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Publications ~ Annual Report 2005

Financial Statement and Schedules
for Non-Departmental Activities

 

Statement of Accounting Policies
for the year ended 30 June 2005

Overview

 

The following statements and schedules record the expenses, assets and liabilities that the department manages on behalf of the Crown. These non-departmental balances are consolidated into the Crown Financial Statements and therefore readers of these statements and schedules should also refer to the Crown Financial Statements for 2004/05.

Accounting Policies

 

Measurement and recognition rules applied in the preparation of these non-departmental financial statements and schedules are consistent with generally accepted accounting practice and Crown accounting policies.

The following particular accounting policies, which materially affect the measurement of financial results and financial position have been applied.

 

Budget figures

The budget figures are those presented in the Budget estimates (main estimates) and those amended by the supplementary estimates and any transfer made by Order in Council under Section 5 of the Public Finance Act 1989.

Goods and services tax (GST)

All Crown items are inclusive of GST.

Property, plant and equipment

Valuation

QV valuations revalued land and buildings in Wellington as at 30 June 2004, and land and buildings in Auckland as at 1 May 2003.

Land and buildings are recorded at fair value. Fair value is determined using market-based evidence, unless insufficient market-based evidence exists, in which case they are valued at optimised depreciated replacement cost.

Land and buildings are revalued at least every three years. Additions between revaluations are recorded at cost.

Any revaluation surplus arising on the revaluation of a class of asset is transferred directly to the asset revaluation reserve. A revaluation deficit in excess of the asset revaluation reserve balance for the class of fixed asset is recognised in the Statement of Financial Performance in the period in which it arises.

Other property, plant and equipment is initially recorded at cost.

All individual assets or groups of assets are capitalised if their purchase cost is $2,000 or greater.

 

Depreciation of assets

All fixed assets have been depreciated on a straight-line basis that reflects the decline in service potential of the asset during the reporting period. Specific rates of depreciation used for the various classes of fixed assets are as follows:

 

Buildings	2%
Fixtures and fittings	10%
Furniture	20%
Motor vehicles	25%
Plant & equipment	20%
Ground improvements	20%
Household ornaments	20%
Artwork	2%

Commitments

Future payments are disclosed as commitments at the point where a contractual obligation arises, to the extent that they are equally unperformed obligations.

 

Contingent liabilities

Contingent liabilities are disclosed at the point at which the contingency is evident.

 

Changes in accounting policies

There have been no changes in accounting policies. All policies have been applied on bases consistent with those used in the previous period.

 

Assets and liabilities

All assets and liabilities are recognised at fair value.

 

Non-Departmental Activities
Schedule of Expenses
for the year ended 30 June 2005

The Schedule of Expenses summarises non-departmental expenses that the department administers on behalf of the Crown.

	30.6.04 Actual $000	30.6.05 Actual $000	30.6.05 Supp. Estimates $000
Vote: Prime Minister and Cabinet
Other expenses to be incurred by the Crown	795	839	860
Depreciation	356	379	430
Total non-departmental expenses	1,151	1,218	1,290

The accompanying accounting policies and notes form part of and are to be read in conjunction with these statements.

 

Non-Departmental Activities
Statement of Expenditure and Appropriations
For the year ended 30 June 2005

 

The statement of expenditure and appropriations details expenditure and capital payments incurred against appropriations.

The department administers these appropriations on behalf of the Crown.

	30.6.04 Actual $000	30.6.05 Actual $000	30.6.05 Supplementary Estimates $000
Vote: Prime Minister and Cabinet Other expenses to be incurred by the Crown:
Fees for the Commissioner of Security Warrants (NZSIS Amendment (No 2) Act 1999)	20	23	30
Government House – Other payments (Civil List Act 1979)	775	816	830
Total Appropriations for other expenses incurred by the Crown	795	839	860
Purchase or development of capital assets by the Crown: Government House	788	2,546	2,546
Total Appropriations for purchase or development of Crown assets	788	2,546	2,546

The accompanying accounting policies and notes form part of and are to be read in conjunction with these statements.

Non-Departmental Activities
Schedule of Assets and Liabilities
as at 30 June 2005

The Schedule of Assets and Liabilities summarises the assets and Liabilities that the department administers on behalf of the Crown.

		30.6.04 Actual $000	30.6.05 Actual $000	30.6.05 Supplementary Estimates $000
Vote: Prime Minister and Cabinet
Current assets	Bank	879	441	251
Property, plant and equipment	Land	27,660	27,660	27,660
	Buildings	13,667	15,933	13,178
	Plant and equipment	2	-	2
	Furniture and fittings	51	35	51
	Motor vehicles	116	77	120
Other assets		601	559	2,919
Total Non-departmental assets		42,976	44,705	44,181
Current liabilities	Accounts payable	169	59	50
	Accrued liabilities	39	91	50
	Fixed asset accruals	520	119	0
Total non-departmental liabilities		728	269	100

The accompanying accounting policies and notes form part of and are to be read in conjunction with these statements.

 

Non-Departmental Activities
Schedule of Commitments
as at 30 June 2005

	30.6.04 Actual $000	30.6.05 Actual $000
Vote: Prime Minister and Cabinet
Capital commitments Land & buildings	2,003	37
Total commitments	-	37
Term classification for operating commitments Less than one year	2,003	37
Total commitments	2,003	37

The accompanying accounting policies and notes form part of and are to be read in conjunction with these statements.

 

Non-Departmental Activities
Schedule of Contingent Liabilities
as at 30 June 2005

 

Vote: Department of the Prime Minister and Cabinet

 

Vote: Prime Minister and Cabinet

There are no contingent liabilities as at 30 June 2005.

(30 June 2004: Nil)