10 PROPERTY, PLANT & EQUIPMENT

Property, plant and equipment.
2003 Actual $000		2004 Actual $000
147	Land – at valuation	147
	Buildings
1,138	At valuation	1,142
(27)	Accumulated depreciation	(74)
1,111	Net book value	1,068
	Leasehold improvements
2,274	At cost	2,713
(1,441)	Accumulated depreciation	(1,789)
833	Net book value	924
	Plant and equipment
16,838	At cost	17,052
(13,177)	Accumulated depreciation	(14,256)
3,661	Net book value	2,796
644	Capital work in progress – at cost	933
	Vessels
1,014	At valuation	904
(44)	Accumulated depreciation	(146)
970	Net book value	758
	Motor Vehicles
2,329	At cost	2,600
(587)	Accumulated depreciation	(769)
1,742	Net book value	1,831
	Total property, plant and equipment
24,384	At cost/valuation	25,491
(15,276)	Accumulated depreciation	(17,034)
9,108	Net book value	8,457

Valuation information Land and buildings were revalued in January 2003 at fair value as established by Mr William Bunt of CB Ellis Limited, an independent registered valuer. Vessels were revalued in April 2003 by a marine consultant. Subsequent additions have been recorded at cost less depreciation.

11 CREDITORS AND PAYABLES

Creditors and payables.
2003 Actual $000		2004 Actual $000
891	Creditors	535
14,683	Accrued expenses	9,600
15,574	Total creditors and payables	10,135

12 PROVISION FOR REPAYMENT OF SURPLUS TO THE CROWN

Provision for repayment of surplus to the crown.
2003 Actual $000		2004 Actual $000
2,270	Net surplus	2,759
2,270	Total provision for repayment of surplus	2,759

13 EMPLOYEE ENTITLEMENTS

Employee entitlements.
	2004 Actual $000	2004 Main Estimates $000	2004 Supp Estimates $000
Current liabilities
Balance at start of period 2003	1,316	371	1,687
Expenditure during the period	(1,578)	(371)	(1,949)
Increase in provision	1,730	424	2,154
Balance at end of period 2004	1,468	424	1,892

	Retirement Leave $000	Long Service Leave $000	Total $000
Term Liabilities
Balance at start of period 2003	1,555	371	1,926
Expenditure during the period	(38)	(34)	(72)
Increase in provision	233	78	311
Balance at end of period 2004	1,750	415	2,165

Retirement Leave Employees are entitled to retirement leave or approved early retirement, providing they have completed ten or more years of service and the retirement is the permanent cessation of regular paid employment with the Ministry.

Long Service Leave Employees who have completed ten years’ continuous government service may be granted ten working days’ long service leave.
A further ten working days are available after completion of twenty years’ continuous service. Long service leave must be taken within five years of qualification.

Employee entitlements to long service leave and retirement leave are valued on an actuarial basis. Mr Bernie Higgins of Aon Consulting New Zealand Limited, an independent consulting actuary, undertook this valuation at 30 June 2004.

14 FINANCE LEASE LIABILITY

Finance lease liablity.
2003 Actual $000		2004 Actual $000
	Total minimum lease payments due:
-	Not later than one year	15
-	Later than one year, not later than two years	3
-	Later than two years, not later than five years	-
-	More than five years	-
-	Total finance lease obligations	18
	Less:
-	Future lease finance charges	(1)
-	Net finance lease liability	17
	Net finance lease liabilities are classified as follows:
-	Current finance lease liability	14
-	Non-current finance lease liability	3
-	Net finance lease obligations	17

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Updated : 16 November 2007