Note 7: Cash and cash equivalents

Accounting policy

Cash and cash equivalents include cash on hand and funds on deposit with banks and is measured at its face value.

Further information on cash and cash equivalents

We have the use of an overdraft facility to manage seasonal cash flows during the second half of the financial year. The overdraft limit is $500,000, and interest is charged on the daily balance at Westpac New Zealand Limited’s Prime Lending Rate.

During this financial year, no funds were drawn down under the facility (2022: Nil).