70 |
| Amount utilised | (67) | (22) |
| Closing balance | 132 | 186 |

The provision for long service leave relates to an actuarial assessment of entitlements that may become due to employees in the future. The provision is affected by a number of estimates, including the expected length of service of employees and the timing of benefits being taken. Most of the liability is expected to be incurred over the next 5 years.

Non-current liabilities

Non-current liabilities are as follows:

| | 2005
$000’s | 2004
$000’s |
|----------------|----------------|
| Payables and accruals | - | - |
| Borrowings | 40,000 | 40,000 |
| Deferred tax (see Note 4) | 51,737 | 45,293 |
| Other | - | - |
| Total | 91,737 | 85,293 |

Borrowings

A summary of interest bearing debt is as follows:

| | 2005
$000’s | 2004
$000’s |
|----------------|----------------|
| Current (NZD) | - | - |
| > 2 years (NZD)| 40,000 | 40,000 |
| Total | 40,000 | 40,000 |

All borrowings are unsecured against the company, however a deed of negative pledge and guarantee requires the company to comply with certain covenants.

Interest rates for the borrowings are floating based on bank bill rates plus a margin. At 31 March 2005 this rate was 7.1% (2004 5.6%). The company has entered into derivative contracts to hedge its exposure to interest rate fluctuations (refer Note 12).

VUW Te Waharoa — NZ Gazette 2005, No 132

Gazette.govt.nz — NZ Gazette 2005, No 132

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

💰 Long Service Leave Provision Details

Domain💰 Finance & Revenue
KeywordsLong service leave, Actuarial assessment, Employee entitlements, Financial provision

💰 Non-Current Liabilities Summary

Domain💰 Finance & Revenue
KeywordsNon-current liabilities, Payables, Borrowings, Deferred tax

💰 Borrowings Summary and Details

Domain💰 Finance & Revenue
KeywordsBorrowings, Interest rates, Derivative contracts, Financial covenants

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