Annual Report and Accounts 2008
37 Related party transactions
| Amount of transactions | Amounts due from related parties | Amounts due to related parties | ||||||
|---|---|---|---|---|---|---|---|---|
| 2008 £m | 2007 £m | 2008 £m | 2007 £m | 2008 £m | 2007 £m | |||
| Associates | ||||||||
| ICRRL | 8.4 | 8.4 | – | – | – | – | ||
| Spain associates | 2.5 | 1.1 | 1.4 | 2.0 | (1.2) | (1.2) | ||
| Joint ventures | ||||||||
| Spain joint ventures | – | 0.6 | – | 1.7 | – | (0.2) | ||
| Trade investments | ||||||||
| Spain trade investments | 2.6 | 1.5 | 0.8 | 0.7 | (0.5) | (0.1) | ||
| Property transactions | ||||||||
| Stock | 0.3 | 0.3 | – | – | – | – | ||
| Spain | 3.4 | 3.7 | 0.4 | 0.3 | (0.2) | (0.5) | ||
| Durham | 0.3 | 0.3 | – | – | – | – | ||
| Total associates and joint ventures | 10.9 | 10.1 | 1.4 | 3.7 | (1.2) | (1.4) | ||
| Total other related parties | 6.6 | 5.8 | 1.2 | 1.0 | (0.7) | (0.6) | ||
| Total | 17.5 | 15.9 | 2.6 | 4.7 | (1.9) | (2.0) | ||
Amounts due to ICRRL are included in provisions as disclosed in note 26.
A provision of £0.6m (2007: £nil) has been booked against amounts due from Spain associates, which are presented net.
Property transactions
Brian Stock was appointed as Chief Executive of the Group's North American operations in October 2004. Stock Transportation Limited, a school bus operator in North America, was acquired in July 2002. As part of the Sale and Purchase Agreement, the Group entered into leases for eight properties at market rents and on standard terms and conditions. The rental payments of £0.3m (2007: £0.3m) are made to Stock Properties Limited and Stock Realty Limited, of which Brian Stock is a related party.
A number of Spain companies have leased properties from companies related to the Cosmen family. Jorge Cosmen is a Non Executive Director of the Group and was appointed as Deputy Chairman in October 2008. These leases were in place before the Group's acquisition of Alsa and are for appropriate market rates.
Compensation of key management personnel of the Group
| 2008 £m | 2007 £m | |
|---|---|---|
| Total compensation paid to key management personnel (note 7) | 3.4 | 3.9 |
Directors' interests in employee share plans are disclosed in the Directors' Remuneration Report.