Key management personnel
Only the Executive and Non-Executive Directors are recognised as being key management personnel. It is the Board which has responsibility for planning, directing and controlling the activities of the Group. The key management compensation is as follows:
| 52 weeks
ended
30 November
2014
£m | 52 weeks
ended
1 December
2013
£m |
|---|
| Salaries and other short-term employee benefits | 3.0 | 3.8 |
| Salaries and other short-term employee benefits in respect of Directors retired during the year | 0.2 | — |
| Share-based payments | 3.7 | 1.9 |
| 6.9 | 5.7 |
Further information on the remuneration of Directors and Directors' interests in ordinary shares of the Company are disclosed in the Directors' remuneration report.
Other related party transactions with key management personnel made during the period related to the purchase of professional services and amounted to £15,000 (2013: £11,000). All transactions were on an arm's length basis and no period end balances arose as a result of these transactions.
At the end of the period, there were no amounts owed by key management personnel to the Group (2013: £27,000). The prior period amounts arose in periods before relevant directorships were obtained.
There were no other material transactions or balances between the Group and its key management personnel or members of their close family.
Investment
The following transactions were carried out with Paneltex Limited, a company in which the Group holds a 25% interest. Further information on the Group's relationship with Paneltex Limited is provided in Note 3.3.
| 52 weeks
ended
30 November
2014
£m | 52 weeks
ended
1 December
2013
£m |
|---|
| Purchase of goods | | |
| — Plant and machinery | — | 0.1 |
| — Consumables | 0.4 | 0.9 |
| 0.4 | 1.0 |
Indirect transactions, consisting of the purchase of plant and machinery through some of the Group's finance lease counterparties, were carried out with Paneltex Limited to the value of £7.2 million (2013: £4.0 million).
At period end, the Group owed Paneltex £19,000 (2013: £33,000).
Joint Venture
The following transactions were carried out with MHE JV Co, a joint venture company in which the Group holds a 50% interest:
| 52 weeks
ended
30 November
2014
£m | 52 weeks
ended
1 December
2013
£m |
|---|
| Sale of assets to MHE JVCo | — | 116.0 |
| Capital contributions made to MHE JVCo | 6.5 | — |
| Reimbursement of supplier invoices paid on behalf of MHE JVCo | 34.9 | — |
| Lease of assets from MHE JVCo | 31.0 | 112.1 |
| Capital element of finance lease instalments paid to MHE JVCo | 15.7 | 0.3 |
| Interest element of finance lease instalments accrued or paid to MHE JVCo | 5.4 | 1.9 |
During the period the Group made a capital contribution of £6.5 million to MHE JVCo and paid lease instalments (including interest) of £21.1 million to MHE JVCo. 50% of these lease instalments were recovered by the Group from Morrisons. These funds are used by MHE JVCo to finance the acquisition of CFC2 fixed assets.
Included within trade and other receivables is a balance of £3.5 million owed by MHE JVCo (2013: £12.3 million). £2.7 million of this relates to a finance lease accrual which is included within other receivables (2013: £nil).
Included within trade and other payables is a balance of £0.8 million owed to MHE JVCo (2013: £8.4 million).
Included within obligations under finance leases is a balance of £130.8 million owed to MHE JVCo (2013: £112.7 million).
No other transactions that require disclosure under IAS 24 "Related Party Disclosures" have occurred during the current financial period.