CQUniversity Annual Report - Central Queensland University

CQUniversity ANNUAL REPORT 2012
Note 36. Related Parties
(a)
(b)
(c)
Parent entity
The parent entity is Central Queensland University which at 31 December 2012 owns 100% (2011: 100%) of C Management
Services Pty Ltd, CQU Travel Centre Pty Ltd and Australian International Campuses Pty Ltd. During 2012 Central Queensland
University purchased Health Train Education Services Pty Ltd and owns 100% of the issued share capital. Central Queensland
University also has a 51% share holding in CQU Institute of Higher Learning Pte Ltd located in Singapore.
Subsidiaries
Interests in subsidiaries are set out in Note 38.
Central Queensland University
and Controlled Entities
Notes to the Financial Statements
for the year ended 31 December 2012
Key management personnel
Disclosures relating to directors and specified executives are set out in Note 32.
59
ANNUAL FINANCIAL STATEMENTS
(d)
Transactions with related parties
The following transactions occurred with related parties:
Consolidated
Parent
2012 2011 2012 2011
$ $ $ $
Revenue received from controlled entities
Management fee - - 1,290,909 9,049,986
Trust distribution - - - 1,000,000
Dividends - - - 20,000
General - - 856,738 1,169,350
Expenses paid to controlled entities
Management fee - - 40,969,331 49,541,522
Commission - - 86,996 58,426
Booking fee - - 228,000 228,000
General - - 1,302,569 2,896,886
Subsidy - - 180,000 -
(e)
Outstanding balances
The following balances are outstanding at the reporting date in
relation to transactions with related parties:
Current Receivables
Controlled entities (Trade receivable) - - 209,863 586,055
Controlled entities ( Prepaid management fees) - - 4,552,814 7,452,534
Non-current receivables
Associates 84,799 84,799 - -
Current payables
Controlled entities - - 1,117,464 2,255,905
(f)
(g)
Guarantees
No guarantees have been granted in relation to any related party.
Terms and conditions
All transactions were made on normal commercial terms and conditions and at market rates.