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ANNUAL REPORT 2020 | 37 15. RELATED PARTY TRANSACTIONS (CONTINUED) Grantee: University of Canterbury (Co-Investigator: Timothy Anderson - Member of Council) Note 2020 2019 Opening balance - - Add: Grant applications approved 224,149 - Less: Grants distributed (23) - BALANCE AT 31 MARCH 224,126 - Total Related Party Note 2020 2019 Opening balance 388,099 544,352 Add: Grant applications approved 424,149 - Less: Grants distributed (106,460) (156,253) BALANCE AT 31 MARCH 6 705,788 388,099 16. GOING CONCERN An event of note that occurred within the 2019/20 fiscal year was the declaration of COVID-19 as a worldwide pandemic. The New Zealand Government took a very strong stance and placed the country in Alert Level 4 full lockdown on the 26th of March 2020. This meant all but essential businesses were forced to either close, or operate remotely if they were able to. Fortunately the Foundation fell into the latter category and all staff continued to fulfil their duties from their homes. The Foundation quickly pivoted its operations to ensure that the majority of activites would continue during the period of Level 4 and Level 3 lock down. This included fast tracking the ‘go digital’ parts of the Foundation's business plan, bringing new ways of engaging with supporters and stakeholders electronically. When preparing the financial statements, management has made an assessment of the Foundation's ability to continue as a going concern and have assessed that the event does not cast significant doubt on the Foundation's ability to continue as a going concern.