ANNUAL REPORT AND ACCOUNTS 2012 - RSA, Annual Report ...

NOTES TO THE FINANCIAL STATEMENTS CONTINUED
32. RELATED PARTY TRANSACTIONS CONTINUED
A number of the Directors, other key managers, their close families and entities under their control have general insurance policies with
subsidiary companies of the Group. Such policies are available at discounted rates to all employees including Executive Directors.
As at 31 December 2012, there are interest free loans totalling £5,000 (2011: £10,000) outstanding to members of the key management
team under standard terms of the Group’s UK Car Ownership Scheme, which is open to all UK managers within a qualifying salary band.
33. COMMITMENTS
Capital commitments
The Group’s significant capital commitments in respect of property and equipment and intangible assets are detailed in the table below:
Property and equipment 4 19
Intangible assets 52 95
Total 56 114
2012
£m
2011
£m
Operating lease commitments
The Group leases various outlets and offices under non cancellable operating lease agreements. The leases have varying terms, escalation
clauses and renewal rights.
Operating lease commitments where the Group is the lessee
The future aggregate minimum lease payments under non cancellable operating leases are as follows:
Land and buildings
Other
One year or less 59 63 2 1
Between one and five years 161 184 3 2
After five years 107 116 – –
2012
£m
2011
£m
2012
£m
2011
£m
327 363 5 3
Recoveries under sub tenancies (14) (22) – –
Total 313 341 5 3
Operating lease commitments where the Group is the lessor
The future aggregate minimum lease payments under non cancellable operating leases are as follows:
Land and buildings
One year or less 26 26
Between one and five years 83 86
After five years 83 98
Total 192 210
2012
£m
2011
£m
34. ASSETS HELD FOR SALE
There are no assets held for sale at the end of 2012 (2011: £17m). Profit on disposal of assets held for sale of £2m (2011: less than £1m)
in aggregate is recognised within other operating income.
136 | RSA | Annual Report and Accounts 2012