2011-2012 Annual Report - Full Version - PDF - Palmerston North ...

Note 28Related Party TransactionsIn this section PNCC disclose the related partytransactions between the parent PNCC, its fiveCouncil Controlled Organisations (CCO’s), andthose transactions involving Councillor’s and keymanagement personnel.PNCC is the ultimate parent of the group and controlsfive entities, being Caccia Birch Trust Board, GlobeTheatre Trust Board, Palmerston North AirportLimited, Regent Theatre Trust Board, and Te ManawaMuseums Trust Board and had significant influenceover the forestry joint venture with ManawatuDistrict Council (Note 17 and 19).Key management personnel of PNCC includethe Mayor, Councillors, Chief Executive and theseven General Managers who make up the seniormanagement team.CouncilActual Actual2012 2011$000 $000Financial Statements Note 28Related party transactions with subsidiaries and CCO’sCaccia Birch Trust BoardGrants provided by PNCC 75 67Services provided by PNCC 8 5Services provided to PNCC 5 5Accounts payable by PNCC 1 -Globe Theatre Trust BoardGrants provided by PNCC 51 50Services provided by PNCC 2 2Palmerston North Airport LimitedDividends paid to PNCC 211 143Services provided by PNCC 20 76Services provided to PNCC 22 45Rates paid to PNCC 330 241Accounts payable by PNCC 1 15Accounts receivable by PNCC 1 2Tax loss offset paid to PNCC 166 139Regent Theatre Trust BoardGrants provided by PNCC 130 103Services provided by PNCC 10 29Rent paid to PNCC 28 28Services provided to PNCC 9 -Accounts payable by PNCC 5 -Te Manawa Museum Trust BoardGrants provided by PNCC 2,965 2,919Services provided by PNCC 200 155Services provided to PNCC 18 69Rates paid to PNCC - 2Accounts receivable by PNCC 17 10◊In addition to the above transactions PNCCalso owns the premises used by Caccia Birch,Globe Theatre, Regent Theatre and Te ManawaMuseum. While some are used pursuant toleases, the premises are effectively provided asan additional grant.◊Manawatu District Council is also a relatedparty due to the forestry joint venture. Detailsof transactions and balances due to MDC aredetailed in notes 17 and 19. In addition PNCCprovides other services to MDC on normalcommercial terms.◊No doubtful debt provision has been requiredfor any advances made.176Palmerston North City Council Annual Report 2011/12