Page 41 - 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
20. RELATED PARTIES
The ultimate Parent of the Group is Palmerston North Maori Reserve Trust. All Related Party loans are shown in note 6.
Subsidiaries
Set out below is the significant subsidiaries of the Group:
Baxters Limited
Haukawakawa Limited Partnership
Other Related Parties
Principal Activity
Hostel Accommodation
Investment Property
Balance Date
March March
Place of Business /Country of Incorporation
NZ NZ
Ownership Percentage 2020 2019
100% 100% 100% 100%
In addition to the above, and the associates listed in note 9, Palmerston North Māori Reserve Trust is related to the following entities:
Entity
Wharewaka o Poneke Charitable Trust
Wharewaka o Poneke Enterprises Limited
Wellington Tenths Trust Ngahuru Charitable Trust
Transactions with related parties
Related Party Transactions included:
Relationship
Palmerston North Māori Reserve Trust has the right to appoint two trustees
Common Trusteeship/Directorship
Common Trusteeships Common Trusteeships
2020 $
114,375 4,024
36,179 (472,701)
$(318,123)
Interest received from
Wharewaka o Poneke Charitable Trust (refer to note 14)
Interest received/(paid) from/(to) Wellington Tenths Trust (refer to note 14)
Interest received from
Hı¯koikoi Management Limited (refer to note 14)
Executive office fees charged by
Hı¯koikoi Management Limited (refer to note 15)
2019 $
141,613 (1,138)
38,394 (473,615)
$(294,746)
Balances of Related Party Loans are shown in note 6 and are required to be settled in cash.
Executive office fees are charged by Hīkoikoi Management Limited covering expenses incurred in the management and administration of the Palmerston North Māori Reserve Trust and Wellington Tenths Trust.
Palmerston North Ma¯ori Reserve Trust
39
ANNUAL REPORT 2020