Notes to the consolidated financial statements - supplementary information
29. Related party transactions
The following information is provided in accordance with IAS 24 ‘Related Party Disclosures’, as being material transactions with related parties during the year. These transactions are with joint ventures and a pension plan and were in the normal course of business and are summarised below:
| 2010 £m | 2009 £m | 2008 £m |
|
|---|---|---|---|
| Sales: Services supplied to a pension plan and joint ventures | 5 | 4 | 3 |
| Purchases: Services received from joint ventures | 73 | 44 | 33 |
| Interest income: Interest received on loans with joint ventures | 1 | – | – |
| Receivable from a pension plan and joint ventures | 1 | – | – |
| Payable to joint ventures | 6 | 6 | 2 |
| Dividends received from joint ventures | 18 | – | – |
Amounts receivable from and payable to related parties are due on normal commercial terms.
At 31 March 2010, there was a loan receivable from Blue-NG Limited (a joint venture) of £23m (2009: £nil; 2008: £nil) of which £4m is non interest-bearing and the remainder bears interest at 14% per annum.
Details of investments in principal subsidiary undertakings, joint ventures and associates are disclosed in note 36 and information relating to pension fund arrangements is disclosed in notes 4 and 30. For details of Directors’ and key management remuneration, refer to note 2(c) and the auditable section of the Directors’ Remuneration Report.