Page 167 - DUT Annual Report 2020

DURBAN UNIVERSITY OF TECHNOLOGY
NOTES TO THE CONSOLIDATED ANNUAL FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2020
28.
RELATED PARTIES
The related party relationships of the Durban University of Technology in terms of IAS 24 are as follows:
 Subsidiary entities (refer to Note 1.6 – Basis of consolidation);
 Related party transactions exist between the University and its subsidiaries. Related party transactions comprise interest, rent, insurance, administration fees and royalties. Related party transactions and balances are eliminated on consolidation.
 All related party transactions were made on terms equivalent to those that prevail at arm's length.
 Key management personnel, which comprises members of both Council and the University executive management team (refer Note 26 and Note 27); and
 National Government (refer to Note 1.17.1). For details of transactions of amounts received from National Government refer to note 15.1)
The following related party transactions in respect of the wholly owned subsidiary entities occurred during the
year under review:
Maxelect Investments (Pty)Ltd
Transactions
Rental income
Interest on loan (income) Insurance (expense)
Account balances
Loan receivable
Melrose Properties (Pty)Ltd
Transactions
Rental income Insurance (expenses)
Account balances
Loan receivable
Durban University of Technology (Pty)Ltd
Transactions
Contractor fee reimbursement Admin Fees received
Account balances
Trade payables
2020 2019
R’000 R’000
5 410 5 843 1 363 1 291 186 156
28 812 27 263
193 214 189 172
4 945 4 756
2 511 2 191 251 215
2 716 2 129
DURBAN UNIVERSITY OF TECHNOLOGY ANNUAL REPORT 2020
165