Note 13: Related Party Disclosures

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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.

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