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ANNUAL REPORT AND FINANCIAL STATEMENTS 2011 | 131


Notes to the Company Financial Statements


1. Auditor’s remuneration Amounts received by the Company’s auditor in respect of services to the Company have not been disclosed as the Group-wide information is disclosed in the Consolidated Financial Statements.


2. Directors’ remuneration Details of Directors’ remuneration are as follows:


2011 £m


Aggregate emoluments


Company contributions paid to defined contribution pension schemes Aggregate value of gains made by Directors on exercise of share awards


2.3 0.1 1.9


2011 No.


Members of defined contribution pension schemes Full disclosure of Directors’ remuneration is shown on page 35 and pages 38 to 39.


The Company has no employees (including Directors) under contract of employment, all F&C Group employees being employed by several subsidiary companies.


3. Dividends Details of dividends paid and proposed during the year are disclosed in note 11 to the Consolidated Financial Statements on page 65.


4. Acquisitions The acquisition of Thames River Capital Group was made on 1 September 2010. Section (a) discloses the 2010 acquisition note and section (b) discloses the 2011 updates for changes in consideration.


(a) 2010 – Acquisition of Thames River Capital Group Full details of the acquisition of the TRC Group are disclosed in note 15(a) to the Consolidated Financial Statements on pages 69 to 72. Under UK GAAP the expenses of acquisition are capitalised in accordance with FRS 7, while under IFRS these are expensed by the Group through the Income Statement. The details of the acquisition are otherwise similar to those disclosed in the Consolidated Financial Statements.


The aggregate consideration in respect of the acquisition of TRC in the Company Financial Statements is summarised as follows: £m Initial consideration – cash


Estimated additional cash consideration payable as a result of TRC net assets exceeding target net assets Estimate of first instalment of conditional consideration Estimate of second instalment of conditional consideration Expenses of acquisition


Total estimated consideration


(b) 2011 – Acquisition of Thames River Capital Group The aggregate consideration paid by the Company as disclosed in 2010 has been revised as follows:


(i) The additional cash consideration paid as a result of TRC net assets exceeding target net assets was £7.4m, compared to £7.5m as estimated in the 2010 Financial Statements.


(ii) The fair values of both the first and second instalments of conditional consideration have both been revised to zero, as the Run-rate EBITDA targets on an annualised basis have not been achieved. Therefore, the total conditional consideration liability of £7.5m has been released.


Both of these adjustments have resulted in a reduction in the carrying value of the Company’s investments in subsidiaries and a release of the corresponding acquisition creditor.


33.6 7.5 5.0 2.5 7.2


55.8 2


2010 £m


2.2 0.1 0.9


2010 No.


2


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