Axiom Mining 2015 Annual Report

GROUP FINANCIAL REPORT

Notes to the financial statements for the year ended 30 September 2015

64

18. Commitments (continued)

b. Operating lease commitments

2015 $000

2014 $000

Within one year

50

128

After one year but within five years

–

10

50

138

19. Auditor’s remuneration

2015 $000

2014 $000

Amount received or due and received by auditors for: Hall Chadwick Audit and review of financial reports under the Corporations Act 2001

57 29 86

80 10 90

Audit services by firms other than Hall Chadwick

20. Related parties

AXIOM MINING LIMITED ANNUAL REPORT 2015 a. Balances with related parties During the 2014 year an advance of $28,093 was outstanding from Ryan Richard Mount at market rates. This advance was fully paid during the year including interest at market rates. Transactions with related parties Stephen Ray Williams is a consultant to Kemp Strang Lawyers. Mr Williams is not a partner of Kemp Strang Lawyers. During the year $132,550 (2014 $97,829) (exclusive of GST) was paid to Kemp Strang Lawyers for legal services on normal commercial terms. Stephen Ray Williams provided consultancy services to the Company through Burrawong Holdings Pty Ltd. During the year Nil (2014: $8,000) (exclusive of GST) in consultancy fees were charged by Burrawong Holdings Pty Ltd to the Company. During the year, advisory services were provided by JRG Consulting (JRG). Mr Jeremy Gray, who is a Non-executive Director, controls JRG. The Board considers that the JRG agreement is a commercial arrangement entered into on reasonable arm’s length terms. There is no obligation for the Company to acquire services exclusively from JRG or for JRG to exclusively provide services to the Company. Total amount paid to JRG during the year including the provision of services provided by Mr Jeremy Gray was $28,650 (2014 Nil).