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Note 15

Employee entitlements

Group

Parent

2016

$000s

2015

$000s

2016

$000s

2015

$000s

Annual Leave

827

801

796

772

827

801

796

772

Note 16

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

2016

$000s

2015

$000s

2016

$000s

2015

$000s

Provisions are represented by:

Lease make-good

266

266

266

266

Total Provisions

266

266

266

266

Current provision

116

96

116

96

Non-current provision

150

170

150

170

266

266

266

266

Movements in provisions are as follows:

Balance at 1 July

266

266

266

266

Additional provisions made

-

-

-

-

Amounts used

-

-

-

-

Unused amounts reversed

-

-

-

-

Balance at 30 June

266

266

266

266

Note 17

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

2016

$000s

2015

$000s

2016

$000s

2015

$000s

Movements in reserve is as follows:

Balance at 1 July

4,644

4,117

4,644

4,117

Transfer to Retained Earnings from Foreign Exchange Reserve

(523)

527

(523)

527

Balance at 30 June

4,121

4,644

4,121

4,644

67