Annual Report and Financial Statements 2011

ANNUAL REPORT AND FINANCIAL STATEMENTS 2011 | 119

40. Related party transactions continued The partners are entitled to receive a share of the profits of F&C REIT Group as disclosed in the table below:

2011

amortisation of intangible assets £m

Kendray Properties Limited Leo Noé Ivor Smith

(1.0) (0.7) (0.3)

(2.0) 2011 2011

paid £m

NCI at

profit distributions 31 December share £m

2.3 1.9 0.7

4.9

(3.5) (2.4) (1.0)

(6.9)

2011 £m

6.8 4.7 1.0

12.5 2010

amortisation of intangible assets £m

(1.2) (0.9) (0.3)

(2.4)

2010 profit share £m

2.4 2.2 0.7

5.3 2010 NCI at

distributions 31 December paid £m

2010 £m

(2.4) (2.3) (0.9)

(5.6)

9.0 5.9 1.6

16.5

F&C has a shared services agreement and a staff secondment agreement with F&C REIT Asset Management LLP whereby the F&C Group provides certain administrative and professional services to the F&C REIT Group. Amounts charged under these agreements are set out below:

Total

invoiced Outstanding at and accrued 31 December during 2011 £m

2011 £m

Shared services and administrative services: Employee benefits

Administration service fees The above amounts are eliminated on consolidation.

In addition, F&C REIT Asset Management LLP paid Leo Noé and Ivor Smith £0.4m during 2011 (2010: £0.5m) in respect of rent for the F&C REIT Group’s head office at Wigmore Street, London.

The F&C REIT Asset Management LLP Group has balances with several entities connected with the minority partners of the Partnership. These balances primarily remain from the creation of the F&C REIT Group in 2008.

Balances Balances

outstanding at outstanding at 31 December 31 December 2011

Kendray Properties Limited REIT Europe Limited

£m –

0.1

2010 £m

(0.3) 0.1

During 2011, F&C Asset Management plc made a carried interest investment in F&C REIT Carry LP, an associated entity. This investment will entitle the Company to future carried interest profits from the management of F&C REIT Club Deals LP.

£13.5m of profit distributions were paid by F&C REIT Asset Management LLP to the Company in 2011 (2010: £10.6m), which eliminate on consolidation.

9.3 1.0

4.3 0.2

Total

and accrued during 2010 £m

9.0 1.0

invoiced Outstanding at 31 December 2010 £m

3.3 0.1

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