Financial Statements
Notes to the Accounts
4 Fees and other income
| 2008 £m |
2007 £m |
|
|---|---|---|
| Performance and management fees (from funds and joint ventures) | 21 | 30 |
| Dividend received from Songbird Estates plc | 16 | 18 |
| Other fees and commission | 3 | 2 |
| Underlying | 40 | 50 |
| Capital dividend received from Songbird Estates plc | 30 | 33 |
| 70 | 83 |
The £21m (2007: £30m) performance and management fees comprise £9m (2007: £17m) performance fees and £12m (2007: £13m) management fees from funds and joint ventures.
The performance fee receivable from HUT for the year ended 31 December 2007 is £nil. In the year ended 31 December 2006 the fee was £27m, of which the third-party element available to the Group was £17m. 50% of the undistributed performance fee is payable each year provided there is no clawback. In the current year fees of £7m (2007:£16m) have been recognised and £6m (2007: £13m) is deferred to later years. The net performance fee receivable from HIF for the year ended 31 December 2007 is £nil (2006: £1m).
Following the capital restructuring of Songbird Estates plc a capital dividend of £30m (2007: £33m) was received in the year, in addition to a dividend treated as underlying of £16m (2007: £18m).
