Annual Report 2017-2018 OmbudsmanNT
Tabled paper 934
Tabled Papers for 13th Assembly 2016 - 2020; Tabled Papers; ParliamentNT
Made available by the Legislative Assembly of the Northern Territory under Standing Order 240. Where copyright subsists with a third party it remains with the original owner and permission may be required to reuse the material.
OMBUDSMANS OFFICE NOTES TO THE FINANCIAL STATEMENTS For the year ended 30 June 2018 120 (i) Interest rate risk The Agency is not exposed to interest rate risk as financial assets and financial liabilities, are non-interest bearing. (ii) Price Risk The Ombudsmans Office is not exposed to price risk as the agency does not hold units in unit trusts. (iii) Currency Risk The Ombudsmans Office is not exposed to currency risk as the agency does not hold borrowings denominated in foreign currencies or transactional currency exposures arising from purchases in a foreign currency. 15. RELATED PARTIES i) Related Parties The Agency is a government entity wholly owned and controlled by the Territory Government. Related parties of the Agency include: the portfolio minister and key management personnel (KMP) because they have authority and responsibility for planning, directing and controlling the activities of the Agency directly; and spouses, children and dependants who are close family members of the portfolio minister or KMP; and all public sector entities that are controlled and consolidated into the whole of government financial statements; and any entities controlled or jointly controlled by KMPs or the portfolio minister or controlled or jointly controlled by their close family members. ii) Key Management Personnel (KMP) Key management personnel of the Agency are those persons having authority and responsibility for planning, directing and controlling the activities of the Agency. This includes the Chief Minister and the Chief Executive Officer. iii) Remuneration of Key Management Personnel The details below excludes the salaries and other benefits of the Minister, and long service leave expense and liability of KMP as these are recognized in the ledger of the responsible Departments. The aggregate compensation of key management personnel of the Agency is set out below: 2017-18 2016-17 $000 $000 Short-term benefits 280 261 Long-term benefits 25 34 Termination benefits Total 305 295