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Ascott Residence Trust
Annual Report 2015
30 Related parties
For the purposes of these financial statements, parties are considered to be related to the Group if the Group
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. Related parties may be individuals or other entities.
The Manager is a subsidiary of TAL.
In the normal course of the operations of the Trust, the Manager’s management fees and the Trustee’s fees
have been paid or are payable to the Manager and Trustee respectively.
During the financial year, other than those disclosed elsewhere in the financial statements, there were the
following significant related party transactions, which were carried out in the normal course of business on
arm’s length commercial terms:
Group
Trust
2015
$’000
2014
$’000
2015
$’000
2014
$’000
Acquisition fees paid/payable to the Manager
5,121
5,028
1,141
2,478
Divestment fees paid/payable to the Manager
347
42
–
–
Rental income received/receivable
from related corporations
(430)
(301)
(30)
(33)
Rental income received/receivable from
master lease arrangements
with related corporations
(44,407)
(48,197)
(9,298)
(9,063)
Serviced residence properties management
fees paid/payable to related corporations
26,815
22,767
2,133
2,303
Service fee paid/payable to related corporations
13,815
12,722
1,979
2,147
Shortfall in net operating profit guarantee
amount received/receivable
from related corporations
–
(431)
–
–
Termination compensation received
from a related corporation
–
(649)
–
–
Waiver of non-trade amount owing to
immediate holding company
–
(2,530)
–
–
Yield protection income received/receivable
from a related corporation
–
(412)
–
(412)
