Page 160 - Urban Renewal Authority 2023-24 Annual Report

NOTES TO THE FINANCIAL STATEMENTS

(expressed in Hong Kong Dollars)

21. Significant related party transactions

Transactions entered into by the Group with members of the Board, 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 $53,533,000 (2022/23:
$48,599,000) 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 2024, there was an amount of $4,506,000
(31 March 2023: $4,039,000) 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 $2,418,000 (2022/23:
$2,282,000).

During the year, the Authority charged the said Fund $26,000 (2022/23: $174,000, including office fitting
out) for office accommodation expenses.

As at 31 March 2024, there was an amount of $126,889,000 (31 March 2023: $174,841,000) 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 members of the Board and their compensations are set out
in Notes 6(b) and (c).

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