APO Annual Report 2020
Create successful ePaper yourself
Turn your PDF publications into a flip-book with our unique Google optimized e-Paper software.
<strong>APO</strong> ANNUAL REPORT <strong>2020</strong><br />
AUCKLAND PHILHARMONIA TRUST<br />
CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS<br />
FOR THE YEAR ENDED 31 DECEMBER <strong>2020</strong><br />
Notes to the Consolidated and Separate statements<br />
11. FINANCIAL INSTRUMENTS (CONT’D)<br />
ii. Fair values<br />
The fair value of financial instruments subsequently measured at fair value are based on quoted market<br />
prices.<br />
iii. Investments<br />
Group<br />
Trust<br />
<strong>2020</strong> 2019 <strong>2020</strong> 2019<br />
Financial assets designated at initial<br />
recognition at fair value through surplus or<br />
deficit<br />
Cash investments at bank and financial<br />
institutions 563,322 257,932 - -<br />
Debt (New Zealand fixed interest) 2,055,274 2,061,392 - -<br />
Debt (Global fixed interest) 36,022 38,626 - -<br />
New Zealand property 432,390 365,669 - -<br />
New Zealand equities 1,095,423 1,040,704 - -<br />
Australian equities 197,779 319,907 - -<br />
Global equities 500,759 599,013 - -<br />
Alternative assets 311,484 295,430 - -<br />
5,192,453 4,978,673 - -<br />
The investments are treated as one portfolio which is managed and evaluated together on a fair value basis.<br />
The Group has thus designated this portfolio as at fair value through surplus or deficit. This disclosure is<br />
consistent with the entity's documented risk management strategy.<br />
12. EMPLOYEE COSTS Group Trust<br />
<strong>2020</strong> 2019 <strong>2020</strong> 2019<br />
Orchestra calls, SI and salaries 4,063,000 4,576,626 4,063,000 4,576,626<br />
Salaries - admin 2,491,888 2,428,332 2,491,888 2,428,332<br />
KiwiSaver employer contributions 64,970 64,750 64,970 64,750<br />
6,619,858 7,069,708 6,619,858 7,069,708<br />
13. OTHER EXPENSES Group Trust<br />
<strong>2020</strong> 2019 <strong>2020</strong> 2019<br />
Other expenses include the following amounts:<br />
Occupancy 201,769 204,351 248,269 250,851<br />
Marketing and promotion 647,840 788,728 647,840 788,728<br />
Contra expense 824,355 1,206,483 824,355 1,206,483<br />
Venue rentals and production costs 382,034 560,953 382,034 560,953<br />
Fundraising and donation expenses 42,298 139,845 42,298 139,845<br />
Travel 99,550 305,246 99,550 305,246<br />
14. EMPLOYEE BENEFITS PAYABLE Group Trust<br />
<strong>2020</strong> 2019 <strong>2020</strong> 2019<br />
Short term employee benefits 258,821 234,796 258,821 234,796<br />
258,821 234,796 258,821 243,796<br />
48<br />
21
Change language