125 125 2017 2016 $’000 $’000 Note 6: Cash flow reconciliation 21,673 25,842 55,000 50,000 76,673 75,842 Note 7: Related party disclosures 2017 2016 $’000 $’000 Australian Sports Foundation 34 68 Sports Australia Hall of Fame 100 75 Olympic Winter Institute 2,788 2,854 Swimming Australia 11,120 11,235 Victorian Olympic Council - 3 Sailing Australia 9,464 9,155 Transactions exclude GST where relevant. NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS For the year ended 30 June 2017 AUSTRALIAN SPORTS COMMISSION There were also payments to KMP to reimburse costs incurred on behalf of the Commission. These and the transactions referred to above were conducted with conditions no more favourable than would be expected if the transactions occurred at arm's length. Individual KMP may hold professional engagements with related parties. Such engagements are not reported in this note as they are not required to be disclosed as related party transactions under Australian Accounting Standards. Chief Executive Officer Ms A Camplin-Warner OAM Mr Mark Stockwell Mr Steve Moneghetti Mr A Plympton Ms K Bates Statement of Financial Position items comprising cash and cash equivalents Cash in hand or on deposit Term deposits Reconciliation of cash and cash equivalents as per Statement of Financial Position to Cash Flow Statement Total cash and cash equivalents per Cash Flow Statement Related party relationships The Commission is an Australian Government controlled entity. Related parties to the Commission are Key Management Personnel (KMP)(refer definition at Note 8) and other Australian Government entities. Key Management Personnel Ms S Carbon OAM Mr M Stockwell Contributions were made to various related sporting organisations. They were approved and made on normal terms and conditions. KMPs are required to register conflicts of interest and are not part of decisions where there is a real or perceived conflict. These are disclosed in the table below. Entity Transactions with other Commonwealth controlled entities During the 2016-17 financial year, the Commission entered into a Memorandum of Understanding with the Department of Health to receive a one- off contribution of $7.900m. The contribution was used to support funding to National Sporting Organisations. The ASC also has arrangements with other government entities to assist with the delivery of ASC's activities and programs. The income received from government entities is disclosed as 'Contributions from Government entities' in the Statement of Comprehensive Income. All expenses paid to government entities are under normal terms and conditions. Loans to Key Mangement Personnel related entities There were no loans made to KMP or related entities. Contributions to related organisations