TORRES STRAIT REGIONAL AUTHORITY
Notes to and forming part of the financial statements for the period ended 30 June 2015
Note 13A: Related Party Disclosures
Loans to Directors and Director-Related Entities
Loans were made to the following directors and director-related entities. They were approved under normal terms and conditions applying to the TSRA's loan schemes. The directors involved took no part in the relevant decisions of the board.
| TSRA Director Name | Council Relationships |
| Mr Joseph Elu | Northern Peninsula Area Regional Council |
| Mr Keith Fell | Torres Strait Island Regional Council |
| Mr Getano Lui (Jnr) | Torres Strait Island Regional Council |
| Mr Mario Sabatino | Torres Strait Island Regional Council |
| Mr Willie Lui | Torres Strait Island Regional Council |
| Mr John Abednego | Torres Shire Council |
| Mr Yen Loban | Torres Shire Council |
The table below outlines the loan holder/s and the TSRA director with whom a related party connection exists.
Loans
Seisia Community Torres Strait Islander Corporation
- Joseph Elu - TSRA Chairperson Seisia Island Council
- Joseph Elu - TSRA Chairperson Triple A Family Values Pty Ltd
- Keith Fell - TSRA Board Member Bamaga Enterprise Pty Ltd
- Reg Williams - TSRA Board Member Loban Marine
- Yen Loban - TSRA Board Member Alice Loban
- Yen Loban - TSRA Board Member
|
2015 $ |
2014 $ |
|
| Loans to directors outstanding at year-end | 62,125 | 22,740 |
| Loans to directors during the year | 87,435 | 40,000 |
| Loan repayments by directors during the year | 7,554 | 16,375 |
| Loans to director-related entities outstanding at year-end | 411,195 | 2,219,529 |
| Loans to director-related entities during the year | 333,032 | 268,684 |
| Loan repayments by director-related entities during the year | 119,515 | 396,028 |
| Interest revenue included in net cost of services from loans to directors/director-related entities | 17,790 | 114,192 |
The TSRA has adopted AASB 139 Financial Instruments - Recognition and Measurement, and treated loans outstanding at year end as Loans and Receivables valued at amortised cost using the effective interest rate method.
TORRES STRAIT REGIONAL AUTHORITY
Notes to and forming part of the financial statements for the period ended 30 June 2015
Note 13B: Related Party Disclosures
Other Transactions with Directors or Director-Related Entities
Grants were made to the following Director-related entities. They were approved under normal terms and conditions applying to the TSRA's grant programs. The Directors involved took no part in the relevant decisions of the TSRA and may not be a representative of the governing body of the entity receiving the grant.
| Directors' Name | Council | Grants Received | Grants Received |
|
2015 $ |
2014 $ |
||
| * | Northern Peninsula Area Regional Council | 413,590 | 60,500 |
| * | Torres Shire Council | 316,000 | 2,530,000 |
| * | Torres Strait Island Regional Council | 1,911,848 | 3,267,350 |
| J Elu, K Bedford | Australian Fisheries Management Authority | 906,832 | - |
| K Bedford | Australian Rural Leadership Foundation | - | 50,000 |
| M Nona | Badhulgaw Kuthinaw Mudh (Torres Strait Islanders) Corporation | - | 80,000 |
| M Nona | Badu Island Foundation Ltd | - | 7,500 |
| R Williams | Bamaga Enterprises Limited | - | 8,000 |
| F Pearson | Buthu Lagau Saral (TSI) Corporation | - | 15,000 |
| S Savage | Community Enterprises Australia Ltd | - | 1,665,366 |
| K Lui | Denis Allan Newie | - | 6,500 |
| K Fell | Department of Transport and Main Roads | - | 500,000 |
| S Savage | DFK Kidsons - Grant Controller for kaurareg Native Title Aboriginal Corporation | - | 117,100 |
| K Bedford | Erub Erwer Meta (TSI) Corporation | - | 92,000 |
| K Bedford | Erubam Le Traditional Land and Sea Owners Corporation (RNTBC) | - | 12,000 |
| F Pearson | Fred David | - | 8,350 |
| K Bedford | George Kapua Gutchen | - | 10,000 |
| H Mosby | Kailag Enterprises | - | 8,373 |
| S Savage | Kaurareg Native Title Aboriginal Corporation | - | 28,800 |
| K Lui | Kaziw Asesered Le Association | 4,800 | 30,000 |
| F Pearson | Kulkalgal Torres Strait Islander Corporation | - | 10,000 |
| R Fujii | Lena Passi Womens Cntre | - | 15,000 |
| E Peter | Malau Ki'ai (TSI) Corporation | 12,000 | 8,400 |
| H Mosby | Masigalagal (TSI) Corporation RNTBC | - | 11,500 |
| A Noah | Mer Gedkem Le (TSI) Corporation | 144,634 | 30,100 |
| M Nona | Mulalagal RNTBC | 10,500 | - |
| M Nona | Mura Badulgal (TSI) Corporation RNTBC | 15,200 | - |
| R Fujii | Mura Kosker Sorority Inc | - | 524,000 |
| R Fujii | Port Kennedy Association | 1,221,500 | 606,000 |
| F Pearson | Porumalgal (TSI) Corporation RNTBC | - | 2,500 |
| C Aniba | Saibai Community Development (TSI) Corp | - | 10,000 |
| C Aniba, A Noah | Torres Strait Islanders Media Association | - | 798,780 |
| H Mosby | Torres Strait Islanders Regional Education Council Incorporated | 169,365 | - |
| K Fell | Torres Strait Kaziw Meta Inc | 74,100 | - |
| K Fell | Torres Strait Major Infrastructure and Other projects Trust | 10,571,989 | 13,817,413 |
| K Fell, S Maka | Torres Strait Youth and Recreation Sporting Association Inc | 1,275,000 | 325,000 |
| J Stephen | Ugar Ged Kem Le Zeuber Er Kep | 10,700 | - |
| K Lui | Wug Danalaig Incorporated | - | 25,000 |
*Please refer to Note 13A for information regarding Director relationships with these entities.