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WSPS 2013 Annual Report

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Workplace Safety & Prevention Services Notes to Financial Statements December 31, 2013 23. rELAtED PArty trANSACtIoNS The Association subleases its premises from Centre for Health & Safety Innovation (CHSI) and pays their proportionate rental area share of the operating costs. Any surplus (deficiency) in CHSI will be shared by the members based on their proportionate rentable areas (see also Note 6). During the year, CHSI charged rental and operating costs of $2,764,090 (2012 – $2,777,763). These transactions are in the normal course of business, and are measured at the exchange amount, which is the amount of consideration established and agreed to by the related parties, and approximates the arm's length equivalent value. Minimum annual rental lease payments are as follows: year Amount 2014 $ 1,334,000 2015 1,347,000 2016 1,347,000 2017 1,347,000 2018 1,112,000 Thereafter 3,374,000 $ 9,861,000 Amounts not specifically disclosed on the balance sheet: 2013 2012 Trade accounts receivable $ 6,732 $ 2,900 Trade accounts payable $ 2,422 $ 9,167 During the year, the Association charged CHSI bookkeeping and information technology service fees of $34,800 (2012 – $34,800). This amount is measured at the exchange amount (the amount of consideration agreed to by the related parties). 37 2013 annual report  |  Workplace Safety & Prevention Services

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