ANNUAL REPORT 2004–05 - V/Line

NOTES TO THE FINANCIAL STATEMENTSNOTE 21RELATED PARTY DISCLOSURESI. Wholly-owned group transactionsRelated Party Nature of Transactions Terms and Conditions Consolidated 2005 Consolidated 2004Payments to related party (for period entity related)Victorian Rail Services Pty Ltd Provision of information The Company was charged - $2,222,282technology services and services on a cost basis onlyrental of premises .Victorian Rail Track Corporation Provision of communication Normal commercial terms $2,177,173 $767,130servicesand conditionsSpencer Street Station Authority Rental payments Normal commercial terms $863,641 $1,263,980and conditionsDepartment of Infrastructure Miscellaneous payments In accordance with the $10,564,416 $38,593made under the franchise franchise agreement and theagreement and the new new Franchise AgreementFranchise AgreementReceipts from related party (for period entity related)Spencer Street Station Authority Reimbursement of site Normal commercial terms $748,005 $671,912allowances and other and conditionschargesDepartment of Infrastructure Provides funding to the In accordance with the new $164,623,811 $97,136,836Company franchise agreement and (a)as required since1 October 2003Victorian Rail Track Corporation Management Fee for In accordance with $95,672 -rent collectionagreement(a) This represents the funding received from the Department of Infrastructure and is GST inclusive.The parent company did not have any related party transactions within the wholly-owned group in 2005 and 2004.II. Other related party transactionsDeloitteFrom 23 December 2002 until 14 July 2003, Simon A Wallace-Smith & Robert W Whitton (“Deloitte”) of Deloitte Touche Tohmatsu was the appointedAdministrators of V/Line Passenger Pty Ltd prior to the acquisition of the company by the parent entity. On 14 July 2003 a Deed of CompanyArrangement (“DOCA”) was entered into with creditors of V/Line Passenger Pty Ltd and from that date Deloitte ceased to be Administrators of theCompany and Simon A Wallace-Smith & Peter G Yates (“DTT”) also of Deloitte Touche Tohmatsu were appointed Administrators of the DOCA. Deloittecontinues to be a related party as V/Line Passenger Pty Ltd remains subject to the DOCA and will not be released from this arrangement until it issettled. In the role of DOCA Administrators, DTT corresponded with creditors to determine valid proof of debt claims. DTT will be paid out of the pool offunds available for distribution to the creditors.III. Transactions with the DirectorsRefer to Note 18 for details of Directors Remuneration for the year ending 30 June 2005.IV. Transactions with director-related entitiesAll directors named in this Annual Report are directors of V/Line Passenger Pty Ltd which forms part of the consolidated entity.V/LINE ANNUAL REPORT 2004-05|63