Financial Report Template Page 61
ADVERTISEMENT
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80NOTES TO THE FINANCIAL STATEMENTS
(CONT)
FOR THE YEAR ENDED 30 JUNE 2015
NOTE 30 EVENTS AFTER THE REPORTING PERIOD
Other than the following, the directors are not aware of any significant events since the end of the reporting period.
On 5th August 2015 the Group announced the acquisition of Bradley Bayly. The acquisition was successfully concluded. The
total consideration paid and payable is $13.275M. The acquisition will be largely debt funded with a small scrip component of $1M.
The acquisition accounting for post year end is still being finalised and as such provisional accounting has been adopted at
30 June 2015.
NOTE 31 RELATED PARTY TRANSACTIONS
Related Parties
(a) The Group’s main related parties are as follows:
i
Key Management Personnel:
Any person(s) having authority and responsibility for planning, directing and controlling the activities of the entity, directly or
indirectly, including any director (whether executive or otherwise) of that entity are considered key management personnel.
ii
Entities subject to significant influence by the Group:
An entity that has the power to participate in the financial and operating policy decisions of an entity, but does not have control or
joint control over those policies, is an entity which holds significant influence. Significant influence may be gained by share
ownership, statute or agreement.
(b) Transactions with related parties:
Transactions between related parties are on normal commercial terms and conditions no more favourable than those available to
other parties unless otherwise stated.
The following transactions occurred with related parties:
Consolidated Group
2015
2014
i.
Other related parties (entities controlled by KMP’s Morrison and Roche)
$
$
Purchase of goods, rents and services from related parties
827,585
1,091,722
ii.
Loans to associated companies – Risk Worldwide New Zealand Limited
Beginning of the year
3,629,274
2,873,846
Loans advanced
1,236,681
755,428
Share of loss for the year
(650,203)
–
End of the year
4,215,752
3,629,274
Pursuant to an agreement between all shareholders of Risk Worldwide New Zealand Limited, the Group has agreed to provide a line
of credit up to $3m from 1 August 2012. Additional funds for working capital have also been provided. This loan is unsecured and
bears interest at the same rate as the Group is charged by its own lender.
iii. Loans from other related parties (entities controlled by the KMP’s Morrison and Roche)
Beginning of the year
240,634
118,660
Loans advanced
–
121,974
Loan repayment
(240,634)
–
End of the year
–
240,634
This loan is unsecured and bears no interest.
iv. During the year the group paid $282,893 in consultancy fees to the non-executive director Stephen Roche.
59
ADVERTISEMENT
0 votes
Related Articles
Related forms
Related Categories
Parent category: Business