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10. CONTINGENT LIABILITIES
AND COMMITMENTS
10.1 Contingent Liabilities
The following contingent liabilities exist for donations
that have been approved in the current or previous
years subject to the fulfilment of certain conditions in
future years.
2012
2011
NZ$’000 NZ$’000
Total Contingent Liabilities
3,582
4,512
Subject to fulfilment of the conditions,
the contingent liabilities are payable
as follows:
Not later than 1 year
851
693
Later than 1 year and not later than 5 years
2,731
3,819
3,582
4,512
10.2 Commitments
The Trust has made a commitment to invest
$8,000,000 in an infrastructure investment fund.
To date $1,822,000 has been invested in funds of
this type. The balance of $6,178,000 will be invested
if the fund manager indentifies suitable investment
vehicles (2011: $6,178,000). It is expected that
$450,000 will be called upon during the 2014
financial year. The investment will be funded
by realising other investments currently held by
the Trust.
11. RELATED PARTY TRANSACTIONS
Key Management Personnel
The compensation of the Trustees and executives, being the
key management personnel of the Trust, is set out below:
2012
2011
NZ$’000 NZ$’000
Short Term Trustee and
Employee Benefits
397
369
397
369
Transactions with Executives
Executives were related to organisations that
received donations totalling $38,500 (2011: $35,000)
during the year. Interests were declared when these
donations were considered and key management
took no part in deliberations relating to organisations
in which they had an interest. There are no
outstanding balances at balance date.
Transactions with Trustees
Trustees were related to organisations that received
donations totalling $234,500 (2011: $249,000)
during the year. Interests were declared when
these donations were considered and Trustees took
no part in deliberations relating to organisations
in which they had an interest. There are no
outstanding balances at balance date.
F I N A N C I A l S T A T E M E N T S
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