Sustainability and Governance Report
Notes to the FINANCIAL STATEMENTS
[Note
27.
Related party transactions
Related parties
Related parties refer to VGO International Pte Ltd and W.O.S. World of Sport (M) Sdn Bhd.
(a) Sales and purchases of goods and services
In addition to the related party information disclosed elsewhere in the financial statements, the following significant transactions between the Group and related parties
took place at terms agreed between the parties during the financial year:
Income/(expenses)
Recharge of rental and office building expenses to related parties
Payment on behalf of related party to trade suppliers of the related party
Recharge of staff costs and other expenses from related parties
(b) Compensation of key management personnel
Short-term employee benefits
Central Provident Fund contributions
Other short-term benefits
Comprise amounts paid to:
- Directors of the Company
- Other key management personnel
Group
2020
$'000
2019
$'000
170
441
(50) (186)
Group
2020
2019
$'000
$'000
2,235
1,995
108
53
36
86
2,379
2,134
1,191
1,021
1,188
1,113
2,379
2,134
As at 31 March 2020, amounts due to directors amounted to $645,000 (2019: $439,000). These amounts are non-trade in nature, non-interest bearing and repayable on
demand.
(c) Commitment with related party
On 19 April 2017, the Company entered into a 36-month agreement ending 18 April 2020 with VGO International Pte Ltd for the lease of the Company's office space. The
Group expects the rental paid to VGO International Pte Ltd to be $30,000 in 2020 and $2,500 in 2021 respectively.
As disclosed in Note 2.2, the Company have adopted SFRS(I) 16 on 1 April 2019. These lease payments have been recognised as right-of-use assets and lease liabilities
on the balance sheet as at 31 March 2020.
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