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ANNUAL REPORT 2020 | 35 15. RELATED PARTY TRANSACTIONS Compensation of key management personnel Key management personnel of the Foundation who received remuneration from the Foundation is limited to the position of Chief Executive (formally Executive Director). The members of Council do not receive any remuneration from the Foundation. The total remuneration and full-time equivalent (FTE) of the personnel is presented below: 2020 2019 Chief Executive (1 FTE) 182,425 179,580 TOTAL REMUNERATION 182,425 179,580 The amounts disclosed in the table are the amounts recognised as an expense during the reporting period. The Foundation did not provide any compensation at non-arm's length terms to close family members of key management personnel during the year (2019: nil). The Foundation did not provide any loans to key management personnel or their close family members during the year (2019: nil). Key management personnel did not, except for as disclosed in this note, receive any remuneration or compensation other than in their capacity as key management personal (2019: nil). Contingent Grants and Sponsored Research The Foundation has provided research grants to research organisation and projects associated with or undertaken by certain members of Council and/or its Scientific Advisory Committee (SAC). A reconciliation of opening and closing balances payable with additional grants approved and grants invoiced is presented below: 11. CAPITAL COMMITMENTS Significant capital expenditure contracted for at the end of the reporting period but not yet incurred is as follows: 2020 2019 Investments 1,499,024 2,336,718 TOTAL CAPITAL COMMITMENTS 1,499,024 2,336,718 Investments include commitments to Mercury Capital Fund 3, Continuity Capital Private Equity Fund No.4 LP and Waterman Private Capital. 12. CONTINGENCIES There are no contingent liabilities at balance date (2019: nil) 13. SUBSEQUENT EVENTS The Foundation met the eligibility criteria for the New Zealand Government wage subsidy and after applying in April 2020, received NZ $105k in April 2020. The amount received will be recorded as received in the 2020/21 financial year as the subsidy was applied for and received after balance date. There have been no other events subsequent to balance date which would materially affect the financial statements (2019: nil). 14. CONTINGENT ASSETS The Foundation has received bequests that are currently being contested. It is not practicable to predict the outcome of the contesting process and accordingly no income has been accrued for such bequests, and the amounts involved cannot be reliably estimated.