Chairman's - QPAC

QUE E NSL A N D PE RFO RM I NG ARTS TRUST
NOTES TO THE FINANCIAL REPORT
QUE E NSL A N D PE RFO RM I NG ARTS TRUST
NOTES TO THE FINANCIAL REPORT
For the Year Ended 30 June 2006
For the Year Ended 30 June 2006
Note 21
Commitments
Non-Cancellable Operating Lease Commitments
At 30 June the Trust had the following operating lease
commitments inclusive of GST:
2006 2005
$’000 $’000
Note 23
(a)
Financial Instruments
Interest rate risk
The exposure to interest rate risks and the effective interest rates of financial assets and financial liabilities,
both recognised and unrecognised at balance date are as follows:
Note 22
Not later than one year 47 51
Later than one year and not later than five years 12 19
Later than five years – –
59 70
The total of operating lease payments for the year
was $68,994 (2005 $89,917).
The Trust has two lease agreements, one in relation to the rental
of computers and the other concerns the rental of motor vehicles.
The rentals for all agreements are paid on a monthly instalment basis.
There are no financial or other restrictions imposed by any of these agreements.
Other expenditure commitments
At 30 June the Trust had the following expenditure commitments
inclusive of GST:
Payable not later than one year – 270
Contingent Assets and Liabilities
Litigation in progress
As at balance date the Trust has no case filed against it in the courts.
Other
The Trust is the subject of a demand for the return of a security deposit.
The deposit is still held in the Trust’s trust account. The potential liability
of the Trust is therefore limited to any other costs that may be incurred.
The Trust is not aware of any other contingent assets or liabilities of a
significant nature at balance date.
(b)
Floating Non Weighted
Interest 1 Year Interest Average
Rate or less Bearing Total Rate
2006 2006 2006 2006 2006
$’000 $’000 $’000 $’000 %
Financial Assets
Cash on hand and at bank 55 – 42 97 5.67%
Short term securities – 8,707 – 8,707 5.67%
Receivables – - 2,597 2,597 –
Financial Liabilities
Payables – – 2,262 2,262 0.00%
2005 2005 2005 2005 2005
$’000 $’000 $’000 $’000 %
Financial Assets
Cash on hand and at bank 8 – 27 35 3.52%
Short term securities – 7,952 – 7,952 5.53%
Receivables – – 1,939 1,939 –
Financial Liabilities
Payables – – 1,426 1,426 –
Credit risk
The maximum exposure to credit risk at balance date in relation to each class of recognised financial asset is
represented by the carrying amount of those assets as indicated in the Statement of Financial Position. There
are no concentrations of credit risk.
(c)
Net fair value
It is considered that the net fair value of the financial assets and financial liabilities of the Trust approximate the
book values due to their short term to maturity.
Note 24
Remuneration of Trustees
Remuneration paid or payable to Trustees for attendances at meetings held during 2005-06 was as follows:
$’000
John Hay 1,300
Rob Kelly 3,134
Suellen Maunder 1,579
Henry Smerdon 2,364
Jane Grigg 1,602
Peter Holmes à Court 433
Brian Tucker (donates fees to QPAC) 0
Total 10,412
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