Notes to the consolidated financial statements

Identity of related parties

The Group has related party relationships with its subsidiaries, joint ventures and associates, the Group’s pension schemes and with key management being its directors and executive officers. No related party relationships with close family members of the Group’s key management existed in the current or comparative year.

Subsidiaries, joint ventures and associates

Transactions entered into by the Company with subsidiaries and between subsidiaries as well as the resultant balances of receivables and payables are eliminated on consolidation and are not required to be disclosed. Similarly, the Group’s share of transactions entered into by the Company and its subsidiaries with joint ventures and between joint ventures as well as the Group’s share of the resultant balances of receivables and payables are eliminated on consolidation. Transactions and balances with joint ventures (before consolidation eliminations) and with associates are as follows:

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31 March

Continuing

2011
£m

2010
£m

Sales of goods and services

 

 

– to joint ventures and associates

150

111

Purchases of goods and services

 

 

– from joint ventures and associates

221

174

Receivables

 

 

– due from joint ventures and associates

15

18

Payables

 

 

– due to joint ventures and associates

17

8

Financing

 

 

– loans to joint ventures and associates

18

10

– deposits from joint ventures and associates

25

3

The Group had no material related party transactions containing unusual commercial terms.

The Group provides guarantees in respect of banking facilities of a joint venture totalling £10 million (2010 – £21 million).

Key management

Key management compensation is disclosed in Note 9.