Notes to the financial statements (cont’d) For the year ended 30 June 2012 (a) Ultimate parent entity (b) Loans to Directors and executives of associates and subsidiaries 34 Related party transactions (c) Transactions with key management personnel page 110 There are no loans between the Group and key management personnel. i. Key management personnel compensation ii. Loans to key management personnel Details of key management personnel compensation are disclosed in Note 33 to the financial statements and in the Remuneration  Report. The amounts above were advanced by Perennial Investment Partners Ltd and IOOF Investment Management Ltd for the specific  purpose of assisting executives to acquire an equity interest in subsidiaries and associates of the Company. Secured interest bearing  loans totalling $7,996,236 were made on commercial terms and conditions and loans totalling $2,286,717 are unsecured interest free  loans. IOOF Holdings Ltd is the ultimate parent entity in the Group. Directors and executives of associates Year Opening  balance 1 July  Closing  balance June Interest paid  and payable  during the  year Highest  balance  during the  year $ $ $ $ Interest free loans Perennial Value Management Ltd 2012 2,286,717  2,286,717  - 2,286,717  2011 2,286,717  2,286,717  - 2,286,717  Interest bearing loans Perennial Value Management Ltd 2012 6,267,109  6,207,185  342,260  6,351,428  2011 6,317,959  6,267,109  422,866  6,355,000  Perennial Growth Management Pty Ltd 2012 1,608,070  1,574,548  93,156  1,617,200  2011 1,128,172  1,608,070  93,369  1,625,607  Perennial Fixed Interest Partners Pty Ltd 2012 121,057  120,529  7,896  124,870  2011 120,975  121,057  7, 819  124,218 