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STATEMENT OF COMPREHENSIVE REVENUE AND EXPENSE

for the year ended 30 June 2015

Actual 2013/14
$000

 

Note

Actual 2014/15
$000

Unaudited Main Estimates 2014/15
$000

Unaudited Supplementary Estimates 2014/15
$000

Unaudited forecast* 2015/16
$000

 

Revenue

 

 

 

 

 

33,371

Revenue Crown

2

31,273

32,473

31,862

32,473

279

Other revenue

3

429

230

471

320

33,650

Total revenue

 

31,702

32,703

32,333

32,793

 

Expenses

 

 

 

 

 

16,447

Personnel expenses

4

16,464

17,720

17,020

17,320

12,929

Other operating expenses

5

10,793

10,759

11,107

11,176

3,427

Contractual payments to Crown entities

6

3,559

3,427

3,563

3,517

217

Capital charge

7

217

220

220

220

410

Depreciation – property, plant and equipment

10

519

368

368

351

216

Amortisation – intangible assets

11

74

209

55

209

4

Finance cost

14

56

-

-

-

33,650

Total expenses

31,682

32,703

32,333

32,793

 

-

Net surplus

 

20

-

-

-

-

Gain on revaluation of Milford aerodrome

10

102

-

102

-

-

Total comprehensive revenue and expense

 

122

-

102

-

Explanations of significant variances against budget are detailed in note 21.

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STATEMENT OF MOVEMENTS IN EQUITY

for the year ended 30 June 2015

Actual 2013/14
$000

 

Note

Actual 2014/15
$000

Unaudited Main Estimates 2014/15
$000

Unaudited Supplementary Estimates 2014/15
$000

Unaudited forecast* 2015/16
$000

2,708

Balance at 1 July

 

2,708

2,708

2,708

2,810

-

Total comprehensive revenue and expense

 

122

-

102

-

 

Owner transactions

         

-

Provision to repay surplus to Crown

 

(20)

-

-

-

2,708

Balance at 30 June

8

2,810

2,708

2,810

2,810

*The statement of accounting policies provides explanations of these forecast figures.

The notes form an integral part of, and should be read in conjunction with, the financial statements.

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STATEMENT OF FINANCIAL POSITION

as at 30 June 2015

Actual 2013/14
$000

 

Note

Actual 2014/15
$000

Unaudited Main Estimates 2014/15
$000

Unaudited Supplementary Estimates 2014/15
$000

Unaudited forecast* 2015/16
$000

 

Equity

         

1,947

Taxpayers funds

 

1,947

1,947

1,947

1,947

761

Revaluation reserve – Aerodrome

 

863

761

863

863

2,708

Total equity

8

2,810

2,708

2,810

2,810

 

Represented by:

         
 

Current assets

         

3,365

Cash and cash equivalents

16

2,763

5,323

3,131

3,341

3,068

Debtors, prepayments and other receivables under exchange transactions

9

3,454

15

2,950

2,950

6,433

Total current assets

 

6,217

5,338

6,081

6,291

 

Non-current assets

         

2,171

Property, plant and equipment

10

1,836

1,937

2,005

1,794

117

Intangible assets

11

104

481

484

485

12

Work in progress

11

-

-

-

-

2,300

Total non-current assets

 

1,940

2,418

2,489

2,279

8,733

Total assets

 

8,157

7,756

8,570

8,570

 

Current liabilities

         

2,655

Creditors and other payables under exchange transactions

12

1,996

2,083

2,889

2,889

1,734

Employee entitlements

13

1,510

1,132

1,235

1,235

-

Provision to repay surplus

 

20

-

-

-

4,389

Total current liabilities

 

3,526

3,215

4,124

4,124

 

Non-current liabilities

         

948

Employee entitlements

13

1,077

1,149

948

948

688

Provision for lease make-good

14

744

684

688

688

1,636

Total non-current liabilities

 

1,821

1,833

1,636

1,636

6,025

Total liabilities

 

5,347

5,048

5,760

5,760

2,708

Net assets

 

2,810

2,708

2,810

2,810

*The statement of accounting policies provides explanations of these forecast figures.

