Annual Report and Financial Statements 2012

ANNUAL REPORT AND FINANCIAL STATEMENTS 2012 | 115

39. Related party transactions continued The F&C REIT Asset Management LLP Group has balances with related parties as follows:

Balances Balances

outstanding at outstanding at 31 December 31 December 2012

£m

Kendray Properties Limited REIT Europe Limited

(0.5) 0.1

– 0.1

During 2011 and 2012 F&C Asset Management plc made carried interest investments in F&C REIT Carry LP and F&C REIT Carry 3 LP respectively.These investments will entitle the Company to a share of any future carried interest entitlement arising from the management of F&C REIT Club Deals LPs.

£5.1m of profit distributions were paid by F&C REIT Asset Management LLP to the Company in 2012 (2011: £13.5m), which eliminate on consolidation.

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 2012 £m

2012 £m

Management fees* * These amounts are eliminated on consolidation.

The F&C Group recognises a share-based payment credit or expense in respect of the variable NCI enhancement which could be achieved by Kendray Properties Limited, Leo Noé and Ivor Smith. Full details are disclosed in note 25(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 27.

(iii) Transactions with Thames River Capital related party entities Thames River Capital UK Limited and certain of its directors are members of Nevsky Capital LLP, an entity to which Thames River Capital UK Limited provides support and infrastructure services. Thames River Capital UK Limited recharges Nevsky Capital LLP at cost for these services. Thames River Capital is also entitled to a share of profits from Nevsky Capital LLP.

Total

invoiced Outstanding at and accrued 31 December during 2012 £m

2012 £m

Support and infrastructure services Profit share

1.6 0.9

(iv) Post-employment benefit plans The Group operates and participates in several post-employment benefit plans as detailed in note 24.

The Group contributed amounts to the defined benefit plans and had amounts outstanding at 31 December each year as follows: Employer Outstanding at

contributions 2012 £m

F&C Asset Management Pension Plan F&C Portugal(1) F&C Netherlands F&C Ireland

(1) Incorporated within the Fundo de Pensoes do Grupo Banco Comercial Português scheme.

In addition to the above, the Group has an unfunded obligation to provide a former Chairman, Mr R W Jenkins, with a pension as detailed in note 24.

6.9 0.3 0.7 0.1

8.0

31 December 2012 £m

– – – –

–

contributions 2011 £m

5.3 0.4 0.6 0.2

6.5

Employer Outstanding at 31 December 2011 £m

– – – –

–

0.6 0.1

Total

and accrued during 2011 £m

3.0 0.3

invoiced Outstanding at 31 December 2011 £m

0.3 0.3

11.6 4.5 Total

and accrued during 2011 £m

11.2

invoiced Outstanding at 31 December 2011 £m

4.4

2011 £m

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