The NZDF is a wholly owned entity of the Crown. The Government significantly influences the roles of the NZDF as well as being its major source of revenue.
The NZDF enters into numerous transactions with other government departments, Crown agencies and state-owned enterprises on an arm’s length basis. Where those parties are acting in the course of their normal dealings with the NZDF, related party disclosures have not been made for transactions of this nature.
No provision has been required, nor any expense recognised for the impairment of receivables from related parties.
Apart from those transactions described below, the NZDF has not entered into any related party transactions.
Service Museums and Non-Public Funds
Financial Performance of Service Museums and Non-Public Funds
30 June 08
Actual
($000) |
|
30 June 09
Actual
($000) |
| |
Income |
|
| 2,808 |
Non-public funds |
3,899 |
| 1,575 |
Service museums |
1,674 |
| 4,383 |
Total Income |
5,573 |
| |
|
|
| |
Expenditure |
|
| 1,882 |
Non-public funds |
2,131 |
| 2,394 |
Service museums |
1,339 |
| 4,276 |
Total Expenditure |
3,470 |
| |
|
|
| 107 |
Total Net Surplus |
2,103 |
Financial Position of Service Museums and Non-Public Funds
30 June 08
Actual
($000) |
|
30 June 09
Actual
($000) |
| |
Assets |
|
| 19,670 |
Current assets – non-public funds |
22,814 |
| 4,352 |
Current assets - service museums |
3,454 |
| 4,242 |
Property, plant and equipment – non-public funds |
4,231 |
| 4,587 |
Property, plant and equipment - service museums |
4,601 |
| 15,941 |
Investments |
22,612 |
| 30,350 |
Museum collections |
37,534 |
| 79,142 |
Total Assets |
95,246 |
| |
|
|
| 613 |
Total Liabilities |
4,931 |
| |
|
|
| 78,529 |
Total Equity |
90,315 |
Service Museums
The Service Museums are independent entities established by trust deed. The NZDF is represented on the governing bodies of these entities.
The NZDF provides support to Service Museums in the form of payment of some operating costs and provision of administrative support and facilities, for which no charge is made.
The Service Museums’ collections are owned by independent trusts and have been valued at cost or market value as at 30 June 2008. The collections tend to have an indefinite life and are not of a depreciable nature, therefore depreciation is not applicable.
The collections were valued by Robin Watt and Associates, cultural and forensic specialists.
Non-Public Funds
A number of non-public funds (NPF) have been established under the Defence Act 1990 Section 58. These funds are established for the benefit of service personnel and are specifically defined as not being public money under the Public Finance Act 1989. Governance arrangements are generally established under Defence Force Orders issued by the Chief of Defence Force or Service Chiefs. The beneficiaries of these NPF are the service personnel who are the sole contributors to them. NPF include a wide range of entities such as sports and recreational funds, messes, unit funds, welfare funds, clubs for ranks, accommodation funds and benevolent funds.
The NZDF provides support to NPF in the form of administrative support and facilities, for which no charge is made. There are no other transactions with NPF.
Key Management Personnel
30 June 08
($000) |
|
30 June 09
($000) |
| 1,608 |
Salaries and short term employee benefits |
1,226 |
| 9 |
Other long term benefits |
(25) |
| 1,617 |
Total Key Management Personnel |
1,201 |
Key management personnel include the Chief of Defence Force, Chief of Navy, Chief of Army and Chief of Air Force. On 1 May 2009 there were new appointments of the Chief of Navy and Chief of Army. There has been a reduction in other long term benefits due to accrued leave entitlements from previous periods being utilised by personnel during the year.
Other
There are close family members of key management personnel employed by the NZDF. The terms and conditions of those arrangements are no more favourable than if there was no relationship to key management personnel.
Previous | Contents | Next