In the “Annual Report for year ended 30 June 2015

Schedule of revenue – Crown as administered by the Department of Conservation
for the year ended 30 June 2015
 

Notes

30/06/14
Actual
$000

30/06/15
Budget*
$000

30/06/15
Revised Budget*
$000

30/06/15
Actual
$000

Revenue

Concessions, leases and licences

1

13,777

13,900

13,900

15,261

Other operational revenue

 

2,673

3,350

3,350

5,384

Capital receipts

 

1,549

554

554

3,125

Total revenue

 

17,999

17,804

17,804

23,770

* The statement of accounting policies provides explanations of these figures which are unaudited.

Non-departmental income is administered by the Department of Conservation on behalf of the Crown. As this income is not established by the Department nor earned in the production of the Department's outputs, it is not reported in the departmental financial statements.

Schedule of expenses – Crown as administered by the Department of Conservation
for the year ended 30 June 2015
 

30/06/14
Actual
$000

30/06/15
Budget*
$000

30/06/15
Revised Budget*
$000

30/06/15
Actual
$000

Vote Conservation

Appropriation for non-departmental output classes

13,160

22,466

18,540

15,723

Appropriation for non-departmental other expenses

2,957

6,675

10,493

3,836

GST input on appropriations

1,633

3,508

-

1,878

Other

-

(9,140)

(3,183)

(89)

Total expenses

17,750

23,509

25,850

21,348

* The statement of accounting policies provides explanations of these figures which are unaudited.

The schedule of expenses – Crown as administered by the Department of Conservation summarises non-departmental expenses that the Department administers on behalf of the Crown. Further details are provided in the statement of expenses and capital expenditure incurred against appropriations.

Schedule of assets – Crown as administered by the Department of Conservation
as at 30 June 2015
 

Notes

30/06/14
Actual
$000

30/06/15
Budget*
$000

30/06/15
Revised Budget*
$000

30/06/15
Actual
$000

Current assets

Cash

 

18,386

79,919

26,095

17,577

Prepayments

 

218

297

200

162

Trade and other receivables

 

3,454

42,388

20,133

4,642

Non-current assets held for sale

2

14,157

-

-

8,387

Total current assets

 

36,215

122,604

46,428

30,768

Non-current assets

Property, plant and equipment

3

5,467,483

5,429,255

5,474,165

5,557,809

Total non-current assets

 

5,467,483

5,429,255

5,474,165

5,557,809

Total assets

 

5,503,698

5,551,859

5,520,593

5,588,577

* The statement of accounting policies provides explanations of these figures which are unaudited.

During the course of the year, the Department on behalf of the Crown transferred land into two new entities. These are the Te Urewera Board and Maungatautari Mountain Scenic Reserve. The investment in these entities is consolidated in the financial statements of Government and is not included in this schedule.

Schedule of liabilities – Crown as administered by the Department of Conservation
as at 30 June 2015
 

Notes

30/06/14
Actual
$000

30/06/15
Budget*
$000

30/06/15
Revised Budget*
$000

30/06/15
Actual
$000

Current liabilities

Trade and other payables

 

639

21,094

100

1,699

Revenue in advance

 

180

-

-

191

Provisions

4

2,410

-

-

2,350

Total current liabilities

 

3,229

21,094

100

4,240

Total liabilities

 

3,229

21,094

100

4,240

* The statement of accounting policies provides explanations of these figures which are unaudited.

Schedule of commitments – Crown as administered by the Department of Conservation
as at 30 June 2015
 

30/06/14
Actual*
$000

30/06/15
Actual
$000

Other non-cancellable operating leases

763

504

Total commitments

763

504

Commitments by term

Less than 1 year

259

259

1-2 years

259

245

2-5 years

245

-

Total commitments

763

504

* The 2014 comparative figures have been restated to include a lease commitment (lease of the Waikaremoana lakebed, expiring in 2017) that was omitted in previous years in error. The impact on the 2014 figures is a total increase of $723,000 ($241,000 per commitment term).

Schedule of contingent liabilities and contingent assets – Crown as administered by 
the Department of Conservation as at 30 June 2015
 

30/06/14
Actual
$000

30/06/15
Actual
$000

Quantifiable liabilities

9,141

8,000

Total contingent liabilities

9,141

8,000

There were nine claims against the Crown, eight of which are not currently quantifiable. The quantifiable item relates to earthquake-strengthening Turnbull House, which could cost as much as $8 million.

Contingent assets

The Crown as administered by the Department of Conservation has no contingent assets (2014: nil).

