URA

135 (expressed in Hong Kong Dollars) NOTES TO THE FINANCIAL STATEMENTS 23. Significant related party transactions (Continued) During the year, the Authority received $284,000 (2016/17: $285,000) from the said Fund for rental of an office premise. As at 31 March 2018, there was an amount of $394,213,000 (31 March 2017: $423,166,000) remained in the Fund. The Authority has committed to make further contribution to the Fund in future in the event that its fund balance is fully utilised. The key management of the Authority refers to directors and members of the Board and their compensations are set out in Notes 6(f) and (g). 24. Commitments for revitalisation projects In October 2017, the Central Market building was handed over from the Government to the Authority for commencement of revitalisation works in accordance with a scheme approved by Town Planning Board in March 2016 with less intervention in order to shorten the implementation timeframe for early public enjoyment. Upon completion, the site will be granted to the Authority for 21 years by way of private treaty for subsequent operation. The Authority was tasked to revitalise the Central Market in accordance with Chief Executive Policy Address in October 2009. Preparation of submissions pertaining to complete detail design were underway. The Authority announced its proposal to implement a major revitalisation plan to uphold and enhance the local characteristics of a number of themed streets in Mong Kok in 2009. The improvement work at Flower Market Road has been completed. The Authority is liaising with Government Departments regarding the detailed design of Nelson Street, Sai Yee Street and Fa Yuen Street at 31 March 2018. As at 31 March 2018, the costs incurred for these revitalisation projects has been accounted for, with no significant financial impact to the Group.