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Annual Report for the year ended 30 June 2002
Presented to the House of Representatives pursuant to Section 39 of the Public Finance Act, 1989
Contents
- Letter to Minister
- Our Vision
- Chief Executive’s Overview
- Strategic Context 2001/04
- Key Achievements
- Fisheries Research
- Ministry Performance For The Year Ended 30 June 2002
- Statement of Resources
- Terms and Definitions Used
- Legislation Administered by the Ministry of Fisheries at 30 June 2002
- Ministry Directory
Depreciation
Depreciation of fixed assets, other than freehold land and work in progress, is provided on a straight line basis so as to allocate the cost (or valuation) of assets over their estimated useful lives. The estimated economic useful lives are:
| Buildings |
10-100 years |
 |
| Motor vehicles |
up to 10 years |
|
| Vessels |
4-25 years |
|
| Plant and equipment |
up to 10 years |
|
| Leasehold improvements |
up to 10 years |
|
The cost of leasehold improvements is capitalised and depreciated over the unexpired period of the lease or the estimated remaining useful lives of the improvements whichever is shorter.
Items under construction are not depreciated. The total cost of a capital project is transferred to the appropriate asset class on its completion and then depreciated.
Inventories
Inventories acquired for use in the provision of goods and services are expensed, except for bulk stocks which are capitalised and expensed when used. Inventories are valued at cost. Full provision is made for obsolescence where applicable.
Employee Entitlements
Provision is made in respect of the Ministry’s liability for annual leave, long service leave and retirement leave. Annual leave has been calculated on an actual entitlement basis at current rates of pay. Employee entitlements to long service leave and retiring leave are recognised for all employees on the basis of an annual actuarial valuation based on the present value of expected future entitlements.
Foreign Currency
Foreign currency transactions are converted into New Zealand dollars at the exchange rate at the date of the transaction.
Statement of Cash Flows
Cash means cash balances on hand and held in bank accounts.
Operating activities include cash received from all income sources of the Ministry and record the cash payments made for the supply of goods and services.
Investing activities are those activities relating to the acquisition and disposal of non-current assets.
Financing activities comprise capital injections by, or repayment of capital to, the Crown.
Financial Instruments
The Ministry is party to financial instruments as part of its normal operations. These financial instruments include bank accounts, debtors and creditors. All financial instruments are recognised in the Statement of Financial Position and all revenues and expenses in relation to financial instruments are recognised in the Statement of Financial Performance.
Goods and Services Tax (GST)
All financial information in this document is expressed exclusive of GST except for:
- The items, Debtors and Receivables and Creditors and Payables, which are inclusive of GST in the:
- Statement of Financial Position; and
- Statement of Cash Flows.
- The following schedules, in which the GST on revenue earned is included where applicable:
- Statement of Departmental and Non-Departmental Expenditure and Appropriations; and
- Statement of Unappropriated Expenditure.
The amount of GST owing to or from the Department of Inland Revenue at balance date is included in Creditors and Payables or Debtors and Receivables as appropriate.
Taxation
Government Departments are exempt from the payment of Income Tax in terms of the Income Tax Act 1994. Accordingly, no charge for income tax has been provided for.
Commitments
Future expenses and liabilities to be incurred on non-cancellable operating leases, fisheries and biodiversity research contracts and registry services contracts that are entered into at balance date are disclosed as commitments to the extent that they are equally unperformed obligations.
Contingent Liabilities
Contingent liabilities are disclosed at the point at which the contingency is evident.
Taxpayers’ Funds
This is the Crown’s net investment in the Ministry.
Changes in Accounting Policies
There have been no changes in accounting policies since the date of the last audited financial statements. All policies have been applied on a basis consistent with previous years.
Statement of Financial Performance
for the Year Ended 30 June
Statement of Financial Performance for the Year Ended 30 June.