The accompanying accounting policies and notes form part of, and should be read in conjunction with, these financial statements.

Statement of accounting policies

Reporting entity

These non-departmental schedules and statements present financial information on public funds managed by the Department on behalf of the Crown.

These non-departmental balances are consolidated into the Financial Statements of the Government. Refer also to the Financial Statements of the Government for a full understanding of the Crown's financial position, results of operations and cash flows for the year.

Accounting policies

The non-departmental schedules and statements have been prepared in accordance with the Government's accounting policies as set out in the Financial Statements of the Government, and in accordance with relevant instructions and circulars issued by The Treasury.

These non-departmental statements and schedules are the first prepared in accordance with the new Public Benefit Entity accounting standards. The transition to the new accounting standards has had no material impact on the schedules.

The following particular accounting policies have been applied.

Budget and revised budget figures

The budget and the revised budget figures are those presented in the Supplementary Estimates of Appropriations for the Government of New Zealand and Supporting Information for the year ending 30 June 2015 (the Budget is 2014 Budget Economic and Fiscal Update [BEFU 2014] out-year 1 figures [the Estimates Budget] and the Revised Budget is the Supplementary Estimates Budget 2015 out-year 0 figures).

The budget and revised budget figures have been prepared in accordance with NZ GAAP, using accounting policies that are consistent with those adopted in preparing these financial statements.

Revenue

The Department collects revenue on behalf of the Crown. This is mainly from concession fees, rent/leases and licences from commercial users of Crown-owned land. Revenue is recognised when earned, reported in the current financial period and is treated as exchange transactions.

Goods and Services Tax (GST)

All items in the non-departmental schedules, including appropriation statements, are stated exclusive of GST, except for receivables and payables, which are stated on a GST-inclusive basis. In accordance with instructions issued by the Treasury, GST is returned on revenue received on behalf of the Crown, where applicable. However, an input tax deduction is not claimed on non-departmental expenditure. Instead, the amount of GST applicable to non-departmental expenditure is recognised as a separate expense and eliminated against GST revenue on consolidation of the Government Financial Statements.

Trade and other receivables

Short-term trade debtors and other receivables are recorded at their face value, less any provision for impairment. Impairment of a receivable is established when there is objective evidence that the Department will be unable to collect amounts due according to the original terms of the receivable. Significant financial difficulties of the debtor, probability that the debtor will enter into bankruptcy and default in payments are considered indicators that the debtor is impaired.

The carrying amount of the asset is reduced through the use of a provision for impairment account and the amount of the loss is recognised in surplus or deficit. Overdue receivables that are renegotiated are reclassified as current (that is, not past due).

Non-current assets held for sale

Non-current assets held for sale are classified as held for sale if their carrying amount will be recovered principally through a sale transaction, rather than through continued use. Non-current assets held for sale are measured at the lower of their carrying amount and their fair value less costs to sell.

Any impairment loss for write-downs of non-current assets held for sale is offset against the revaluation reserve. If that is exceeded, the balance is recognised in the surplus or deficit.

Non-current assets held for sale (including those that are part of a disposal group) are not depreciated or amortised while they are classified as held for sale.

Property, plant and equipment

Land is initially recognised at cost and is revalued annually based on assessments provided by Quotable Value Limited. Land not matched to an assessment is valued using an average per hectare rate.

Historic buildings used for rental activities are stated at fair value using optimised depreciated replacement cost as determined by an independent registered valuer. They are valued on an annual basis.

Cultural assets are stated at fair value. These assets are not depreciated and are valued at least every 5 years.

For revalued assets a revaluation change is recognised against the revaluation reserve for that class of assets. Where this results in a debit balance in the revaluation reserve, the balance is recognised in surplus or deficit.

Depreciation

Depreciation is provided on a straight-line basis at rates that will write-off assets, less their estimated residual value, over their remaining useful life.

Trade and other payables

Short-term trade creditors and other payables are recorded at their face value.

Provisions

The Crown recognises a provision for future expenditure of uncertain amount or timing when there is a present obligation (either legal or constructive) as a result of a past event, and it is probable that an outflow of future economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. Provisions are not recognised for future operating losses.

Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in the provision due to the passage of time is recognised as a finance cost.

Commitments

Expenses yet to be incurred on non-cancellable contracts that have been entered into on or before balance date are disclosed as commitments to the extent that there are equally unperformed obligations.

Cancellable commitments that have a penalty or exit cost explicit in the agreement on exercising that option to cancel are included in the statement of commitments at the lower of the remaining contractual commitment and the value of the penalty or exit cost.

Contingent liabilities

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

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