annual report 2011

IOOF | annual report 2011
Notes to the financial statements (cont’d)
For the year ended 30 June 2011
14 Other financial assets
Consolidated Parent
2011 2010 2011 2010
$’000 $’000 $’000 $’000
Fair value through profit or loss
Certificates of deposit and bank bills 2,428 2,708 - -
Shares in listed companies 572 143 - -
Unlisted unit trusts 5,029 3,628 - -
8,029 6,479 - -
Available-for-sale investments 28,577 23,179 - -
Loans and other receivables
Loans to directors and executives (i) 10,008 9,165 - -
Seed capital receivable 7,153 7,153 - -
Receivables from statutory benefit funds and other related parties 6,796 1,723 61,819 35,052
Other 10 55 - 54
23,967 18,096 61,819 35,106
Investments carried at cost less accumulated impairment
Investments in subsidiaries - - 849,796 849,796
Investments in associates - - 864 -
- - 850,660 849,796
(i) Loans to directors and executives
Loans to directors of controlled entities
60,573 47,754 912,479 884,902
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.
Loans to directors of associates
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.
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