2007 Annual report (PDF 8.1 Mb) - University of Melbourne
2007 Annual report (PDF 8.1 Mb) - University of Melbourne
2007 Annual report (PDF 8.1 Mb) - University of Melbourne
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NOTES TO AND FORMING PART OF THE<br />
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER <strong>2007</strong><br />
NOTE 38: RELATED PARTY TRANSACTIONS (CONTINUED)<br />
(e) Outstanding Balances<br />
The following balances are outstanding at the <strong>report</strong>ing date in relation to transactions with related parties:<br />
CONSOLIDATED<br />
UNIVERSITY<br />
<strong>2007</strong><br />
$’000<br />
2006<br />
$’000<br />
<strong>2007</strong><br />
$’000<br />
2006<br />
$’000<br />
Current Receivables (sale <strong>of</strong> goods and services)<br />
Subsidiaries - - 622 578<br />
Current Payables (purchases <strong>of</strong> goods)<br />
Subsidiaries - - 1,251 1,081<br />
No allowance for doubtful debts was raised in <strong>2007</strong> (2006 Nil) for the outstanding balances disclosed above. Therefore, no expense was<br />
recognised for the period.<br />
(f) Guarantees<br />
No guarantees have been given to third parties in respect <strong>of</strong> related parties.<br />
(g)<br />
Terms and Conditions<br />
During the financial year, all transactions between the <strong>University</strong> and its subsidiaries were in the ordinary course <strong>of</strong> business and on<br />
normal arm’s length commercial terms and conditions.
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