118 | FINANCIAL STATEMENTS | Notes to the Consolidated Financial Statements
40. Related party transactions continued
(ii) Related party transactions with Achmea B.V. and subsidiary companies (Achmea Group) While the Achmea Group held in excess of 10% of the Ordinary Share capital of the Company they were entitled to appoint a representative to the Board of the Company. However, since 1 March 2011, Achmea no longer had Board representation and as a result ceased to be a related party. The disclosures below represent transactions up to that date or balances at that date.
Companies within the F&C Group provide investment management services to the Achmea Group. Companies within the Achmea Group, under the Transitional Services Agreement, provide services in respect of investment accounting and other administration services.
Total
invoiced Outstanding at and accrued 31 December during 2011* £m
2011 £m
Shared services and administrative services: Achmea Group Friends First
Amounts outstanding at 31 December are included within accruals.
Management fees: Achmea Group Friends First Imperio
Amounts outstanding at 31 December are included within trade debtors and accrued income.
Dividends payable to Achmea B.V.: Ordinary dividends
* Until Achmea ceased to have Board representation on 1 March 2011.
Other amounts owed by/to Achmea In addition to the above, the Group was owed £1.7m at 1 March 2011 (31 December 2010: £1.4m) by Achmea B.V. and its subsidiaries. The Group also owed Achmea B.V. £1.3m at 1 March 2011 (31 December 2010: £1.3m) in respect of taxation balances.
The Group owed Achmea B.V. £0.7m at 31 December 2011 (31 December 2010: £0.7m) in respect of additional estimated purchase consideration for the acquisition of F&C Group (Holdings) Limited on 11 October 2004 as disclosed in note 15(c).
(iii) Transactions with minority partners (1) F&C REIT Asset Management LLP F&C Asset Management plc owns 70% of the “A” and “B” partnership units in F&C REIT Asset Management LLP (the Partnership). The other partners in the Partnership, all of whom have significant influence over the management of the Partnership or a significant economic interest in the Partnership are:
Kendray Properties Limited Leo Noé Ivor Smith
30.0% 22.5% 7.5%
These parties are considered to be related parties.
ownership interest in “B” units ownership interest in “A” units ownership interest in “A” units
n/a n/a 2.6 –
4.0 0.8 0.1
n/a n/a n/a
25.5 4.6 0.5
1.5 0.2 0.2
0.1 –
n/a n/a
Total
and accrued during 2010 £m
0.2 0.1
invoiced Outstanding at 31 December 2010 £m
– 0.1
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48 |
Page 49 |
Page 50 |
Page 51 |
Page 52 |
Page 53 |
Page 54 |
Page 55 |
Page 56 |
Page 57 |
Page 58 |
Page 59 |
Page 60 |
Page 61 |
Page 62 |
Page 63 |
Page 64 |
Page 65 |
Page 66 |
Page 67 |
Page 68 |
Page 69 |
Page 70 |
Page 71 |
Page 72 |
Page 73 |
Page 74 |
Page 75 |
Page 76 |
Page 77 |
Page 78 |
Page 79 |
Page 80 |
Page 81 |
Page 82 |
Page 83 |
Page 84 |
Page 85 |
Page 86 |
Page 87 |
Page 88 |
Page 89 |
Page 90 |
Page 91 |
Page 92 |
Page 93 |
Page 94 |
Page 95 |
Page 96 |
Page 97 |
Page 98 |
Page 99 |
Page 100 |
Page 101 |
Page 102 |
Page 103 |
Page 104 |
Page 105 |
Page 106 |
Page 107 |
Page 108 |
Page 109 |
Page 110 |
Page 111 |
Page 112 |
Page 113 |
Page 114 |
Page 115 |
Page 116 |
Page 117 |
Page 118 |
Page 119 |
Page 120 |
Page 121 |
Page 122 |
Page 123 |
Page 124 |
Page 125 |
Page 126 |
Page 127 |
Page 128 |
Page 129 |
Page 130 |
Page 131 |
Page 132 |
Page 133 |
Page 134 |
Page 135 |
Page 136 |
Page 137 |
Page 138 |
Page 139 |
Page 140 |
Page 141 |
Page 142 |
Page 143 |
Page 144 |
Page 145 |
Page 146 |
Page 147