32. Related party transactions

The Group has taken advantage of the exemption available under FRS8 ‘Related Party Transactions’ that permits non-disclosure of transactions with wholly-owned Group undertakings that are eliminated on consolidation. Related party disclosures concerning the joint venture and associate are shown in Notes 15 and 16 respectively. Related party disclosures concerning grant awards are shown in Note 29. Because of the diverse nature of the relationships connecting the Charity, its officers and other parties, it is not possible to itemise in detail all other related party transactions that may exist. However, there are no material transactions and all such transactions are, as a matter of policy, conducted on an arm’s length basis.

Annual Report and Accounts / Notes to the Accounts / 59