✨ Financial Transactions and Relationships
11. Related Party Transactions
The following transactions occurred during the period with Related Parties:
| Distribution 2006 $ | Distribution 2005 $ | Retail 2006 $ | Retail 2005 $ | |
|---|---|---|---|---|
| Wanganui District Council by virtue of its 100% ownership of WDCHL (74.9% Shareholder) | ||||
| (D J Warburton, Chief Executive) | ||||
| Rent | $ 68,010 | $ 68,014 | $ 28,839 | $ 28,985 |
| IT services | $ 42,853 | $ 41,716 | $ 42,538 | $ 36,408 |
| Rates | $ 37,842 | $ 36,054 | $ 1,173 | $ 1,243 |
| Gas | $ 33,384 | $ 298 | $ 31,947 | $ 318 |
| Other | $ 162,089 | $ 146,112 | $ 104,547 | $ 66,954 |
Vector by virtue of its 100% ownership of NGC Investments Ltd (25.1% Shareholder)
(S L Bielby, General Counsel. M P Stanaway, Chairman)
| Gas purchases & transmission services | $ - | $ - | $ 15,706,782 | $ 9,865,675 |
| Other | $ 3,340 | $ 10,981 | $ 3,197 | $ 11,716 |
| | $ 3,340 | $ 10,981 | $ 15,709,979 | $ 9,877,391 |
Doyle & Associates
(M J Doyle, Principal)
| Consulting | $ 645 | $ - | $ 581 | $ - |
WGL Transactions to NGC
| Transport related charges | $ 70,371 | $ 55,921 | $ - | $ 213,457 |
| Gas trading | $ - | $ - | $ 304 | $ - |
| Other | $ 17,552 | $ 304 | $ - | $ - |
| | $ 87,923 | $ 56,225 | $ - | $ 213,457 |
Amounts Owed to Related Parties at Balance date were:
| Wanganui District Council | $ 36,731 | $ 3,015 | $ 21,089 | $ 1,381 |
| Vector Ltd | $ 387 | $ 773 | $ 1,829,143 | $ 695,045 |
| Doyle & Associates | $ 270 | $ - | $ 243 | $ - |
All Transactions were conducted on normal commercial terms.
Wanganui Gas Ltd is a company owned by Wanganui District Council Holdings Ltd
WDCHL (a Council Controlled Organisation of Wanganui District Council) and Vector Gas
Investments Ltd (a subsidiary of NGC Holdings Ltd). By virtue of its 74.9% shareholding
WDCHL has significant influence on the role of Wanganui Gas Ltd.
The Company has supplied energy to the Wanganui District Council on an arm’s length
basis for which related party disclosures have not been made.
There are no other related party transactions.
12. Prescribed Business Relationships
Under Regulation 22 of the Gas (Information Disclosure) Regulations 1997 total costs and revenue
must be disclosed for goods and services provided between entities in prescribed business
relationships. ‘Distribution’ and ‘Retail’ fall within the Gas (Information Disclosure) Regulations 1997
definition of a prescribed business relationship (Regulation 3).
| 2006 | 2005 | |
|---|---|---|
| Distribution Revenue from Retail | ||
| Gas Distribution Tariffs * | $ 3,670,272 | $ 3,194,980 |
| Distribution Debtors from Retail | ||
| Wanganui Gas Ltd - Distribution * | $ 422,097 | $ 362,367 |
- Tariff represents revenue to Distribution for the transportation of gas through its distribution network.
The value of transactions is calculated by applying current published Distribution tariffs to actual Retail
throughput gas volumes and connection numbers. Transactions represent a book entry only. Debtor
represents June revenue - assumed to be paid in the subsequent month.
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2006, No 138
Gazette.govt.nz —
NZ Gazette 2006, No 138
✨ LLM interpretation of page content
🏭
Notes to the Financial Statements for Wanganui Gas Limited
(continued from previous page)
🏭 Trade, Customs & IndustryFinancial Instruments, Credit Risk, Bank Balances, Accounts Receivable, Consumer Deposits, Bank Guarantee, Interest Rate Risk, Currency Risk, Related Party Transactions, Wanganui District Council, Vector Ltd, Doyle & Associates, Prescribed Business Relationships
- D. J. Warburton (Chief Executive), Related Party Transactions
- S. L. Bielby (General Counsel), Related Party Transactions
- M. P. Stanaway (Chairman), Related Party Transactions
- M. J. Doyle (Principal), Related Party Transactions