|The Group is controlled by Infratil Limited (incorporated in New Zealand) which owns 50.7% of the Company's voting shares. The Tauranga Energy Consumer Trust owns 33.1% and the residual balance of 16.2% is widely held.
A related entity of H.R.L. Morrison & Co Limited manages Infratil Limited and M Bogoievski, a Director of TrustPower Limited, is the Chief Executive of H.R.L. Morrison & Co Limited. Infratil Limited is the parent of TrustPower Limited and $8,000 (2012: $56,000) was paid to H.R.L. Morrison & Co Limited and related entities during the year for consultancy services. As at 31 March 2013 no balance was outstanding (2012: $56,000).
Consultancy fees of $7,000 (2012: $11,000) were paid to Lumo Energy Pty Ltd which is a subsidiary of the Group's ultimate parent. As at 31 March 2013 none of this amount was outstanding (2012: nil).
All Directors participate in a share purchase plan where the Directors' purchase shares in the Company to the value of half of their annual Directors' fees. During the year all Directors purchased their shares directly from the Company at the average market price for the preceding 20 business days from the treasury stock that the Company was holding. A total of 36,000 shares (2012: 20,000) were purchased for $290,000 (2012: $146,000) (see note 13).
Mr RH Aitken, a Director of TrustPower Limited, is the Executive Chairman of the engineering firm Beca Limited. $281,000 was paid to Beca Limited for engineering services (2012: $374,000). As at 31 March 2013 $50,000 of this amount was unpaid (2012: $32,000).
Mr RWH Farron, Chief Financial Officer and Company Secretary of TrustPower Limited, is a director of the engineering supplies firm BGH Group Limited and its New Zealand based subsidiaries. $5,000 has been charged by subsidiaries, Bay Engineers Supplies Limited and Hose Supplies New Zealand Limited (2012: $11,000). As at 31 March 2013 $1,000 of this amount was unpaid (2012: nil).
TrustPower Limited owns 20.0% of the ordinary shares of Rangitata Diversion Race Management Limited (RDR) which owns and operates an irrigation canal in Canterbury. RDR's operating and capital expenditure is funded by advances from its shareholders. In 2013 the Group advanced RDR nothing (2012: $84,000) and the total balance of the advance at 31 March 2013 was $1,884,000 (2012: $1,884,000). This balance is included in other investments in the statement of financial position.
Except as noted above, no transactions took place with related parties during the year. Other than interest free intercompany advances all transactions with related parties take place on an arms length basis. No related party debts were forgiven or written off during the year. Except as noted above there are no amounts outstanding at 31 March 2013 (2012: nil).