N o t e s t o t h e f i n a n c i a l s t a t e m e n t s
Year ended 31 March 2015
29 Significant related party transactions
For the purposes of these financial statements, parties are considered to be related to the Group if the Manager has the
ability, directly or indirectly, to control the party or exercise significant influence over the party in making financial and
operating decisions, or vice versa, or where the Manager and the party are subject to common significant influence. Related
parties may be individuals or other entities. The Manager and the Property Manager are indirect wholly-owned subsidiaries
of a significant Unitholder of the Trust.
In the normal course of its business, the Group carried out transactions with related parties on terms agreed between
the parties. During the financial year, in addition to those disclosed elsewhere in the financial statements, there were the
following significant related party transactions:
Group
Trust
2015
2014
2015
2014
$’000
$’000
$’000
$’000
(Restated)
Acquisition fee paid/payable to the Manager
7,349
1,223
7,349
1,223
Acquisition of properties from related parties of the Manager
112,000
– 112,000
–
Car park income received/receivable from the Property Manager
(297)
(297)
(297)
(297)
Car park management fee paid/payable to the Property Manager
4,752
4,001
4,752
4,001
Deposits received/receivable from:
– the Manager
(5)
(14)
(1)
–
– the Property Manager
–
(37)
–
(37)
– related parties of the Manager
(10)
–
(10)
–
Development management fee paid/payable to the Manager
–
336
–
336
Divestment fee paid to the Manager
63
350
63
350
Incentive payment received from related parties of the Manager
(383)
(1,098)
(383)
(1,098)
Land premium paid to JTC
21,490
–
21,490
–
Lease rental, utilities income and car park income received/
receivable from:
– the Manager
(520)
(422)
(446)
(391)
– the Property Manager
(99)
(10)
(99)
(10)
– related parties of the Manager
(3,035)
(2,722)
(3,035)
(2,722)
Lease service fees paid/payable to the Manager
14,219
13,001
14,219
12,055
Management fee paid/payable to the Manager
38,137
35,594
38,137
35,594
Property service fees to the Property Manager
25,869
18,839
25,869
18,839
Property service fees, service charge, reimbursements and
receipts on behalf to related companies of the Manager
2,246
1,757
1,945
1,583
Receipts on behalf by:
– the Manager
(214)
(826)
(214)
(826)
– the Property Manager
(151)
(277)
(151)
(277)
Reimbursements to the Manager
11
20
11
20
Reimbursements and receipts on behalf to the Property Manager
2,302
2,312
2,302
2,312
Utilities income and recovery of expenses paid on behalf by
related companies of the Manager
(151)
(18)
(151)
(18)
ASCENDAS REAL ESTATE INVESTMENT TRUST ANNUAL REPORT 2014/15
