Urban Renewal Authority 2018-19 Annual Report

165 (expressed in Hong Kong Dollars) NOTES TO THE FINANCIAL STATEMENTS 23. Significant related party transactions Transactions entered into by the Group with members of the Board and directors, parties related to them, Government Departments, agencies or Government controlled entities, other than those transactions which are entered into by parties in general in the course of their normal dealings, are considered to be related party transactions pursuant to HKAS 24 (Revised) “Related Party Disclosures”. During the year, the Authority reimbursed the Government an amount of $62,602,000 (2017/18: $58,306,000) for actual costs incurred by the Lands Department of the Government (the “Lands Department”) in connection with statutory resumption and site clearance work conducted for the redevelopment projects of the Authority. As at 31 March 2019, there was an amount of $5,242,000 (31 March 2018: $4,970,000) due to the Lands Department yet to be settled. The amount is unsecured, interest-free and repayable on demand and included in trade and other payables. In 2011/12, the Authority has contributed $500,000,000 to Urban Renewal Trust Fund (the “Fund”). During the year, the Authority provided administrative and support services to the Fund for $1,738,000 (2017/18: $1,350,000). During the year, the Authority received $275,000 (2017/18: $284,000) from the said Fund for rental of an office premise. As at 31 March 2019, there was an amount of $370,035,000 (31 March 2018: $394,213,000) 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).