Harbour Sport ANRPT_12_13
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Notes to the Financial Statements - FOR THE YEAR ENDED 30 JUNE 20<strong>13</strong><br />
8. OPERATING LEASE COMMITMENT<br />
During the year ended 30 June 20<strong>13</strong>, $<strong>12</strong>,221 was recognized as an expense in the statement of financial performance in<br />
respect of non - cancellable operating leases.<br />
( 20<strong>12</strong> $ 10,<strong>12</strong>2).<br />
20<strong>13</strong> 20<strong>12</strong><br />
Less than one year 16,943 10,329<br />
Between one and five years 31,063 31,926<br />
9. NORTH HARBOUR RUGBY REFEREES LEASE<br />
A donation of $52,500 was received during the 1999 year from North <strong>Harbour</strong> Rugby Referees as a contribution towards<br />
the cost of construction of the <strong>Sport</strong>s House. This amount was included as income for the 1999 year.<br />
In return for the amount donated, <strong>Harbour</strong> <strong>Sport</strong> will lease a portion of <strong>Sport</strong>s House to North <strong>Harbour</strong> Rugby Referees on<br />
a rent free basis for the remaining period of the lease, which expires in the year 2019.<br />
Under the lease agreement with North <strong>Harbour</strong> Rugby Referees, all future operational expenses for that portion of the<br />
building, will be the responsibility of North <strong>Harbour</strong> Rugby Referees. Should the lease agreement be terminated before<br />
its full lease term, <strong>Harbour</strong> <strong>Sport</strong> will not be liable for any interest or penalties towards North <strong>Harbour</strong> Rugby Referees.<br />
10. RESERVE FUND<br />
Not for Profit organisations are not commercial entities and are therefore limited in the funds they can borrow. Therefore<br />
as a matter of prudent financial management the Board maintains a reserve cash fund equivalent to up to six months<br />
operating costs.<br />
11. RELATED PARTY TRANSACTIONS<br />
During the year <strong>Harbour</strong> <strong>Sport</strong> Trust had the following related party transactions.<br />
• An amount of $144,336 of Kiwisport funding was received from the RST Alliance for the Greater Auckland Aquatic<br />
Action Plan ( GAAAP ) and Regional Kiwisport Projects.<br />
Mr Anthony Ford is a Board member of both <strong>Harbour</strong> <strong>Sport</strong> and the RST Alliance.<br />
There was no amount outstanding at year end relating to this transaction.<br />
• Auckland <strong>Sport</strong> has invoiced <strong>Harbour</strong> <strong>Sport</strong> $50,000 for establishment costs. This is funded by operational cash that is<br />
ordinarily used to fund community development and delivery.<br />
Mr Anthony Ford is a Board member of both <strong>Harbour</strong> <strong>Sport</strong> and the Auckland <strong>Sport</strong> Establishment Board.<br />
This amount has been accrued at year end.<br />
A number of trustees have donated professional services in their non-trustee business capacities and in other organizations<br />
which they represent to the Trust at nil value.<br />
<strong>12</strong>. KIWISPORT FUNDS PAID OUT DURING THE YEAR<br />
20<strong>13</strong> 20<strong>12</strong><br />
<strong>Sport</strong> NZ 456,003 1,420,647<br />
Kiwisport partners 97,424 41,778<br />
Regional <strong>Sport</strong>s Trusts 207,568 286,952<br />
760,995 1,749,377<br />
22<br />
“WHERE TOO MUCH SPORT IS NEVER ENOUGH”
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