Financial Statements
4 Fees and other income
| 2007 £m |
2006 £m |
|
|---|---|---|
| Performance and management fees | 30 | 29 |
| Dividend received from Songbird Estates PLC | 18 | 16 |
| Other fees and commission | 2 | 5 |
| Underlying | 50 | 50 |
| Capital dividend received from Songbird Estates PLC | 33 | |
| 83 | 50 |
The £30m (2006: £29m) performance and management fees comprise £17m (2006: £20m) performance fees and £13m (2006: £9m) management fees from funds and joint ventures.
The performance fee receivable from HUT is £27m and £48m for the years ended 31 December 2006 and 31 December 2005 respectively, of which the third party element available to the Group is £17m and £31m. In total, £16m of the net fee has been recognised in the current year, £19m in 2006 and the remaining £13m is deferred to later years as it is subject to potential clawback, depending on performance. If there is no clawback, 50% of the undistributed performance fee is payable in each subsequent year.
The net performance fee receivable from HIF for the year ended 31 December 2006 is £1m (2006: £1m), all of which has been recognised in the current year.
Following the capital restructuring of Songbird Estates PLC a capital dividend of £33m was received in the year.