NTA Northacre

The Company is included in a group registration for VAT purposes and is therefore jointly and severally liable for all other group companies' VAT liabilities amounting to GBP477,048 (2013: GBPnil).

 
 27.    Related party transactions 
 
        Group 
 
        The Group's related parties as defined by International Accounting 
         Standard 24 (revised), the nature of the relationship and the amount 
         of transactions 
        with them during the period were as 
         follows: 
 
                               Nature 
                                 of                  2014                        2013 
                                                                                                        Nature of 
        Related Party       Relationship        GBP           GBP           GBP           GBP         Transactions 
 
                                               Total        Balance        Total        Balance 
                                            transactions     at the     transactions     at the 
                                               in the         year         in the         year 
                                                year          end           year          end 
 
 
  Northacre                                                                                        Loan repayable 
   PLC                           1                     -           -         699,602           -    to the Scheme 
        Directors 
         Retirement                                                                                by Northacre PLC. 
         and                                                                                        Loan was repaid 
        Death Benefit                                                                              on 27(th) December 
         Scheme                                                                                     2012 
 
  Northacre 
   PLC 
   Directors 
   Retirement 
   and Death                                                                                       Interest payable 
   Benefit Scheme                1                     -           -          24,859           -    to the Scheme on 
                                                                                                   the loan to 
                                                                                                   Northacre 
                                                                                                   PLC. All 
                                                                                                   interest was paid 
                                                                                                    on 27(th) December 
                                                                                                    2012 
 
                                                                                                   Provision in 
  Northacre                                                                                        respect 
   PLC                           1                     -           -       1,200,000           -   of profit share 
        Directors                                                                                  to the Scheme in 
         Retirement                                                                                 relation to the 
         and                                                                                        sale 
                                                                                                   of Group's 
        Death Benefit                                                                              interests 
         Scheme                                                                                    in The 
                                                                                                   Abingdons 
                                                                                                   Partnership. 
                                                                                                   It was paid on 
                                                                                                   30(th) November 
                                                                                                   2012 
 
                                                                                                   Consultancy fees 
  K. Nilsson                     2                57,150    (57,150)               -           -    for services 
                                                                                                   provided for the 
                                                                                                    1 Palace Street 
                                                                                                    project for the 
                                                                                                    period December 
                                                                                                    2013 to February 
                                                                                                    2014 
 
                                                                                                   Non-executive 
                                                                                                   Directors 
  E.B. Harris                    3                30,000    (30,000)          66,125    (30,000)   fees for 
                                                                                                   March 2013 - 
                                                                                                   February 
                                                                                                   2014 invoiced from 
                                                                                                   E.C. Harris LLP 
 
                                                                                                   Non-executive 
                                                                                                   Directors 
  M. Williams                    4                10,000           -          65,500     (5,000)   fees for 
                                                                                                   March 2013 
 
                                                                                                   Executive Directors 
  M.A. AlRafi                    5                10,000           -         120,000           -    fees for 
                                                                                                   March 2013 - June 
                                                                                                    2013 
 
 
                                                                                                   Bonus of 
                                                                                                   GBP1,000,000 
  M.A. AlRafi                    5                     -   (975,000)       1,000,000   (975,000)   was payable 
                                                                                                   from The Lancasters 
                                                                                                   Development 
                                                                                                   dividends. 
                                                                                                   GBP25,000 was paid 
                                                                                                   on 28(th) November 
                                                                                                   2012 and the 
                                                                                                   balance 
                                                                                                   of GBP975,000 was 
                                                                                                   paid post year 
                                                                                                   end on 28(th) March 
                                                                                                   2014 
 
                                                                                                   Non-executive 
                                                                                                   Directors 
  A. de Rothschild               6                17,500    (17,500)               -           -   fees for 
                                                                                                   July 2013 - 
                                                                                                   February 
                                                                                                   2014 
 
                                                                                                   Consultancy fees 
  ADCM Ltd                       7             1,100,000           -               -           -    charged for 
                                                                                                   April 2013 - 
                                                                                                   February 
                                                                                                   2014 with 
                                                                                                   GBP1,200,000 
                                                                                                   being paid in the 

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