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  • Independent auditors' report to the members of Schroders plc
  • Consolidated income statement
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  • Schroders plc balance sheet
  • Schroders plc statement of recognised income and expense
  • Schroders plc cash flow statement
  • Schroders plc notes to the accounts
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Notes to the accounts

for the year ended 31 December 2007

39. Related party transactions

(a) Transactions between related parties

Transactions between the Company and its subsidiaries, which are related parties of the Company, have been eliminated on consolidation and are not disclosed in this note. Details of transactions between the Group and other related parties, excluding compensation, are disclosed below:

	2007
	Revenues £mn	Interest receivable £mn	Expenses £mn	Amounts owed by related parties £mn	Amounts owed to related parties £mn
Associates	2.2	-	(0.5)	0.5	-
Key management personnel	-	-	(0.1)	-	(4.3)

	2006
	Revenues £mn	Interest receivable £mn	Expenses £mn	Amounts owed by related parties £mn	Amounts owed to related parties £mn
Associates	1.0	-	(0.3)	-	-
Key management personnel	0.1	-	(1.0)	-	(1.2)

Transactions with related parties were made at market rates. The amounts outstanding are unsecured and will be settled in cash. No guarantees have been given or received. No expense for bad or doubtful debts has been recognised in the year in respect of the amounts owed by related parties.

(b) Key management personnel compensation

The remuneration of key management personnel during the year was as follows:

	2007 £mn	2006 £mn
Short-term employee benefits	17.5	12.7
Post-employment benefits	0.3	0.6
Other long-term benefits	4.2	3.3
Share-based payments	6.4	5.7
	28.4	22.3

The remuneration of key management personnel is determined by the Remuneration Committee having regard to the performance of individuals and market rates. The remuneration policy is described in more detail in the remuneration report.