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Henry Boot PLC<br />
Annual Report and Financial Statements for the year ended 31 December 2015<br />
www.henryboot.co.uk<br />
Stock Code: BHY<br />
28. Operating leases continued<br />
Operating lease payments represent rentals payable by the Group for certain of its office properties. The rents payable are subject<br />
to renegotiation at various intervals specified in the leases.<br />
The Group as lessor<br />
The Group has entered into commercial leases on its investment property portfolio which typically have lease terms between one<br />
and 25 years and include clauses to enable periodic upward revision of the rental charge according to prevailing market conditions.<br />
Ordinarily the lessee does not have an option to purchase the property at the expiry of the lease period and some leases contain<br />
options to break before the end of the lease term.<br />
Future aggregate minimum rentals receivable under non-cancellable operating leases at 31 December are as follows:<br />
Within one year 6,507 7,095<br />
In the second to fifth years inclusive 26,170 28,712<br />
After five years 67,558 79,907<br />
100,235 115,714<br />
29. Related party transactions<br />
Transactions between the Company and its subsidiaries, which are related parties, have been eliminated on consolidation and are<br />
disclosed below:<br />
Parent Company<br />
Management charges receivable 1,140 1,420<br />
Interest receivable 8,049 8,042<br />
Interest payable (2,333) (2,413)<br />
Rents payable (180) (151)<br />
Recharge of expenses 127 159<br />
Transactions between the Company and its remaining related parties are as follows:<br />
Purchases of goods and services<br />
Close family members of key management personnel (amounts paid for IT services) 38 36<br />
Related companies of key management personnel (amounts paid for Non-executive Director services) 41 40<br />
Amounts owing by related parties (note 16) or to related parties (notes 21 and 24) are unsecured, repayable on demand and will<br />
be settled in cash. No guarantees have been given or received. No provisions have been made for doubtful debts in respect of the<br />
amounts owed by related parties.<br />
Remuneration of key management personnel<br />
The remuneration of the Directors, who are key management personnel of the Group and are responsible for making all of the<br />
strategic decisions of the Group and its subsidiaries, is set out below in aggregate for each of the categories specified in IAS 24<br />
‘Related Party Disclosures’. Further information about the remuneration of individual Directors is provided in the audited part of the<br />
Directors’ Remuneration Report on pages 66 to 73.<br />
Short-term employee benefits 1,567 1,547<br />
Post-employment benefits 41 40<br />
Share-based payments 239 451<br />
1,847 2,038<br />
2015<br />
£’000<br />
2015<br />
£’000<br />
2015<br />
£’000<br />
2015<br />
£’000<br />
2014<br />
£’000<br />
2014<br />
£’000<br />
2014<br />
£’000<br />
2014<br />
£’000<br />
Shareholder Information Financial Statements<br />
Governance<br />
Strategic Report<br />
Overview<br />
127