2023 annual report final WEB - Flipbook - Page 68
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Note 17. Key Management Personnel Remuneration
The aggregate compensation made to key management personnel of the group
is set out below:
Aggregate compensation
2023
$'000
2022
$'000
2,276
1,894
Note 18. Related Parties
The Group’s main related parties are:
Those persons having authority and responsibility for planning, directing, and controlling the activities of the
entity, directly and indirectly, including any director (whether executive or otherwise) are considered key
management personnel.
Other related parties include immediate family members of key management personnel and entities that are
controlled or significantly influenced by those key management personnel, individually or collectively with
their immediate family members.
Other than the remuneration of key management personnel disclosed in Note 17, there were no material
transactions with related parties during the financial year.
Note 19. Contingent Liabilities
The educational institutions in the group providing P-12 education receive grants from both the Australian and
Queensland Governments. Under the arrangements entered into between Christian Outreach Centre and the
Australian and Queensland Governments there are conditions which if breached in a 20-year period can result in
repayment of grant monies. The National Executive are of the opinion that the educational institutions will continue
in their current capacities and therefore the liability is unlikely to eventuate.
On 6 May 2021, the Federal Minister for Social Services entered Christian Outreach Centre into the National Redress
Scheme (NRS). One claim of $96,000 was accepted and is payable after year end. Nine claims are pending a decision
and there is a potential liability of $461,000 based on management’s estimates.
There are three claims that have been made outside the NRS. These claims are still subject to the process of
investigation and assessment, and it is too early in the investigation stage to estimate the amount of any potential
claims.
Note 20. Events Occurring After the Reporting Period
No matter or circumstance has arisen since 31 December 2023 that has significantly affected, or may significantly
affect the consolidated entity’s operations, the results of those operations, or the consolidated entity’s state of
affairs in future financial years.
Note 21. Capital Commitments
Major capital commitments contracted for but not capitalised in the financial
statements:
Suncoast Christian College Primary School Building project
Riverside Church Dubbo Refurbishment Works
2023
$'000
2022
$'000
2,099
794
2,893
13,875
13,875
384
375
Note 22. Auditor Remuneration
Audit and review of Group Financial Statements (including Component Auditors)
68
2023 Financials
