Notes to the Company Financial Statements

28. Related party disclosures

The Group’s ultimate parent company is Imperial College London (Imperial College of Science, Technology and Medicine, South Kensington Campus, London SW7 2AZ, United Kingdom) by virtue of its shareholding in the Group. The Group has a Technology Pipeline Agreement (TPA) with Imperial College London which stipulates the terms for sharing revenue generated from the commercialisation of Imperial College London intellectual property which is assigned to Imperial Innovations Limited. In addition, the Group has agreements with Imperial College London across a range of services, including an operating lease for office premises (from 18 July 2005, previously an occupying licence), an agreement covering information technology and intellectual property advice (services agreement). Amounts receivable from or payable by the parent company with subsidiary companies are disclosed separately in the Company’s Financial Statements (note 8). Transactions with Appointee Directors are excluded as these are not considered to exert influence on the Group.

The receivables from related parties arise mainly from sale transactions and are due one month after the date of sale. The receivables are unsecured in nature and bear no interest. The payables to related parties arise mainly from purchase transactions and are due one month after the date of purchase. The payables bear no interest.

1 Considered to be related parties by virtue of Board representation by Group employees or Directors.
2 Includes monies advanced and face value of loan notes received as partial consideration.

Key Management Compensation

The Group considers all members of the Board to be key management and their remuneration is disclosed in note 25. Directors’ shareholdings in the Group are disclosed in the Directors’ Report.

Directors’ Shareholdings in Portfolio Companies as at 31 July 2009

1 During the year P Atherton acquired options over 8,812 Ordinary £0.01 shares at an exercise price of £69.39 per share .
2 Comvest Limited, in which M Rowan is a Partner, also holds 33,333 shares in BioCeramic Therapeutics Limited.

M. Knight is a member of the Council of Imperial College London. Imperial Innovations LLP and certain individuals not considered to be related parties, including M. Knight, are parties to an appointee director pool. The agreement provides for the payment of cash to the individuals on any sale by Imperial Innovations LLP of its shareholdings in specified companies. Any payments to these individuals are outside the control of the Group and are directed solely by a committee of those individuals who became entitled in aggregate during this financial year to £69,096 arising on the sale of Ceres Power Holdings plc shares and who received £158,411 and £9,753 in aggregate following asset disposals in prior years. M. Knight has agreed that following his receipt of a cumulative total of £18,750 representing the deemed value of his interest in the carry plan to the date he started to receive remuneration as Chairman of the Group, any further amount he receives shall be paid or assigned to the Group. Such cumulative total at present stands at £13,291, leaving a further £5,459 before M. Knight pays or assigns to the Group any such further amount.

Director’s Fees from Portfolio Companies received and receivable in the year