82
NATURAL COOL HOLDINGS LIMITED
NOTES TO
THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2014
30 Related parties
Key management personnel compensation
Key management personnel of the Group and the Company are those persons having the authority and
responsibility for planning, directing and controlling the activities of the entity. The directors and senior
management staff of the Group and the Company are considered as key management personnel.
Key management personnel compensation, included in staff costs comprised:
Group
2014
2013
$
$
Short-term employee benefits
5,283,618 3,809,643
Post-employment benefits
118,507
128,947
5,402,125 3,938,590
Included in key management personnel compensation is director’s remuneration of the Company of
$1,982,835 (2013: $630,764).
Key management personnel and director transactions
A number of key management personnel, or their related parties, hold positions in other entities that result
in them having control or significant influence over the financial or operating policies of these entities.
A number of these entities transacted with the Group during the year. The terms and conditions of the
transactions with key management personnel and their related parties were no more favourable than
those available, or which might reasonably be expected to be available, on similar transactions to non-key
management personnel related entities on an arm’s length basis.
The aggregate value of transactions and outstanding balances relating to key management personnel and
entities over which they have control or significant influence were as follows:
Director
Transaction
Transaction value for the
year ended 31 December
Balance outstanding
as at 31 December
2014
2013
2014
2013
$
$
$
$
William da Silva Legal fees
9,616
–
–
–
From time to time, directors of the Group, or their related entities, may purchase goods from the Group.
These purchases are on the same terms and conditions as those entered into by other Group employees
or customers.
Other related party transactions
Group
2014
2013
$
$
Related parties
Sale of goods
(269,017)
(99,681)
Purchase of goods
861,408
703,397
Directors of the Company and subsidiaries
Bank facilities secured by personal guarantees from 2 directors
of the Company and 2 directors of a subsidiary
–
336,679
