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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 2003/04.
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 Section 5 of the Public Finance Act 1989.
Goods and services tax (GST)
All Crown items are inclusive of GST.
Property, plant and equipment
Quotable Value New Zealand revalued land and buildings in Wellington as at 30 June 2004, and Land & Buildings in Auckland as at 1 May 2003.
Land and buildings are recorded at fair value. Fair value is determined using market-based evidence, in cases where there is insufficient market-based evidence exists, in which case they are evidence, land are buildings 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 from 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 a particular asset is recognised in the Statement of Financial Performance in the period in which it arises.
Fixed assets are initially recorded at cost, if the valuation is less than accumulated depreciation.
All individual assets or groups of 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 Fixtures and fittings Furniture Motor vehicles Plant and equipment Ground improvements Household ornaments Artwork |
2 % 10% 20% 25% 20% 20% 20% 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.
The Schedule of Expenses summarises non-departmental expenses that the department
administers on behalf of the Crown.
| 30.6.03 Actual $000 |
30.6.04 Actual $000 |
30.6.04 Budgeted $000 |
|
|
|
Vote: Department of the Prime Minister and Cabinet
Other expenses to be incurred by the Crown: |
|
|
952 |
Total non-departmental expenses |
1,151 |
1,680 |
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.
| 30.6.03 Actual $000 |
30.6.04 Actual $000 |
30.6.04 Budgeted $000 |
|
| 8 631 |
Vote: Department of the Prime Minister and Cabinet
Other expenses to be incurred by the Crown: |
20 775 |
|
| 639 |
Total appropriations for other expenses incurred by the Crown |
795 |
850 |
| 169 |
Purchase or development of capital assets by the Crown Government House |
788 |
788 |
169 |
Total appropriations for purchase or development of Crown assets
|
788 |
788 |
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.
| 30.6.03 Actual $000 |
30.6.04 Actual $000 |
30.6.04 Budgeted $000 |
|
|
|
Vote: Department of the Prime Minister and Cabinet |
879 |
596 |
| 25,310 11,389 7 86 156 657 |
Property , plant and equipment Land Buildings Plant and equipment Furniture and Fittings Motor Vehicles Other assets |
27,660 13,667 2 51 116 601 |
26,310 10,448 2 64 217 522 |
| 37,858 |
Total non-departmental assets | 42,976 |
38,159 |
32 73 52 |
Current liabilities Accounts payable Accrued liabilities Fixed asset accruals |
169 39 520 |
500 - 500 |
157 |
Total non-departmental liabilities |
728 |
1,000 |
The accompanying accounting policies and notes form part of and are to be read in conjunction with these statements.
| 30.6.03 Actual $000 |
30.6.04 Actual $000 |
|
| - |
Vote: Department of the Prime Minister and Cabinet
Capital commitments Land & buildings |
2,003 |
| - |
Total commitments |
2,003 |
- |
Term classification for operating commitments Less than one year |
2,003 |
- |
Total commitments |
2,003 |
The accompanying accounting policies and notes form part of and are to be
read in conjunction with these statements.
Vote: Department of the Prime Minister and Cabinet
There are no contingent liabilities as at 30 June 2004.
( 30 June 2003: Nil )
The accompanying accounting policies and notes form part of and are to be
read in conjunction with these statements.