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Note 16

Employee entitlements

Group

Parent

2015

$000s

2014

$000s

2015

$000s

2014

$000s

Annual Leave

801

683

772

655

801

683

772

655

Note 17

Provisions

Tourism New Zealand has a number of potential future restoration costs relating to make good clauses on office rental leases. The

provision recognises the present value of expected future payments for amounts in relation to make good. The provision relates to four

Tourism New Zealand offices and is expected to be incurred over the next eight years.

Group

Parent

2015

$000s

2014

$000s

2015

$000s

2014

$000s

Provisions are represented by:

Lease make-good

266

266

266

266

Total Provisions

266

266

266

266

Current provision

96

20

96

20

Non-current provision

170

246

170

246

266

266

266

266

Movements in provisions are as follows:

Balance at 1 July

266

273

266

273

Additional provisions made

-

-

-

-

Amounts used

-

(7)

-

(7)

Unused amounts reversed

-

-

-

-

Balance at 30 June

266

266

266

266

Note 18

Foreign Exchange Reserve

Tourism New Zealand funds its overseas offices and operations in the local currency of that office or operation. Some of the surplus/

(deficit) arising from foreign currency movements are held in reserve to finance changes in the New Zealand dollar cost of maintaining

a consistent level of funding to those overseas offices or operations. Only the realised gains or losses on foreign currency transactions

during the year are transferred to reserves, and the unrealised gains or losses on mark to market revaluation of derivatives held at year

end are not transferred to reserves.

Group

Parent

2015

$000s

2014

$000s

2015

$000s

2014

$000s

Movements in reserve is as follows:

Balance at 1 July

4,117

5,007

4,117

5,007

Transfer to Retained Earnings from Foreign Exchange Reserve

527

(890)

527

(890)

Balance at 30 June

4,644

4,117

4,644

4,117

61