12. Remuneration of governors and related party transactions Information on Governors’ remuneration is included in the Remuneration Report on pages 31 to 32. In addition:
• Mr Peter Davies is a senior partner at Lansdowne Partners, which acts as one of the fund managers on behalf of the Trust. Lansdowne Partners received management fees of £1.2 million in 2011 (2010: £1.2 million), and is also entitled to a performance fee of 20% of the appreciation of the net asset value of the fund during each period of 12 months ending 31 December. The amount payable in respect of performance fees for the year ended 30 September 2011 was £1.7 million (2010: £2.7 million).
• Professor Dame Kay Davies is a shareholder in Summit plc. The Trust has made payments to Summit plc in 2011 of £1.5 million (2010: £ nil) in respect of a Seeding Drug Discovery award.
• Details of the Governors who had appointments during the year with organisations which were in receipt of grants are disclosed in note 7.
Other related party transactions UKCMRI Limited The PRI loans are unsecured, interest free and have no repayment date. They have been provided to finance UKCMRI Limited’s activities. Refer note 15(d).
The Group incurred costs of £0.3 million (2010: £nil) on behalf of UKCMRI Limited, which it has recharged including the cost of secondment staff. The amount due from UKCMRI Limited at 30 September was £0.4 million (2010: £nil).
UKCMRI Construction Limited UKCMRI Limited is the controlling party and immediate parent of UKCMRI Construction Limited. The Group incurred costs of £1.0 million (2010: £0.8 million) on behalf of UKCMRI Construction Limited, which it has recharged including the cost of secondment staff and rental charges. The premises are currently made available at a below market rent. The amount due from UKCMRI Construction Limited at year end was £0.1 million (2010: £6.0 million).
Kymab Ltd The Trust is the parent undertaking and the ultimate controlling party holding 99% of the equity of Kymab Ltd, which is consolidated within the Group accounts. The Group incurred costs of £0.2 million (2010: £nil) on behalf of Kymab Ltd which it has recharged on an arm’s length basis. The amount due from Kymab Ltd at 30 September was £0.1 million (2010: £0.1 million).
13. Taxation
The estimated cost of irrecoverable Value Added Tax suffered by the Group in the year was £11.7 million (2010: £7.8 million). The Trust claims exemption from income and capital gains taxes.
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