ANNUAL REPORT AND FINANCIAL STATEMENTS 2012 | 95


25. Share-based payments continued At 31 December 2012 the following options granted under the Share Save Scheme to acquire Ordinary Shares were outstanding:


Grant date 25 April 2007 (five-year)


No. of options outstanding


2,269 Earliest exercise date 1 January 2013


Exercisable before


1 April 2013


Exercise price


144.3p The options outstanding at 31 December 2012 have a weighted average outstanding term of 0.3 years (31 December 2011: 0.3 years).


(k) 2002 Executive Share Option Schemes (2002 ESOS) IFRS 2: Share-based Payment is only applied to grants of shares, share options or other equity instruments that were granted after 7 November 2002 and had not vested before 1 January 2005 (i.e. the effective date of IFRS 2). The 2002 Executive Share Option Scheme granted options before 7 November 2002 and was not therefore subject to the full effects of IFRS 2 in terms of recognising an expense in the Income Statement. The standard does, however, require certain disclosures to be made in respect of this scheme.


All scheme options have now vested. If the options remain unexercised after a period of ten years from the date of grant, the options expire. Options are forfeited if the employee leaves the Group.


The number and weighted average exercise price (WAEP) of share options are as follows: 2012 No.


Outstanding at 1 January Forfeited during the year Expired during the year


Outstanding at 31 December Exercisable at 31 December


909,900 (207,487)


702,413 702,413


WAEP £


1.96


2.00 2.00


No. 1,318,528


–– (408,628) 909,900


909,900


At 31 December 2012 the following options granted under the 2002 ESOS to acquire Ordinary Shares were outstanding: No. of options


Earliest Grant date


19 March 2003 9 March 2004


outstanding 280,278


422,135 exercise date


1 January 2013 1 January 2013


Exercisable before


19 March 2013 9 March 2014


2011


WAEP £


2.43


1.82 –– 3.45


1.96 1.96


Exercise price


139.00p 240.83p


The options outstanding at 31 December 2012 have a weighted average outstanding term of 0.8 years (31 December 2011: 1.8 years). 26. Deferred income


2012 £m


At 1 January


Income deferred in the year Amortisation in the year


At 31 December


10.3 1.4


(3.4) 8.3


2011 £m


11.8 2.4


(3.9) 10.3


31 December 31 December 2012 £m


2011 £m


Split as follows: Non-current liabilities Current liabilities


5.6 2.7


8.3


7.0 3.3


10.3


Deferred income primarily comprises initial fees arising on investments into open-ended funds. These fees are initially recognised as deferred income and released to income over the estimated period (2012: four to seven years; 2011: four to seven years) for which the investment is expected to be held.


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