Financial Statements
4 Fees and other income
| 2006 £m |
2005 £m |
|
|---|---|---|
| Performance and management fees | 29 | 2 |
| Dividend received from Songbird Estates PLC | 16 | |
| Other fees and commission | 5 | 6 |
| 50 | 8 |
The £29m performance and management fees comprise £20m performance fees and £9m management fees from funds and joint ventures.
The £48m HUT performance fee due to British Land for the year to 31 December 2005 is reduced to £32m after eliminating British Land's share. £18m has been recognised in the current period, the remaining £14m is deferred to later years as it is potentially subject to clawback, depending on performance. If there is no clawback, 50% of the undistributed performance fee is payable in each subsequent year. The £2m HIF performance fee due to British Land for the year to 31 December 2005 is reduced to £1m after eliminating British Land's share, all of which has been recognised in the current year.