NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 JUNE 2022
Note 17: Share Capital Each share has a value of $1 and the only class of shares on issue are Member Shares. The minimum required holding is 200 shares and the maximum is 50,000 shares. At balance date 114,250 shares at $1 each being $114,250 in total had been issued. Each Member is only entitled to one vote regardless of the number of shares held. Each shareholder must be the owner of a health and wellness business. Note 18: Related Party Transactions
2022 $
2021 $
Key Management Personnel Compensation:
The totals of remuneration paid to key management personnel (KMP) of the Group during the year are as follows: Director fees
156,605
151,505
Group CEO & senior executives Short-term employee benefits
573,742
643,917
Post-employment benefits
40,622
43,203
770,968
Total Compensation
838,625
The amounts disclosed in the table are the amounts recognised as an expense during the reporting period related to directors, the Group CEO and senior executives. Transactions with related parties Member directors of the parent entity are Members of the Group and have accounts with the company. The terms and conditions of the accounts operated by the directors are the same as accounts provided to other Members. Note 19: Financial Risk Management The Consolidated Entity’s financial instruments consist mainly of deposits with banks and accounts receivable and payable. Credit Risk Credit risk is the risk that the other party to a financial instrument will fail to discharge their obligation resulting in the Consolidated Entity incurring a financial loss. This usually occurs when debtors fail to settle their obligations owing to the Consolidated Entity. It arises from exposure to customers as well as through deposits with financial institutions. The maximum exposure to credit risk, excluding the value of any collateral or other security, at balance date to recognised financial assets, is the carrying amount, net of any provisions for impairment of those assets, as disclosed in the balance sheet and notes to the financial statements. All stores are assessed for credit risk before being approved to join the group. All corporate entities are requested to provide personal guarantees. Ongoing credit risk per customer is monitored monthly and credit limits are set as appropriate.
GO VITA GROUP LIMITED ANNUAL REPORT 2021-2022 I 63
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