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25. Related party transactions
The following paragraphs give details of all related party transactions involving the Company and any of its subsidiary undertakings.
ENIC Group companies
Amounts totalling £6,247 (2009: £5,042) including VAT were incurred during the year by the Group on behalf of ENIC Group and subsequently reimbursed by ENIC Group during the year. At the balance sheet date, £nil (2009: £61) was due to the Group from ENIC Group. Amounts totalling £47,641 (2009: £2,551) including VAT were incurred during the year by ENIC Group on behalf of the Group. During the year, ENIC Group invoiced the Group for £14,000 (2009: £25,458). At the balance sheet date, £nil (2009: £nil) was due to ENIC Group from the Group.
Tottenham Hotspur Foundation was established on 1 November 2006. During the year the Group invoiced the Foundation for expenses paid on their behalf of £136,581 (2009: £147,384). At the balance sheet date, £3,099 (2009: £56,307) was due to the Group from Tottenham Hotspur Foundation. During the year, Tottenham Hotspur Foundation invoiced the Group for £67,835 (2009: £131,830). At the balance sheet date, £128 (2009: £62,760) was due to Tottenham Hotspur Foundation from the Group. Except for the balances disclosed above, there were no other balances outstanding at the balance sheet date in 2010 or 2009. All of these transactions were at arm’s length. The fees paid to related parties with regard to Directors’ emoluments have been disclosed in the Remuneration Report on pages 29 and 30. Key management personnel are deemed to be the Directors. The remuneration of Directors is determined by the Remuneration Committee having regard to the performance of individuals and market trends. Details of the remuneration of the Directors individually and in total are shown below:
Benefits in kind £ Year to 30 June 2010 Total £ Year to 30 June 2009 Total £
Sub total £
D P Levy* M J Collecott Lord Davies of Abersoch** (resigned 16 January 2009) Sir K E Mills**
675,000 — — 5,000 685,000
— 235,000 — — 235,000
675,000 235,000 — — 910,000
— 10,657 — — 10,657
1,350,000 480,657 — 5,000 1,835,657
— 23,500 — — 23,500
1,350,000 504,157 — 5,000 1,859,157
675,000 266,499 5,000 5,000 951,499
* The fees of the Chairman, Daniel Levy, were paid to ENIC Group. ** Non-Executive Directors.
26. Pensions Defined contribution schemes
Certain staff of the Group are members of the Football League Limited Pension and Life Assurance Scheme. Others are members of a self administered Group money purchase scheme. The assets of these schemes are held separately from those of the Group, being invested with insurance companies. The total pension cost charged during the year amounted to £341,000 (2009: £199,000). During the year the Group made payments of £231,000 (2009: £nil) into an Employee Funded Retirement Benefit Scheme administered by Sanne Trust Company Limited. Accordingly, no liability in respect of the scheme is recognised by the Group.
Defined benefit scheme
The Group is advised only of its share of the deficit in the defined benefit section of The Football League Pension and Life Assurance Scheme (the ‘Scheme’). The most recent actuarial valuation of the Scheme was as at 31 August 2008 and indicated that the contribution required from the Group towards making good this deficit was £290,000 at 1 September 2009. The pension cost charged during the year relating to this deficit was £42,000 (2009: £196,000). At the balance sheet date the Group’s share of this deficit was £253,000 (2009: £295,000).
Tottenham Hotspur plc
Annual Report 2010