120 | FINANCIAL STATEMENTS | Notes to the Consolidated Financial Statements


40. Related party transactions continued Certain management fees receivable by F&C companies outwith the F&C REIT Group are passed to the F&C REIT Group under revenue delegation agreements, as the asset management activity has been delegated to F&C REIT. Amounts payable during the year and outstanding at the year end are set out below:


Total


invoiced Outstanding at and accrued 31 December during 2011 £m


2011 £m


Management fees These amounts are eliminated on consolidation.


As part of the acquisition of REIT in 2008, F&C issued £35.0m of Floating Rate Secured Notes to Kendray Properties Limited, of which £25.0m was repaid to Kendray Properties Limited during 2009 and £10.0m was repaid in 2010. Interest on Floating Rate Secured Notes


Charged Outstanding at and accrued 31 December during 2011 £m


2011 £m


Interest payable to Kendray Properties Limited


and accrued during 2010 £m


Charged Outstanding at 31 December 2010 £m


–– 0.2 –


The F&C Group recognises a share-based payment credit or expense in respect of the variable minority interest enhancement which could be achieved by Kendray Properties Limited, Leo Noé and Ivor Smith. Full details are disclosed in note 26(c).


The F&C REIT minority partners each have a put option to sell their minority stake in F&C REIT after a minimum number of years. Details of the carrying amount of these option liabilities are disclosed in note 28. The option liability is split in the ownership proportions of Kendray Properties Limited, Leo Noé and Ivor Smith.


(2) F&C Partners LLP F&C Alternative Investments (Holdings) Limited owned 60% of F&C Partners LLP until the founder partners exercised their put options over their shares on 7 October 2011, whereupon F&C acquired the remaining 40% of the interest in the Partnership. The founder partners, both of whom held significant influence over the management of the Partnership and had the following economic interest in the Partnership until 7 October 2011, were:


F. Barthelemy A. Culligan


20% ownership interest 20% ownership interest


These parties were considered to be related parties until the date of transfer of the membership interests.


The partners were entitled to receive a share of the profits in F&C Partners LLP. 2011


paid* £m


NCI at


2011 profit distributions 31 December entitlement* £m


2011 £m


F. Barthelemy A. Culligan


*Until 7 October 2011.


Under the terms of the Partnership agreement, a portion of certain management fees receivable by F&C Partners LLP are passed to F&C Alternative Investments (Holdings) Limited.


Total


invoiced Outstanding at and accrued 31 December during 2011 £m


2011 £m


Management fees These amounts are eliminated on consolidation. – n/a Total


and accrued during 2010 £m


0.2


invoiced Outstanding at 31 December 2010 £m


0.1


0.1125 0.1125


0.225


(0.1125) (0.1125)


(0.225)


n/a n/a


n/a


2010 profit entitlement £m


0.15 0.15


0.3 2010 NCI at


distributions 31 December paid £m


(0.15) (0.15)


(0.3)


2010 £m


– –


– 11.2 4.4 Total


and accrued during 2010 £m


13.3


invoiced Outstanding at 31 December 2010 £m


4.6


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