Annual Report - QPAC

QUEENSLAND PERFORMING ARTS TRUST
Note 22
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 not aware of any contingent assets or liabilities of a significant nature at balance date.
Note 23
Financial Instruments
(a)
General Objectives, Policies and Processes
The Trust is exposed to risks that arise from its use of financial instruments. This note describes the Trust’s
objectives, policies and processes for managing those risks and the methods used to measure them. Further
quantitative information in respect of these risks is presented throughout these financial statements.
There have been no substantive changes in the Trust’s exposure to financial instrument risks, its objectives,
policies and processes for managing those risks or the methods used to measure them from the previous
periods unless otherwise stated in this note.
The Board of Trustees has overall responsibility for the determination of the Trust’s risk management objectives
and policies and, designing and operating processes that ensure the effective implementation of the objectives
and policies to the Trust.
The Trust’s risk management policies and objectives are therefore designed to minimise the potential impacts of
these risks on the results of the Trust, where such impacts may be material.
The Risk Management Audit Committee (RMAC) receives quarterly reports from the Trust’s Director of Corporate
Services, through which it reviews the effectiveness of the processes put in place and the appropriateness of the
objectives and policies it sets.
The Trust’s internal auditors also review the risk management policies and processes and report their findings to
the RMAC, which in turn reports to the Board.
The overall objective of the Board is to set polices that seek to reduce risk as far as possible without unduly
affecting the Trust’s competitiveness and flexibility. Further details regarding these policies are set out below:
Notes to the Financial Report for the year ended 30 June 2009
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