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Publications ~ Annual Report 2004

Financial Statements and schedules for Non-Departmental activities
for the year ended 30 June 2004

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 2003/04.


Statement of 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

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.

 

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
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.

 

Schedule of Expenses
for the year ended 30 June 2004


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



639
363
(50)

Vote: Department of the Prime Minister and Cabinet

Other expenses to be incurred by the Crown:
Depreciation
(Gain) loss on sales of fixed assets



795
356
-



850
830
-

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.

 

Statement of Expenditure and Appropriations
For the year ended 30 June 2004

 

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:
Fees for the Commissioner of Security Warrants
(NZSIS Amendment (No 2) Act 1999)

Government House-other payments
(Civil List Act 1979)





20

775





20

830


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.

 

Schedule of Assets and Liabilities
as at 30 June 2004


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




253

Vote: Department of the Prime Minister and Cabinet
Current assets

Bank




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.


Schedule of Commitments
as at 30 June 2004

 

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.

 

Schedule of Contingent Liabilities
as at 30 June 2004

 

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.


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