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Wool Stocktake : AWI Annual Report 2015-16
NOTE 25: Related party transactions (a) Parent entities The parent entity of the Group is Australian Wool Innovation Limited. (b) Directors The names of persons who were directors of the company at any time are as follows: W B Merriman, P Cocking, C Garnsey, J Laurie J Morgan, M L Sheil, B P van Rooyen and D A A Webster. (c) Subsidiaries Interests in subsidiaries are set out in note 26. (d) Remuneration Disclosures relating to directors and key management personnel remuneration are set out in note 22. (e) Other transactions with directors and key management personnel or entities related to them (i) Loan transactions and balances There were no loan transactions or balances with directors and key management personnel or entities related to them during the year ended 30 June 2016. (ii) Other transactions and balances No director, or director related entity entered into a contract or had any other transactions other than normal terms and conditions with Australian Wool Innovation Limited during the year ended 30 June 2016. (f) Transactions with related parties The following transactions occurred with related parties: Consolidated 2016 2015 $ $ Sales of goods and services Sales of services relating to marketing and wool testing activities to key management personnel of the entity* - 9,509 Purchases of goods Purchases of goods and services relating to marketing and wool testing activities from key management personnel of the entity* 190,516 366,362 *For the period in which they held a key management personnel position. (g) Outstanding balances arising from sales or purchases of services The following balances are outstanding at the end of the reporting period in relation to transactions with related parties: Consolidated 2016 2015 $ $ Current receivables (sales of goods and services) Key management personnel of the entity 6,552 - Current payables (purchase of goods) Key management personnel of the entity 52,838 10,291 FINANCIAL REPORT 85
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