The notes form an integral part of, and should be read in conjunction with, the financial statements.

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STATEMENT OF CASH FLOWS

for the year ended 30 June 2015

Actual 2013/14
$000

 

Note

Actual 2014/15
$000

Unaudited Main Estimates 2014/15
$000

Unaudited Supplementary Estimates 2014/15
$000

Unaudited forecast* 2015/16
$000

 

Cash flows from operating activities

         

30,324

Crown revenue

 

30,931

32,538

31,980

32,473

-

Departments

 

68

-

64

-

90

Crown entities

 

125

-

171

90

200

Other revenue

 

211

230

236

230

(16,533)

Personnel costs

 

(16,553)

(17,720)

(17,020)

(17,320)

(12,148)

Operating expenses

 

(11,255)

(10,824)

(11,107)

(11,176)

(3,427)

Contractual payments to Crown entities

 

(3,559)

(3,427)

(3,563)

(3,517)

375

Net GST paid

 

(220)

-

(265)

-

(217)

Capital charge

 

(217)

(220)

(220)

(220)

(1,336)

Net cash flows from operating activities 15

 

(469)

577

276

560

 

Cash flows from investing activities

         

1

Disposal of property, plant and equipment

 

-

-

-

-

(114)

Purchase of property, plant and equipment

 

(84)

(140)

(100)

(140)

(66)

Purchase of intangible assets

 

(49)

(210)

(410)

(210)

(179)

Net cash flows from investing activities

 

(133)

(350)

(510)

(350)

 

Cash flows from financing activities

         

(320)

Repayment of surplus

 

-

-

-

-

(320)

Net cash flows from financing activities

 

-

-

-

-

(1,835)

Net increase/(decrease) in cash held

 

(602)

227

(234)

210

5,200

Cash at 1 July

 

3,365

5,096

3,365

3,131

3,365

Total cash at 30 June

16

2,763

5,323

3,131

3,341

*The statement of accounting policies provides explanations of these forecast figures.

The net GST paid component of operating activities reflects the net GST paid to and received from the Inland Revenue Department. This component is presented on a net basis, as the gross amounts do not provide meaningful information for financial statement purposes and to be consistent with the presentation basis of the other primary financial statements.

The notes form an integral part of, and should be read in conjunction with, the financial statements.

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STATEMENT OF COMMITMENTS

as at 30 June 2015

Non-cancellable operating lease commitments

The Ministry leases property in the normal course of business. This lease is for premises in Wellington, and has a non- cancellable leasing period up to 28 February 2018, with a three-year right of renewal. Rent was subject to review at 1 March 2015, and again at 1 March 2018 if the right of renewal is exercised. The 2015 rent review is not yet resolved.

Actual 2013/14
$000

 

Actual 2014/15
$000

 

Non-cancellable operating lease commitments

 

1,422

Not later than 1 year

1,417

3,794

Later than 1 year and not later than 5 years

2,364

-

Later than 5 years

-

5,216

Total non-cancellable operating lease commitments

3,781

There are no restrictions placed on the Ministry by its leasing arrangements. The amount disclosed is based on the current rental rates. Total operating lease cost is expensed on a straight-line basis over the life of the lease.

The reduction in commitments is because the accommodation lease is one year closer to expiry.

Capital commitments

The Ministry has no capital commitments as at 30 June 2015 (2013/14: $nil).

 

STATEMENT OF CONTINGENT LIABILITIES AND CONTINGENT ASSETS

as at 30 June 2015

The Ministry has no quantifiable contingent liabilities, or contingent assets as at 30 June 2015 (2013/14: $nil).

The notes form an integral part of, and should be read in conjunction with, the financial statements.

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