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34 URBAN DEVELOPMENT CORPORATION Notes to the Non-Consolidated Financial Statements (Continued) Year ended March 31, 2010

24.

Related parties transactions (cont’d) (ii)

Associates:

Loans (iii)

2010 $’000

2009 $’000

225,902

237,421

Key management: The remuneration of directors and other members of key management (not disclosed elsewhere) during the year was as follows: 2010 2009 $’000 $’000 Short term benefits

63,178

51,821

In addition to the above, the corporation performed certain administrative services for the following subsidiaries for which fees were charged but not collected, as follows.

Runaway Bay Water Company Limited Urban Maintenance (1977) Limited Ocho Rios Commercial Centre Limited National Hotels and Properties Limited

25.

2009 $’000

24,000 73 7,000 27,808

24,000 948 25,500

58,881

50,448

2010 $’000

2009 $’000

63,178 757,627 (444,358) 80,278

51,821 490,867 268,876 70,914

456,725

882,478

Employee expenses Staff costs incurred during the year in respect of employees were: Senior executives emoluments Salaries and wages Pension contributions Statutory contributions

26.

2010 $’000

Financial instruments (a)

Financial risk management: The corporation has exposure to the following risks from the use of financial instruments:

! ! !

credit risk liquidity risk market risk

This note presents information about the corporation’s exposure to each of the above risks, the corporation’s objectives, policies and processes for measuring and managing risk, and the corporation’s management of capital.

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Annreport09 10  
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