Financial Statements
4Fees and other income
| 2009 £m |
2008 £m |
|
|---|---|---|
| Performance fees (from funds) | 3 | 9 |
| Management fees (from funds and joint ventures) | 11 | 12 |
| Dividend received from Songbird Estates plc | 16 | |
| Other fees and commission | 4 | 3 |
| Underlying | 18 | 40 |
| Capital dividend received from Songbird Estates plc | 30 | |
| 18 | 70 |
There were no performance fees receivable from HUT or HIF for the years ended 31 December 2008 or 31 December 2007. Some 50% of undistributed performance fees are payable each year provided there is no clawback. In relation to HUT, fees of £3m (2008: £7m) have been recognised in the current year and £3m (2008: £6m) deferred to later years, relating to calendar years 2005 and 2006.
Following a capital restructuring of Songbird Estates plc in 2008, a capital dividend of £30m was received in that year.