APO Annual Report 2020

APO ANNUAL REPORT 2020
AUCKLAND PHILHARMONIA TRUST
CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
Notes to the Consolidated and Separate statements
18. RELATED PARTY TRANSACTIONS
i. Transactions and balances
The following table provides the total amount of transactions that have been entered into with related
parties for the relevant financial year.
Trust
Rent, Levies
& donations
paid to
related
parties
Grants &
revenue
received
from related
parties
Amounts
owed by
related
parties*
Amounts
owed to
related
parties*
Auckland Philharmonia Foundation 2020 58,643 - - 27,333
Auckland Philharmonia Foundation 2019 74,935 380,117 1,837 13,369
Sistema Aotearoa Trust 2020 - 17,813 - -
Sistema Aotearoa Trust 2019 - 18,914 - -
Friends of APO 2020 - 20,000 - -
Friends of APO 2019 - 20,000 - -
Sistema Aotearoa Trust is a related party. Sistema operations were transferred to this separate trust from 1 May
2016. The Auckland Philharmonia Trust provides administrative services to Sistema Aotearoa Trust and is
reimbursed for these services.
Auckland Philharmonia Foundation is considered a related party as the Auckland Philharmonia Trust is the
primary beneficiary of the Foundation. The Foundation supports the Trust by providing grants and one of the
premises for which the orchestra practices.
ii. Terms and conditions of transactions with related parties
The sales to and purchases from related parties are made on terms equivalent to those that prevail in arm’s
length transactions. Outstanding balances at the year-end are unsecured and interest free.
iii. Compensation of key management personnel
Key management personnel, as defined by Board, are the Chief Executive Officer and other employees who have
the authority and responsibilities for planning and controlling the activity of Auckland Philharmonia Trust.
No remuneration is paid to the members of the Board of the Foundation or the Trust.
The Foundation has no other key management personnel. One of the Foundation's Trustees, Mark Gatward, is a
Director and Wealth Management Advisor at JARDEN. Most of the investments of the Foundation recorded in note
11 of these financial statements are transacted through JARDEN with standard brokerage applying.
The aggregate remuneration of key management personnel and the number of individuals, determined on a
full-time equivalent basis, receiving remuneration is as follows:
Group
Trust
2020 2019 2020 2019
Total remuneration - employees
808,564 858,785 808,564 858,785
Number of FTE employees 6.9 6.8 6.9 6.8
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