Annual Report

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78 Ausgrid Pty Limited ACN 060 979 688 Notes to financial statements For the year ended 30 June 2015 5. EQUITY a. Contributed equity Authorised capital 1 000 000 Ordinary shares of $1 each 1 000 000 1 000 000 Issued and paid up capital 2 Ordinary shares of $1 each 2 2 Loan owed to parent entity recognised as equity 4 473 071 4 471 846 2015 $ 2014 $ 4 473 073 4 471 848 b. Accumulated losses Accumulated losses at the beginning of the year (4 471 848) (4 470 623) Loss for the year (1 225) (1 225) Accumulated losses at the end of the year (4 473 073) (4 471 848) 2015 $ 2014 $ 6. RELATED PARTY TRANSACTIONS a. Director Lisa Maffina b. Directors’ benefits No Director has received or become entitled to receive any benefit by reason of a contract made by the Company with the Director or with a firm of which the Director is a member, or with a company in which the Director has a substantial financial interest. 7. OPERATING LEASES Leases as lessee Non-cancellable operating leases are payable as follows: Within twelve months 9 408 538 8 790 383 Twelve months or longer and not longer than 5 years 18 648 805 19 084 572 Longer than five years – – Total (including GST) 28 057 343 27 874 955 GST credits 2 550 668 2 534 087 2015 $ 2014 $
Ausgrid – <strong>Annual</strong> <strong>Report</strong> 2014/15 79 8. STATEMENT OF CASH FLOWS During the financial year, the Company did not have an operating bank account or any cash equivalents. As a result, there are no cash inflows or outflows. 9. ULTIMATE PARENT ENTITY The Company’s ultimate parent entity is Ausgrid. During the period ended 30 June 2015, Ausgrid provided funding to the Company to enable it to meet its commitments but did not receive any repayments from it. It is expected that this funding will continue in 2015/16. There were no loans (net) to the Company at 30 June 2015 (2014: nil). During the financial year, Ausgrid entered into a number of services for nil consideration with the Company. These services have been categorised as follows: • accounting services • supply and rental of premises • inter-company funding • information technology services • administrative and other services The Company is the lessee of 570 George Street, Sydney. Ausgrid has also provided the necessary cash facilities for the Company, with respect to external transactions which were not settled by the Company. 10. CONTINGENT ASSETS AND LIABILITIES At balance date the company had no legal matters outstanding which are expected to result in material claims for or against it (nil 2014). 11. SUBSEQUENT EVENTS There have been no events subsequent to balance date. END OF AUDITED FINANCIAL STATEMENTS
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Annual Report

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