Page 33 - PNMRT AnnRpt 2020

PALMERSTON NORTH MA¯ ORI RESERVE TRUST
NOTES TO AND FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2020
11. TRADE AND OTHER PAYABLES AND OTHER CURRENT LIABILITIES
Trade Payables
Bonds Payable
Accrued Expenses
GST Payable
Income Received in Advance
2019 $
238,428 3,773 125,586 91,158 171,156
$630,101
2020 $
356,526 8,161 95,861 18,443 67,972
$546,963
Trade payables are initially recognised at fair value and subsequently carried at amortised cost. Trade payables generally have terms of 30 days and are interest free. Trade payables of a short-term duration are not discounted.
12. DISCRETIONARY RESERVE
Balance at the Beginning of the Year Distribution relating to shares held by the Trust
Total Distributions Transferred
Allocation to Rangitahi Leadership Wananga
Balance at End of the Year
2019 $
65,600 8,252
8,252
(1,838)
$72,014
2020 $
72,014 8,251
8,251
(6,482)
$73,783
A parcel of 1,650 shares were originally transferred to the Trust from the Māori Trustee (on the basis that the owners could no longer be identified), these shares have been accumulating distributions since the transfer took place.
During the 2018 year the Trustees resolved that these unclaimed distributions could be applied to specific activities as resolved by the Trustees. The Trustees resolved that $6,482 during the 2020 year (2019: $1,838) be applied to the Rangitahi Leadership Wananga.
Palmerston North Ma¯ori Reserve Trust
31
ANNUAL REPORT 2020