annual report 2011

IOOF | annual report 2011
Notes to the financial statements (cont’d)
For the year ended 30 June 2011
(c) Loans to directors of subsidiaries and associates
Consolidated
2011 2010
$ $
The aggregate value of loans to Directors of Group subsidiaries as at balance date amounted to:
Directors of controlled and associated entities from the Group (i) 7,681,452 7,422,702
Interest revenue of the Group on loans to :
Directors of controlled and associated entities from the Group 406,052 385,092
Interest repaid on loans from the Group during the year:
Directors of controlled and associated entities from the Group 440,952 359,516
Interest receivable balance on loans to Directors from the Group as at balance date:
Directors of controlled entities as at balance date 108,450 143,968
(i) The Director of an associate entity who received the loans referred to above was Mr J Murray. The amounts were advanced by Perennial Investment Partners Ltd for
the specific purpose of assisting him to acquire an equity interest in another related party, Perennial Value Management Ltd. The parties to the loans are permitted to
discharge the loans by transferring the shares to the lender. Secured interest bearing loans totalling $4,246,831 were made on commercial terms and conditions and
unsecured loans to the value of $790,180 (2010: $790,180) are interest free.
The loans referred to above relate to amounts advanced to the Directors of controlled entities, Mr A Patterson, Mr A Mulcahy, Mr L
Mickelburough and Mr R Macdougall. The amounts were advanced by Perennial Investment Partners Ltd to Directors for the specific
purpose of assisting them to acquire an equity interest in subsidiaries of IOOF or in the case of Mr A Patterson another related party,
Perennial Value Management Ltd. The secured interest bearing loans totalling $1,718,790 were made on commercial terms and
conditions and unsecured loans to the value of $925,650 (2010: $925,650) are interest free.
(d) Loans to executives of the Group
Consolidated
2011 2010
$ $
The aggregate value of loans to Executives of the Group made by the Group as at balance date amounted to (i) 2,445,171 1,987,228
Interest revenue of the Group on loans to executives 125,320 89,960
Loans made to executives of the Group during the year by the Group 787,193 117,000
Interest repaid during the year 121,217 68,085
Interest written off during the year - -
Interest receivable balance as at balance date 45,898 41,795
Loans repaid during the year 329,250 9,921
(i) The Executives referred to above were Mr P Durham, Mr S Bruce, Mr G Oshry, Mr D Cottier, Mr N Sladen, Mr A Sutherland and Mr B James. The amounts were advanced
by Perennial Investment Partners Ltd for the specific purpose of assisting them to acquire an equity interest in subsidiaries of the Company or in the case of Mr P
Durham, Mr S Bruce, D Cottier and Mr G Oshry another related party, Perennial Value Management Ltd. Unsecured interest bearing loans totalling $803,893 and
secured interest bearing loans totalling $1,524,278 were made on commercial terms and conditions with the exception of loans advanced to Mr P Durham and Mr S
Bruce for the amounts of $331,536 and $239,351 respectively that are interest free loans.
(e) Ultimate parent entity
IOOF Holdings Ltd is the ultimate parent entity in the Group.
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