Aviva 2014 Annual Report Download - page 250

Aviva plc Annual report and accounts 2014
Notes to the Company’s financial statements continued
246
I – Related party transactions continued
Loans owed to subsidiaries
Maturity analysis of contractual undiscounted cash flows: 2014 2013
Principal £m
Interest
£m
Total
£m
Principal
£m
Interest
£m
Total
£m
Within 1 year
—
132 132 9,975 218 10,193
1
–
5 years 10,366 264 10,630 563 34 597
Over 5 years
—
—
— —
—
—
Total 10,366 396 10,762 10,538 252 10,790
Other related party balances comprise dividends and interest receivable and payable, as well as intercompany balances for fees and
other transactions in the normal course of business.
During the year the facility with General Accident plc was renewed, giving a total loan principal of £10,210 million with a
maturity date of December 2017.
Dividends, loans, interest
Services provided to related parties
2014 2013
Income
earned in
year
£m
Receivable
at year end
£m
Income
earned in
year
£m
Receivable
at year end
£m
Subsidiaries 1,232 1,992 1,553 1,706
The Company incurred expenses in the year of £179,000 (2013: £130,000) representing audit fees paid by the Company on behalf
of subsidiaries. The Company did not recharge subsidiaries for these expenses.
The related parties’ receivables are not secured and no guarantees were received in respect thereof. The receivables will be
settled in accordance with normal credit terms.
Services provided by related parties
2014 2013
Expense
incurred in
year
£m
Payable
at year end
£m
Expense
incurred in
year
£m
Payable
at year end
£m
Subsidiaries 258 14,251 326 14,260
The related parties’ payables are not secured and no guarantees were received in respect thereof. The payables will be settled in
accordance with normal credit terms. Details of guarantees, indemnities and warranties given by the Company on behalf of related
parties are given in note 53(f).
The directors and key management of the Company are considered to be the same as for the Group. Information on both the
Company and Group key management compensation can be found in note 61.
J – Subsequent event
Refer to note 4(a) for further details on the proposed acquisition of Friends Life.
K – Statement of cash flows
Following a review of the classification of the cash flows, additional disclosure in respect of the receipts under equity compensation
plans has been provided and comparative amounts have been amended from amounts previously reported. This has no impact on
the total cash and cash equivalents balance.
246 | Aviva plc Annual report and accounts 2014