New Zealand Gazette – 2006 – No. 136

Page 3924

✨ 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 2006

CHANGES IN ACCOUNTING POLICIES

There have been no changes in accounting policies. All policies have been consistently applied during the year.

	2006	2005
	$	$
2 NET SURPLUS BEFORE TAXATION
After Charging:
Direct Expenditure	2,679,050	2,108,683
Audit fees for these financial statements	5,880	5,960
Audit fees for other Company financial statements	36,195	29,480
Directors' fees	125,184	123,181
Electricity Reform Costs	23,595	14,513
Other Indirect expenditure	1,209,173	1,092,855
Depreciation	1,578,049	1,520,220
Buildings	11,517	11,484
Reticulation Assets	1,497,378	1,439,386
Motor Vehicles	29,794	28,354
Plant, Furniture and Fittings	39,360	40,996
Net Gain on Disposal of Assets	(13,295)	(4,725)
Interest Paid	816,000	796,000
After Crediting:
Interest Received	15,821	33,073

VUW Te Waharoa — NZ Gazette 2006, No 136

Gazette.govt.nz — NZ Gazette 2006, No 136

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

✨ LLM interpretation of page content

🏭 Notes to Financial Statements of Waipa Networks Limited (continued from previous page)

Domain🏭 Trade, Customs & Industry
Dated24 October 2006
KeywordsCommerce Commission, Electricity Information Disclosure Requirements, Financial Statements, Accounting Policies, Waipa Networks Limited

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