2001
Actual
$000 |
|
Notes |
2002
Actual
$000 |
2002
Main
Estimates
$000 |
2002
Supp
Estimates
$000 |
|
|
Revenue: |
| 60,469 |
Crown |
1 |
68,705 |
62,699 |
68,705 |
| 2,439 |
Other |
2 |
1,959 |
1,656 |
3,206 |
| 11 |
Interest |
|
0 |
15 |
0 |
|
| 62,919 |
Total revenue |
|
70,664 |
64,370 |
71,911 |
|
|
Expenditure: |
| 20,695 |
Personnel costs |
4 |
22,881 |
20,389 |
24,327 |
| 36,537 |
Operating costs |
5 |
38,074 |
40,421 |
44,144 |
| 2,296 |
Depreciation |
3,150 |
2,804 |
2,584 |
| 753 |
Capital charge |
6 |
702 |
741 |
706 |
| 160 |
Other expenses |
7 |
197 |
200 |
200 |
|
| 60,441 |
Total expenditure |
17 |
65,004 |
64,555 |
71,961 |
|
| 2,478 |
Net surplus/(deficit) |
|
5,660 |
(185) |
(50) |
|
Statement of Movements in Taxpayers’ Funds
as at 30 June
Statement of Movements in Taxpayers' Funds as at 30 June.
2001
Actual
$000 |
|
2002
Actual
$000 |
2002
Main
Estimates
$000 |
2002
Supp
Estimates
$000 |
|
| 7,995 |
Taxpayers’ funds at start of period |
7,847 |
7,782 |
7,847 |
| 2,478 |
Net surplus/(deficit) |
5,660 |
(185) |
(50) |
| 2 |
Increase in revaluation reserves |
0 |
0 |
0 |
|
| 2,480 |
Total recognised revenues and expenses for the period |
5,660 |
(185) |
(50) |
|
| (2,638) |
Provision for repayment of surplus to the Crown |
(5,857) |
(15) |
(150) |
| 10 |
Capital contribution |
0 |
100 |
100 |
|
| 7,847 |
Taxpayers’ funds at end of period |
7,650 |
7,682 |
7,747 |
|
Statement of Financial Position
as at 30 June
Statement of Financial Position as at 30 June.
2001
Actual
$000 |
|
Notes |
2002
Actual
$000 |
2002
Main
Estimates
$000 |
2002
Supp
Estimates
$000 |
|
|
Taxpayers’ funds |
| 7,395 |
General funds |
8a |
7,198 |
7,157 |
7,295 |
| 452 |
Revaluation reserves |
8b |
452 |
525 |
452 |
|
| 7,847 |
Total taxpayers’ funds |
|
7,650 |
7,682 |
7,747 |
|
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Represented by: |
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Current assets |
| 2,214 |
Cash |
|
1,883 |
1,103 |
2,259 |
| 126 |
Prepayments |
|
338 |
96 |
96 |
| 12 |
Inventory |
|
15 |
46 |
46 |
| 15,486 |
Debtors and receivables |
9 |
17,341 |
11,956 |
10,856 |
|
| 17,838 |
Total current assets |
|
19,577 |
13,201 |
13,257 |
|
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Non-current assets |
| 9,626 |
Fixed assets |
10 |
9,402 |
10,282 |
10,426 |
|
| 27,464 |
Total assets |
|
28,979 |
23,483 |
23,683 |
|
|
Current liabilities |
| 13,153 |
Creditors and payables |
11 |
11,152 |
11,556 |
11,556 |
| 2,638 |
Provision for repayment of surplus to the Crown |
12 |
5,857 |
15 |
150 |
| 1,961 |
Provision for employee entitlements |
13 |
2,240 |
2,500 |
2,544 |
| 319 |
Unearned revenue |
|
394 |
330 |
286 |
|
| 18,071 |
Total current liabilities |
19,643 |
14,401 |
14,536 |
|
|
Term liabilities |
| 1,546 |
Provision for employee entitlements |
13 |
1,686 |
1,400 |
1,400 |
|
| 19,617 |
Total term liabilities |
|
21,329 |
15,801 |
15,936 |
|
| 7,847 |
Net assets |
|
7,650 |
7,682 |
7,747 |
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