Note: This site's content is accessible to all versions of every browser. However, this browser may not support basic Web standards, preventing the display of our site's design details. We support the mission of the Web Standards Project in the campaign encouraging users to upgrade their browsers.
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 Financial Statements of the Government of New Zealand and therefore readers of these statements and schedules should also refer to those Financial Statements for the year ended 30 June 2007.
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.
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 the Public Finance Act 1989.
All statements are GST exclusive, with the exception of the Statement of Financial Position where the entries for creditors and payables and for debtors and receivables are GST inclusive.
QV Valuations revalued land and buildings in Wellington and Auckland as at 30 June 2006. 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.
Other artwork, ornaments and some antique furniture and fittings are valued as necessary. Dunbar Sloane Ltd valued these assets in Wellington as at 30 June 2007. It is proposed to complete the Auckland valuations in the forthcoming year.
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 are capitalised if their purchase cost is $2,000 or greater.
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 & fittings | 10% |
| Furniture | 20% |
| Motor vehicles | 25% |
| Plant & equipment | 20% |
| Ground improvements | 20% |
| Household ornaments | 20% |
| Artwork | 2% |
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 are disclosed at the point at which the contingency is evident.
There have been no changes in accounting policies. All policies have been applied on bases consistent with those used in the previous period.
All assets and liabilities are recognised at fair value.
The Schedule of Expenses summarises non-departmental expenses that the department administers on behalf of the Crown.
| 30.06.06 | 30.06.07 | 30.06.07 | ||
|---|---|---|---|---|
Actual $000 |
Actual $000 |
Main Estimates $000 |
Supplementary Estimates $000 |
|
| Vote: Prime Minister and Cabinet | ||||
| 813 | Other expenses to be incurred by the Crown | 8341 | 828 | 828 |
| 396 | Depreciation | 423 | 460 | 460 |
| 1,209 | Total non-departmental expenses | 1,257 | 1,288 | 1,288 |
1 At 30 June 2007, expenditure under permanent legislative authority (the Civil List Act 1979) exceeded the forecast appropriation.
The accompanying accounting policies and notes form part of and are to be read in conjunction with these statements.
The Statement of Expenditure and Appropriations details expenditure and capital payments incurred against appropriations.
The department administers these appropriations on behalf of the Crown.
| 30.06.06 | 30.06.07 | 30.06.07 | ||
|---|---|---|---|---|
Actual $000 |
Actual $000 |
Main Estimates $000 |
Supplementary Estimates $000 |
|
| Vote: Prime Minister and Cabinet | ||||
| Other expenses to be incurred by the Crown | ||||
| 29 | Fees for the Commissioner of Security Warrants (NZSIS Amendment (No 2) Act 1999) | 16 | 30 | 30 |
| 784 | Government House – other payments (Civil List Act 1979) | 818 | 798 | 798 |
| 813 | Total Appropriations for other expenses incurred by the Crown | 834 | 828 | 828 |
| Purchase or development of capital assets by the Crown | ||||
| 795 | Government House | 146 | 150 | 150 |
| 795 | Total Appropriations for purchase or development of Crown assets | 146 | 150 | 150 |
The accompanying accounting policies and notes form part of and are to be read in conjunction with these statements.
The Schedule of Assets and Liabilities summarises the assets and liabilities that the department administers on behalf of the Crown.
| 30.06.06 | 30.06.07 | 30.06.07 | ||
|---|---|---|---|---|
Actual $000 |
Actual $000 |
Main Estimates $000 |
Supplementary Estimates $000 |
|
| Vote: Prime Minister and Cabinet | ||||
| Current assets | ||||
| 644 | Bank | 442 | 272 | 365 |
| Property, plant and equipment | ||||
| 33,850 | Land | 33,850 | 27,660 | 33,850 |
| 17,038 | Buildings | 16,802 | 16,181 | 16,844 |
| - | Plant and equipment | - | 28 | - |
| 20 | Furniture and fittings | 1,2791 | 98 | - |
| 37 | Motor vehicles | - | - | - |
| 533 | Other assets (artworks, ornaments) | 2,072 | 386 | 474 |
| 52,122 | Total Non-departmental assets | 54,445 | 44,625 | 51,533 |
| Current liabilities | ||||
| 136 | Accounts payable | 15 | 50 | 50 |
| 22 | Accrued liabilities | 48 | - | - |
| 221 | Fixed asset accruals | 127 | 50 | 50 |
| 379 | Total non-departmental liabilities | 190 | 100 | 100 |
1 A revaluation was done at 30 June 2007 of furniture and fittings, artworks and ornaments at Government House Wellington resulting in an increase in value of these assets.
The accompanying accounting policies and notes form part of and are to be read in conjunction with these statements.
There are no capital or operating commitments as at 30 June 2007.
(30 June 2006: Nil)
Vote: Prime Minister and Cabinet
There are no contingent liabilities as at 30 June 2007.
(30 June 2006: Nil)