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GROUP AND PARENTTransactions with key management personnelDetails of key management personnel remunerationare disclosed in note 6 to the financial statements.Key management personnel include theChairperson, Councillors, Chief Executive and theExecutive Management Team. 2012 representedthe first year of WelTec and Whitireia operating withone Council. WelTec and Whitireia therefore sharedthe cost of Council remuneration in 2012. It shouldbe noted that Whitireia paid the Chairperson,Deputy Chairperson, and four other members feesin 2012.During the year, the Metro Group of Institutesof Technology and Polytechnics purchasedconsulting services from Saunders Unsworth,a Wellington based consulting company. TheCouncil Chairperson Roger Sowry is a partner inthis company. WelTec’s share of these costs was$39,345 (2011, $47,330) and the services weresupplied on normal commercial terms.2012 Actual $000 2011 Actual $000Council remuneration paid during the yearRoger Sowry (Chairperson) - 29Alan Barker (Deputy Chairperson) - 26Dennis Sharman 14 14Nancy McIntosh - Ward 14 14Peter Preston 14 14Peter Steel 14 14Suzanne Snively 14 14Vaughan Renner 14 14Ron Wilkinson - -Dr Kabini Sanga - -Aka Arthur - -Gregory Fortuin - -Related party transactions withsubsidiary, associate, and jointlycontrolled entityDuring the reporting period WelTecentered into transactions withLCBNZI Limited Partnership, apartnership in which WelTec holdsan equity interest through WelTecConnect Limited (refer note 14).These transactions occurred withina normal supplier relationship onterms and conditions no more orless favourable than those whichit is reasonable to expect WelTecwould have adopted if dealingwith the partnership as per anyindependent third party.GROUP AND PARENT2012 Actual $000 2011 Actual $000SubsidiaryWelTec Connect LimitedUnsecured loans payable to WelTec - 3,150Debtor for services provided by WelTec 53 494AssociateMotorTrain LimitedNo related party transactions were entered into during the year - -LCBNZI Limited PartnershipServices provided by WelTec 318 30Debtor for services provided by WelTec 118 6LCB Management LimitedNo related party transactions were entered into during the year - -Jointly Controlled EntityComputer PowerServices provided by WelTec 772 -Debtor for services provided by WelTec 772 -CybusServices provided by WelTec 91 63Debtor for services provided by WelTec 57 2834 EVENTS AFTER BALANCE DATEThere are no events after balance date to report.(2011: On 8 March 2012 WelTec was advised in writing from the Tertiary Education Commission that a wash-up payment in excess of that accrued wouldbe provided for Priority Trades Training. As a consequence WelTec has amended its financial results to incorporate the actual 2011 funding to be received.WelTec continues to engage with the Tertiary Education Commission with regards to a possible wash-up payment in relation to 2011 Embedded Literacyand Numeracy provision. A contingent asset has been calculated utilising January SDR actual student numbers, and the prescribed funding formula of$785 per student. In 24 April 2012 WelTec Council agreed to convert the on demand loan to WelTec Connect Limited to a capital injection in the form of anincrease in the issued share’s value.)2012 ANNUAL REPORT | 81