New Zealand Gazette – 2008 – No. 24

Page 532

✨ Financial Statements Continuation

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) Employees 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 2007

CHANGES IN ACCOUNTING POLICIES

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

	2007	2006
	$	$
2 NET SURPLUS BEFORE TAXATION

After Charging:
Direct Expenditure | 2,757,684 | 2,679,050 |
Audit fees for these financial statements | 6,174 | 5,880 |
Audit fees for other Company financial statements | 42,005 | 36,195 |
Directors’ fees | 128,814 | 125,184 |
Electricity Reform Costs| 33,395 | 23,595 |
Other Indirect expenditure| 1,158,271 | 1,209,173 |
Depreciation | 1,676,239 | 1,578,049 |
Buildings | 11,517 | 11,517 |
Reticulation Assets | 1,594,079 | 1,497,378 |
Motor Vehicles | 32,218 | 29,794 |
Plant, Furniture and Fittings | 38,425 | 39,360 |
Net Gain on Disposal of Assets | (12,087) | (13,295) |
Interest Paid | 858,220 | 816,000 |

After Crediting:
Interest Received | 7,255 | 15,821 |

VUW Te Waharoa — NZ Gazette 2008, No 24

Gazette.govt.nz — NZ Gazette 2008, No 24

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✨ LLM interpretation of page content

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

Domain🏭 Trade, Customs & Industry
KeywordsFinancial statements, Accounting policies, Financial instruments, Employee entitlements, Audit fees, Depreciation, Interest, Waipa Networks Limited

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