Marks and Spencer 2015 Annual Report Download - page 124

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122
MARKS AND SPENCER GROUP PLC
FINANCIAL STATEMENTS
NOTES TO THE FINANCIAL STATEMENTS
CONTINUED
28 RELATED PARTY TRANSACTIONS
A. Subsidiaries
Transactions between the Company and its subsidiaries, which are related parties, have been eliminated on consolidation and are not
disclosed in this note. Transactions between the Company and its subsidiaries are disclosed in the Company’s separate fi nancial statements.
B. Hedge End joint venture
A loan of £5.0m was received from the joint venture on 9 October 2002. It is repayable on fi ve business days’ notice and was renewed on
1January 2015. Interest was charged on the loan at 2.0% until 31 December 2009 and 0.5% thereafter.
C . Lima (Bradford) joint venture
A loan facility was provided to the joint venture on 11 August 2008. At 28 March 2015, £24.0m (last year £24.0m) was drawn down on this
facility. Interest was charged on the loan at 2.7% above three-month LIBOR. The Group has entered into a rental agreement with the joint
venture and £4.9m (last year £4.6m) of rental charges were incurred. There was no outstanding balance at 28 March 2015.
D. Marks & Spencer Pension Scheme
Details of other transactions and balances held with the Marks & Spencer UK Pension Scheme are set out in notes 11 and 12.
E. Key management compensation
2015
£m
2014
£m
Salaries and short-term benefi ts 7.5 7. 3
Share-based payments 0.8 3.2
Total 8.3 10.5
Key management comprises the Board directors only. Further information about the remuneration of individual directors is provided
in the Remuneration Report. During the year, key management have purchased goods at the Group’s usual prices less a 20% discount.
This discount is available to all sta employed directly by the Group in the UK.
F. Other related party transactions
Supplier transactions occurred during the year between the Group and a company controlled by Martha Lane Fox’s partner. Martha
is a non-executive director of the Group. These transactions related to the receipt of services and amounted to £2.5m during the year
(last year £1.8m) with an outstanding trade payable of £0.2m at 28 March 2015 (last year £0.4m).