Port Nelson Annual Report 2007 (pdf)

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AUDIT REPORT TO THE READERS OF PORT NELSON LIMITED’S FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2007 The Auditor-General is the auditor of Port Nelson Limited (the company). The Auditor-General has appointed me, Scott Tobin, using the staff and resources of Audit New Zealand, to carry out the audit of the financial statements of the company, on his behalf, for the year ended 30 June 2007. Unqualified opinion In our opinion: • The financial statements of the company on pages 22 to 42: - comply with generally accepted accounting practice in New Zealand; and - give a true and fair view of: • the company’s financial position as at 30 June 2007; and • the results of its operations and cash flows for the year ended on that date. • Based on our examination the company kept proper accounting records. The audit was completed on 10 September 2007, and is the date at which our opinion is expressed. The basis of our opinion is explained below. In addition, we outline the responsibilities of the Board of Directors and the Auditor, and explain our independence. Basis of opinion We carried out the audit in accordance with the Auditor-General’s Auditing Standards, which incorporate the New Zealand Auditing Standards. We planned and performed the audit to obtain all the information and explanations we considered necessary in order to obtain reasonable assurance that the financial statements did not have material misstatements, whether caused by fraud or error. Material misstatements are differences or omissions of amounts and disclosures that would affect a reader’s overall understanding of the financial statements. If we had found material misstatements that were not corrected, we would have referred to them in our opinion. The audit involved performing procedures to test the information presented in the financial statements. We assessed the results of those procedures in forming our opinion. Audit procedures generally include: • determining whether significant financial and management controls are working and can be relied on to produce complete and accurate data; • verifying samples of transactions and account balances; • performing analyses to identify anomalies in the reported data; • reviewing significant estimates and judgements made by the Board of Directors; • confirming year-end balances; • determining whether accounting policies are appropriate and consistently applied; and • determining whether all financial statement disclosures are adequate. We did not examine every transaction, nor do we guarantee complete accuracy of the financial statements. We evaluated the overall adequacy of the presentation of information in the financial statements. We obtained all the information and explanations we required to support our opinion above. Responsibilities of the Board of Directors and the Auditor The Board of Directors is responsible for preparing financial statements in accordance with generally accepted accounting practice in New Zealand. Those financial statements must give a true and fair view of the financial position of the company as at 30 June 2007. They must also give a true and fair view of the results of its operations and cash flows for the year ended on that date. The Board of Directors’ responsibilities arise from the Port Companies Act 1988 and the Financial Reporting Act 1993. We are responsible for expressing an independent opinion on the financial statements and reporting that opinion to you. This responsibility arises from section 15 of the Public Audit Act 2001 and section 19 of the Port Companies Act 1988. Independence When carrying out the audit we followed the independence requirements of the Auditor-General, which incorporate the independence requirements of the Institute of Chartered Accountants of New Zealand. Other than the audit, we have no relationship with or interests in the company. 1 8 S M Tobin Audit New Zealand On behalf of the Auditor-General Christchurch, New Zealand
S T A T U T O R Y I N F O R M A T I O N T o s h a r e h o l d e r s , o n t h e a f f a i r s o f P o r t N e l s o n L i m i t e d f o r t h e Y e a r E n d e d 3 0 J u n e 2 0 0 7 P R I N C I P A L A C T I V I T I E S Port Nelson Limited (“the Company” or “Port Nelson”) is primarily engaged in the commercial operation of the Port of Nelson. There has been no significant change in the nature of the Company’s business during the year. R E V I E W O F A C T I V I T I E S A review of the year’s operations is contained in the Chairman’s Report and the Chief Executive Officer’s Review. R E V I E W O F O P E R A T I O N S The surplus for the Company for the year was $6.725 million. (2006 $7.587 million) D I V I D E N D S Dividends of $6,600,000 were paid or provided for during the year. ($2,700,000 final dividend for 2006 financial year, $1,000,000 interim dividend for 2007 financial year, and a provision for $2,900,000 final for 2007 financial year) D I R E C T O R S In accordance with the Company’s constitution Messrs P K Matheson and T B King will retire by rotation. R E M U N E R A T I O N O F D I R E C T O R S Fees paid to Directors during the year were as follows: A O Patterson $43,045 R G Dickinson $11,423 T B King $11,500 P V Lough $23,395 P K Matheson $21,925 B A Monopoli $17,880 M G Sturgeon $5,725 P M Schuyt $23,868 TOTAL $158,761 M G Sturgeon resigned in September 2006. B A Monopoli was appointed in September 2006. R G Dickinson resigned in December 2006. T B King was appointed in December 2006. D I R E C T O R S ’ I N S U R A N C E The Company has arranged policies of Directors’ Liability Insurance to ensure that as far as possible Directors will not personally incur any monetary loss as a result of actions undertaken by them as Directors. Certain actions are specifically excluded, for example the incurring of penalties and fines that may be imposed in respect of breaches of the law. D I R E C T O R S ’ I N T E R E S T The following notices have been received from Directors disclosing their interests in other companies with whom the group may have transactions. All transactions with these companies are conducted on normal commercial terms. • Mr T B King is Deputy Mayor of Tasman District Council, which is a shareholder of the Company. • Mr P K Matheson is Mayor of Nelson City, which is a shareholder of the Company. • Ms B A Monopoli is a Director of the Cawthron Institute that sell services to the Company. • Mr A O Patterson is a Director of Cold Storage Nelson Ltd that leases land and purchases services from the Company. • Mr P M Schuyt is a Director of ECN Ltd and Express Couriers Ltd that sell services to the Company. D I R E C T O R S ’ L O A N S There were no loans by the Company to Directors. The Statement of Accounting Policies and Notes to the Accounts on pages 26 to 42 form part of these Financial Statements. 1 9
Page 1 and 2: 2 0 0 7 A N N U A L R E P O R T
Page 3 and 4: “During the Noise Variation proce
Page 5 and 6: P E R F O R M A N C E R E V I E W -
Page 7 and 8: “We work in a hectic environment
Page 9 and 10: Port Nelson’s support of the Nels
Page 11 and 12: “Watching the SZAP 5 descend bene
Page 13 and 14: “When the topic of Environmental
Page 15 and 16: “I’m proud to work for a compan
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Page 29 and 30: N O T E S T O T H E A C C O U N T S
Page 43 and 44: Board of Directors A.O. Patterson C

Port Nelson Annual Report 2007 (pdf)

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