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14. CAPITAL EXPENDITURE COMMITMENTS
Estimated capital expenditure contracted for at balance date, but not
provided for in the financial statements, which is payable:
June 2016
$000
June 2015
$000
Not later than one year:
Unrelated parties
-
-
Related parties
4,000
3,272
4,000
3,272
Capital Commitments to related parties
Villawood
In April 2016, the Trust committed to expand its Villawood
Bunnings Warehouse, New South Wales, at a cost of $4.0 million.
The development is expected to be completed in early 2017.
15. AUDITOR’S REMUNERATION
June 2016
$
June 2015
$
Audit and review of the financial
statements
KPMG Australia
93,840
83,565
Other services
KPMG Australia – taxation
services
26,200
27,700
KPMG Australia – accounting
consultancy services
3,000
-
KPMG Australia – property
consultancy services
431,183
81,392
Total auditor’s remuneration
554,223
192,657
Further details on the non-audit services can be found in the
Directors’ report on page 48.
16. RELATED PARTY DISCLOSURES
(a) Relationship with theWesfarmers Group
Wesfarmers Investments Pty Limited, a controlled entity of
Wesfarmers Limited, holds 159,014,206 (2015: 159,014,206) units in
the Trust, representing 24.75 per cent of the units on issue at 30 June
2016 (2015: 24.75 per cent).
(b) Transactions with theWesfarmers Group
During the year ended 30 June 2016, the Trust had the following
transactions with the Wesfarmers Group:
June 2016
$
June 2015
$
Bunnings Group Limited
1
Rent and other property income
139,585,880
134,766,430
Rent and other property income
received in advance
10,702,873
10,460,730
Amounts receivable
23,228
162,928
J Blackwood and Son
Pty Limited
1
Rent
634,537
749,261
Amounts receivable
-
128,291
Officeworks Superstores
Pty Ltd
1
Rent
877,601
1,315,695
Amounts receivable
-
26,130
BWPManagement Limited
1
Responsible entity fees
11,793,442
11,071,092
Fees waived
2
437,548
-
Wesfarmers Limited
Insurance premiums paid/payable
128,616
613,512
Insurance proceeds receivable
203,784
-
1
A controlled entity of Wesfarmers Limited.
2
During the period, the responsible entity waived its entitlement to fees in
respect to $150 million of property valuation uplift from 1 January 2016 to 30
June 2016.
BWP Trust Annual Report 2016
43
Financial Report